Ehealth, Inc. · NASDAQ:EHTH
Ehealth — Investor Presentation (September 2025)
30 slides from Ehealth's investor presentation, September 2025
Slide 1: Investor Presentation
Your Medicare MatchmakerTM Investor Presentation September 2025 ©2025 eHealthInsurance Services, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this
Slide 3: Company & Business Overview
Company & Business Overview ©2025 eHealthInsurance Services, Inc. 3
Slide 4: eHealth is a Leading Omnichannel Health Insurance Marketplace
eHealth is a Leading Omnichannel Health Insurance Marketplace eHealth’s Mission Key Stats Expertly guide consumers through their health insurance and related options, when, where, and how they prefer $917M ~1.1M Commissions Estimated Advanced online interface / capabilities Receivable(1)(2) Member
Slide 5: As Medicare Grows with our Aging Population, Consumers Are Desperate For Real Help
As Medicare Grows with our Aging Population, Consumers Are Desperate For Real Help. Consumers feel industry advertising is not helpful “ Every year I look at all the garbage that comes in the mail and stuff on “ Imaster’s feel like you must have a degree to get the Every year new regulations and pla
Slide 6: Large, Growing Market Opportunity Supported by Powerful Tailwinds
Large, Growing Market Opportunity Supported by Powerful Tailwinds eHealth is positioned to grow in a market with no dominant market share leader Large and Growing Over-65 Market Medicare Advantage (“MA”) and Medicare Supplement (“MS”) Total policies Significant under-65 (1) growth opportunity 14M (1
Slide 7: Key Medicare Market Drivers
TBU – supplement with industry research Key Medicare Market Drivers from Arif Market Driver eHealth Strategic Positioning MA growing mid-single digits the next 3 years → Expanded addressable market for our broker services Significant consumer switching → Larger market opportunity beyond just new e
Slide 8: eHealth Offers Industry Gold Standard
eHealth eHealth is the goldOffers Industry Gold Standard Health Insurance Distribution eHealth Publicly-Traded Peers Carriers Choice Model / Broad Limited — Carrier Selection Consumer Advocate / Carrier Agnostic — Licensed Advisers End-to-end Online Enrollment — Innovative Omni-Chann
Slide 9: eHealth's Business Transformation Has Yielded Meaningful Improvements in Key Metrics
eHealth’s Business Transformation Has Yielded Meaningful Improvements in Key Metrics Following the implementation of our Business Transformation in 2022, eHealth has driven consistent improvements in earnings and cash flow. Cash flow from operations is shown through the trailing twelve months (“TTM”
Slide 10: On Track to Achieve our 3-year Revenue and Adjusted EBITDA Targets
On Track to Achieve our 3-year Revenue and Adjusted EBITDA Targets (1) Continue to focus on profitable growth and achieving sustainable cash flow generation 3-year revenue and adjusted EBITDA(1) targets, issued August 2024: Operating Levers ON TRACK Topline Expansion 8-10% CAGR ‘23 to ‘26 • Scaling
Slide 11: Record-Breaking 2024 AEP Performance
Record-Breaking 2024 AEP Performance eHealth leaned into a strong consumer demand environment by investing in scale and market share capture during the most recent 2024 AEP Favorable Market Dynamics Higher medical costs and regulatory Revenue ($MM) GAAP Net Income ($MM) pressure resulted in materi
Slide 12: eHealth Differentiation
eHealth Differentiation ©2025 eHealthInsurance Services, Inc. 12
Slide 13: eHealth's branded marketing strategy is a differentiator
eHealth’s branded marketing strategy is a differentiator Q4 Medicare Advantage sent application total by marketing source Branded Partner & Affiliate Q4 52% 48% 2023 Q4 80% 20% 2024 eHealth aided awareness Improving Unit Margins YouGov 65+: Answered “Yes, I have heard of this MA-Equivalent(1) Approv
Slide 14: Omnichannel Sales Platform Caters to Consumers' Diverse Needs
Omnichannel Sales Platform Caters to Consumers’ Diverse Needs Holistic and integrated omnichannel experience designed to meet the needs of all customers Co-Browsing Session Online Live Chat • Consumer and agent co-browse the • Consumers chat with actual agents plan details and benefits together / on
Slide 15: Digital Capabilities Help eHealth Stand Out
