Business
GoHealth Reports Fourth Quarter and Fiscal 2022 Results
CHICAGO--(BUSINESS WIRE)-- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, today announced
About this update from Gohealth, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nGoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, today announced unaudited financial results and select operating metrics for the fourth quarter and year ended December 31, 2022.\n\n\nFull year 2022 positive cash flow from operations of $60.9 million, a $359.9 million improvement compared to the prior year period, driven by strong operating results including improvements in efficiency year-over-year and Encompass penetration rates.\n\n\nFourth quarter 2022 net revenue of $69.4 million, net loss of $150.7 million, and Adjusted EBITDA1 of negative $94.8 million. Full year 2022 net revenue of $631.7 million, net loss of $376.4 million, and Adjusted EBITDA1 of negative $129.8 million.\n\n\nFourth quarter negative revenue adjustments that represent changes in estimates relating to performance obligations satisfied in prior periods (the “Lookback Adjustments”) reduced net revenue by $266.4 million and reduced both net loss and Adjusted EBITDA1 by $186.6 million. Full year 2022 Lookback Adjustments reduced net revenue by $275.7 million and reduced both net loss and Adjusted EBITDA1 by $192.7 million.\n\n\nExcluding the Lookback Adjustments, fourth quarter 2022 net revenue was $335.8 million and full year 2022 net revenue was $907.4 million. Excluding the Lookback Adjustments, fourth quarter 2022 Adjusted EBITDA1 was $91.8 million and full year 2022 Adjusted EBITDA1 was $62.9 million.2\n\n\nFull Year 2023 Guidance\n\n\nThe Company provided 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.3 The Company also expects positive cash flow from operations of $75 - $115 million.\n\n\n\n\n“Our focus on the continued improvement of the beneficiary experience resulted in positive operating results, reinforcing our confidence in our business transformation strategy. Our top-tier team drove exceptional execution with improvements on key measures including conversion, customer acquisition costs, and effectuation during AEP. Full year cash flow of $60.9 million, driven by the Encompass model and our operating efficiency, validates our momentum,” said Vijay Kotte, CEO of GoHealth.\n\n\n \n\n\nKotte continued, “The move to Encompass was a stra...