Business
GoHealth Reports Third Quarter 2021 Results
Reaffirms Full-Year Guidance CHICAGO, Nov. 9, 2021 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused
About this update from Gohealth, Inc.
[{"type":"text","content":"Reaffirms Full-Year Guidance\n\n\nCHICAGO, Nov. 9, 2021 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced financial results for the three and nine months ended September 30, 2021. \n\n \n \n \n \n \n \n\n \nThird quarter 2021 net revenue of $211.7 million increased 30% compared to the prior year period. YTD 2021 net revenue of $612.8 million increased 42% compared to the prior year period. Third quarter 2021 Medicare—Internal revenue of $158.6 million increased 19% compared to the prior year period. YTD 2021 Medicare—Internal revenue of $476.4 million increased 51% compared to the prior year period. Third quarter 2021 Medicare Advantage (\"MA\") Approved Submissions of 193,107 increased 100% compared to the prior year period. YTD 2021 MA Approved Submissions of 516,983 increased 67% compared to the prior year period. Third quarter 2021 MA LTV Per Approved Submission of $926 decreased 6% compared to the prior year period. YTD 2021 MA LTV Per Approved Submission of $957 increased 5% compared to the prior year period. Third quarter 2021 net loss of $55.4 million compared to a net loss of $206.5 million in the prior year period; Adjusted EBITDA1 of negative $14.1 million decreased 136% 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 $101.9 million compared to a net loss of $230.3 million in the prior year period; Adjusted EBITDA1 of $32.3 million decreased 68% compared to the prior year period. The Company reaffirmed its full-year 2021 outlook, and expects total net revenue of $1,200 - $1,300 million (+37% to +48%) powered by commission net revenue of $1,000 - $1,100 million (+49% to +64%). The Company also reaffirms its Adjusted EBITDA1 outlook of $300 - $330 million (+11% to +22%).Clint Jones, co-founder and CEO said, \"During the third quarter, we delivered revenue growth of 30%, while also exceeding our agent hiring goals in preparation for a successful Annual Enrollment Period. We are excited about our ability to grow our membership base during AEP and deliver the trusted healthcare advice seniors need to navigate the increasingly complex Medicare market. This increase in our agent force will enable us to better se...