Digital Capabilities Help eHealth Stand Out Consumers are increasingly expecting online comparison-shopping experience. eHealth’s omni- channel platform is driving increases in online unassisted and hybrid online-assisted enrollments. % of Total MA Applications Submitted Online MA Online Unassisted
Slide 16: eHealth Continues to Invest in Technology Leadership
eHealth Continues to Invest in Technology Leadership AI-powered voice agent pilot program launched in April 2025, ready for deployment this coming AEP Designed to enhance the customer experience by initiating the call process, gathering personal information, checking initial eligibility, and com
Slide 17: Growth Strategy
Growth Strategy ©2025 eHealthInsurance Services, Inc. 17
Slide 18: eHealth Platform Supports Significant Growth Opportunities Through Scaling MA and Diversification
eHealth Platform Supports Significant Growth Opportunities Through Scaling MA and Diversification Agency Model Carrier Dedicated Model Medicare Medicare Employer and Advantage Supplement Individual Amplify • Completed Transformation & • Significant growth • Shifting transformational • Launched in 20
Slide 19: FY25 Strategic Objectives
FY25 Strategic Objectives 1. Continue to grow our distinct consumer brand across all direct marketing channels and beyond our Medicare Advantage products. 2. Evolve and optimize consumer-centric retention efforts from policy submission to effectuation and through subsequent renewals with a goal to i
Slide 20: Financial Profile
Financial Profile ©2025 eHealthInsurance Services, Inc. 16
Slide 21: Financial Performance Summary
Financial Performance Summary Total Revenue GAAP Net Income (Loss) Adjusted EBITDA(1) ($, MM) ($, MM) ($, MM) High: $565 $532.4 $69.3 High: $75 Mid: $545 High: $26 Mid: $65 Low: $525 $10.1 Mid: $15.5 $452.9 Low: $55 Low: $5 $405.4 $14.1 ($28.2) ($41.7) ($88.7) FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
Slide 22: Medicare unit margins continue to expand
Medicare unit margins continue to expand Q4-FY22 Q4-FY23 Q4-FY24 $1,174 $1,151 $1,033 ($220) ($243) ($307) $583 ($371) $388 $320 ($456) ($470) 50% 31% 34% MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA-Equiv. (1) marketing cost marketing cost
Slide 23: Unlocking Value from our Contract Asset Receivable
Unlocking Value from our Contract Asset Receivable EHTH trades at a $917M significant discount commissions $440M to our commissions receivable (1) enterprise receivable balance value (2) Cumulative tail revenue recognized ($MM) MA LTV ($) Reflects appropriate conservatism of LTV models LTV trend poi
Slide 24: Balance Sheet Overview
Balance Sheet Overview Ample liquidity to support strategic and operational plans; efforts to enhance cap structure, and monetize our sizable receivable asset, underway (in millions) 30-Jun-25 Current Assets: Cash, equivalents, & short-term marketable securities $ 105.2 Contract assets – commissions
Slide 25: Key Investment Highlights
Key Investment Highlights 1 Large and Growing Medicare Opportunity Supported by Powerful Tailwinds 2 Omnichannel Sales Platform Caters to Consumers’ Needs 3 Market Leading Online Customer Experience with Strong Growth Prospects 4 Uniquely Diverse Marketing Strategy Optimizes Customer Acquisition 5 A
Slide 26: Appendix
Appendix ©2025 eHealthInsurance Services, Inc. 26
Slide 27: Non-GAAP Financial Measure Definitions
Non-GAAP Financial Measure Definitions Non-GAAP financial measures within this presentation are defined as follows: • Adjusted EBITDA is calculated by excluding dividends for preferred stock and change in preferred stock redemption value (together the “impact from preferred stock”), provision for (b
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to slide 27 for the definition of non-GAAP financial measures. ©2025 eHealthInsurance Services, Inc. 28
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to slide 27 for the definition of non-GAAP financial measures. ©2025 eHealthInsurance Services, Inc. 29
Slide 30: Reconciliation of Guidance GAAP Net Loss to Adjusted EBITDA
Reconciliation of Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA(1) (1) Refer to slide 27 for the definition of non-GAAP financial measures. ©2025 eHealthInsurance Services, Inc. 30