Business
GoHealth Reports Second Quarter 2023 Results
CHICAGO, Aug. 10, 2023 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO) ("GoHealth" or the "Company"), a leading health insurance marketplace and
About this update from Gohealth, Inc.
[{"type":"text","content":"CHICAGO, Aug. 10, 2023 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO) (\"GoHealth\" or the \"Company\"), a leading health insurance marketplace and Medicare-focused digital health company, today announced financial results for the three and six months ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond quarter 2023 net revenues of $142.8 million, a decrease of $15.9 million compared to $158.7 million in the prior year period. YTD 2023 net revenues of $325.9 million, a decrease of $103.3 million compared to $429.2 million in the prior year period.Second quarter 2023 Submissions of 162,837, a 5% improvement compared to 154,893 Submissions in the prior year period. Demand for our services remains robust, and we continue to invest in technology to enhance our value proposition.Second quarter 2023 net loss of $70.2 million, an improvement of $43.5 million compared to $113.8 million in the prior year period. YTD 2023 net loss of $92.8 million, an improvement of $58.2 million compared to $151.0 million in the prior year period.Second quarter 2023 Adjusted EBITDA1 of $0.8 million, an improvement of $32.5 million compared to negative $31.7 million in the prior year period. YTD 2023 Adjusted EBITDA1 of $29.6 million, an improvement of $50.2 million compared to negative $20.7 million in the prior year period.Second quarter 2023 Trailing Twelve Months positive cash flow from operations of $85.9 million, an improvement of $346.2 million compared to a use of cash of $260.4 million in the prior year period.Special Committee Rejects $20.00 per share Unsolicited Non-Binding Proposal\nAfter careful review and consideration with its independent financial and legal advisors, the Special Committee of the GoHealth Board of Directors (the \"Special Committee\") has informed the Company that it has rejected the previously announced $20.00 per share unsolicited, non-binding proposal received on May 18, 2023 (the \"Proposal\") from its two largest stockholders to acquire all of the outstanding Class A Common Stock and LLC interests that these stockholders do not already own. The Special Committee unanimously concluded that the Proposal significantly undervalues the Company and is not in the best interests of GoHealth or its stockholders.\nThe Special Committee provided the following statement: \"We believe the Proposal undervalues GoHealth and fails to ...