GoHealth Reports First Quarter 2023 Results

About this update from Gohealth, Inc.

[{"type":"text","content":"CHICAGO, May 8, 2023 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, today announced financial results for the three months ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst quarter 2023 Trailing Twelve Months (\"TTM\") positive cash flow from operations of $26.9 million compared to TTM negative cash flow from operations of $275.7 million in the prior year period.First quarter 2023 net loss of $22.5 million compared to net loss of $37.2 million in the prior year period.First quarter 2023 net revenue of $183.2 million and Adjusted EBITDA1 of $28.8 million compared to net revenue of $270.6 million and Adjusted EBITDA1 of $11.1 million in the prior year period.First quarter 2023 Submissions of 213,645. Demand for our services remains robust, and we continue to invest in technology to enhance our value proposition.By remaining consumer-centered and health plan agnostic, GoHealth was ranked a top ten most trustworthy company in America 2023 by Newsweek in healthcare and life sciences.Full Year 2023 Guidance\nThe Company reiterates its full year 2023 outlook, and expects total net revenue of $750 - $850 million and Adjusted EBITDA1 of $100 - $140 million, both excluding non-Encompass BPO Services.2 The Company also expects positive cash flow from operations of $75 - $115 million.\"Our strong first quarter results are attributable to our shift to Encompass, leveraging our proprietary technology, driving operational efficiencies and our unwavering focus on the consumer experience,\" said Vijay Kotte, CEO of GoHealth.\nKotte continued, \"At GoHealth, we are consumer-centered and health plan agnostic, which has helped us establish a loyal consumer base. The Encompass platform utilizes our proprietary PlanFit technology, built on millions of consumer interactions, and leverages that data via machine learning to create a customized purchasing experience that results in a thorough and comprehensive understanding of our consumers' Medicare insurance needs. Our commitment to providing high-quality options and exceptional service has made us the trusted partner of both consumers and health plans.\"\n\"I'm pleased to say that we are reaffirming guidance based on our strong first quarter results. Our operating performance has allowed us to realize a 160% improv...

More updates from Gohealth, Inc.