Ehealth, Inc. · NASDAQ:EHTH
Ehealth — Q1 2026 Earnings Presentation
15 slides from Ehealth's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results ©2026 eHealthInsurance Services, Inc. 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-lo
Slide 3: Q1 2026 Earnings Highlights
Q1 2026 Earnings Highlights eHealth delivered strong first quarter results that reflect material YoY improvements in operating expenses and Medicare unit economics. Q1 2026 total revenue of $88.0 million decreased 22% YoY reflecting lower Medicare Advantage (“MA”) approved members consistent with
Slide 4: Q1 2026 Revenue & Profitability
Q1 2026 Revenue & Profitability Total Revenue ($, MM) GAAP Net Income (Loss) ($, MM) Q1 2026 revenue declined 22% YoY driven primarily by $2.0 $113.1 lower enrollment volume and partially offset by (22%) higher Medicare LTVs as we reduced variable marketing spend to focus $88.0 on high ROI channels.
Slide 5: Q1 2026 Medicare Segment Performance
Q1 2026 Medicare Segment Performance Q1 2026 Medicare segment Medicare Gross Margin(1) Medicare Segment Revenue revenue declined 22% YoY ($, MM) 41% while Medicare segment $103.7 gross margin(1) increased (22%) $81.3 by 620bps YoY. +620 34% bps Increase in Medicare gross margin was due to improvemen
Slide 6: Q1 2026 Medicare Submissions Declined While Acquisition Costs and Lifetime Values Improved YoY
Q1 2026 Medicare Submissions(1) Declined While Acquisition Costs and Lifetime Values Improved YoY Q1 2026 Medicare Medicare Submissions Total Acquisition Cost per MA- submissions declined equivalent Approved Member(1) ($) 104,181 24% YoY, while LTV (24%) grew for Medicare 78,940 $754 Advantage, Medi
Slide 7: Medicare Unit Economics Expanded in Q1 2026
Medicare Unit Economics Expanded in Q1 2026 Strong Medicare LTV-to-CAC ratio(1) growth driven by disciplined marketing spend, improved channel mix, and the continued impact of branding initiatives $952 Q1-FY24 Q1-FY25 Q1-FY26 $938 $907 1.4x 1.1x 1.2x Medicare Medicare LTV-CAC Medicare LTV-CAC Ratio
Slide 8: Launched Lifetime Advisory Model in April '26
Launched Lifetime Advisory Model in April ‘26 Leading with deep member-advisor relationships, driving increased engagement, loyalty & lifetime value Needs analysis MA plan match Monitor changes in Offer additional needs & coverage products / services 8 ©2026 eHealthInsurance Services, Inc.
Slide 9: FY26 Guidance
FY26 Guidance 2026 guidance includes the expected impact of positive net adjustment revenue which has been updated to be in the range of $8 million to $20 million to reflect the Q1 2026 positive net adjustment revenue, compared to the previous range of $0 to $20 million. 2026 Full Year Guidance Gu
Slide 10: 3-Year Financial Targets
3-Year Financial Targets • We view 2026 as a bridge year, with return to growth forecasted for 2027 on a streamlined cost foundation and greater product and revenue diversification. • Assumes conservative macro outlook. Growth goals could be accelerated should we observe a more rapid stabilization o
Slide 11: Appendix
Appendix ©2026 eHealthInsurance Services, Inc. 11
Slide 12: Definitions
Definitions LTV-to-CAC ratio is calculated as constrained lifetime value of commissions per Medicare Advantage (“MA”)-equivalent approved member for which we are the broker of record divided by total acquisition cost (including customer care and enrollment and variable marketing costs) per MA-equiva
Slide 13: Definitions
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 (benefit from) income taxes,
Slide 14: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to the appendix for definitions of our non-GAAP financial measures. ©2026 eHealthInsurance Services, Inc. 14
Slide 15: Reconciliation of Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA
Reconciliation of Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA (1) Refer to the appendix for definitions of our non-GAAP financial measures. ©2026 eHealthInsurance Services, Inc. 15