Business
GoHealth Reports Second Quarter 2021 Results
Revises Full Year 2021 Growth Outlook CHICAGO, Aug. 11, 2021 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and
About this update from Gohealth, Inc.
[{"type":"text","content":"Revises Full Year 2021 Growth Outlook\n\n\nCHICAGO, Aug. 11, 2021 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced financial results for the three and six months ended June 30, 2021. \n\n \n \n \n \n \n \n\n \nSecond quarter 2021 net revenue of $196.9 million increased 55% compared to the prior year period. YTD 2021 net revenue of $401.1 million increased 50% compared to the prior year period. Second quarter 2021 Medicare—Internal revenue of $160.4 million increased 84% compared to the prior year period. YTD 2021 Medicare—Internal revenue of $317.8 million increased 74% compared to the prior year period. Second quarter 2021 Medicare Advantage (\"MA\") Approved Submissions of 152,749 increased 58% compared to the prior year period. YTD 2021 MA Approved Submissions of 323,876 increased 52% compared to the prior year period. Second quarter 2021 MA LTV Per Approved Submission of $953 increased 5% compared to the prior year period. YTD 2021 MA LTV Per Approved Submission of $975 increased 11% compared to the prior year period. Second quarter 2021 net loss of $39.2 million compared to a net loss of $22.9 million in the prior year period; Adjusted EBITDA1 of $14.3 million decreased 47% compared to the prior year period due to the 2021 strategic investments in agent capacity, marketplace technology, branding and the Encompass Platform. YTD 2021 net loss was $46.4 million compared to a net loss of $23.8 million in the prior year period; Adjusted EBITDA1 of $46.4 million decreased 25% compared to the prior year period. The Company tightened its full year 2021 revenue outlook to $1,200 - $1,300 million (+37% to +48%) powered by commission net revenue of $1,000 - $1,100 million (+49% to +64%) as agent growth is tracking at the high end of expectations. The Company lowered its Adjusted EBITDA1 outlook to $300 - $330 million (+11% to +22%), primarily due to higher agent costs expected in 2021.Clint Jones, co-founder and CEO said, \"GoHealth's second quarter revenue growth of 55% was driven by an 84% gain in our Medicare—Internal segment with LTVs expanding 5%. Our ramped up investments in our Encompass Platform led to $17 million in revenue contribution from the platform's additional services beyond enrollment for carriers. Given the 50% top-line growt...