Oscar Health Inc (NYSE:OSCR) said its 2022 enrollment will top one million members, and the company will reap more than $6.1 billion in premium revenue.
- Oscar, which will release Q4 FY21 and FY21 earnings on February 10, said preliminary results indicate a 2021 loss of $(571,426).
- Oscar, known for providing Obamacare coverage under the Affordable Care Act, said 2022 premiums are expected to increase "more than 80% year over year at the midpoint."
- The company also announced a $305 million convertible notes transaction to strengthen the balance sheet and provide strong liquidity to support the organization's growth.
- "Oscar has seen more than 70% annual premium growth, on average, over the past 5 years, demonstrating that our exceptional member experience is resonating with new and existing members alike," Oscar co-founder & CEO Mario Schlosser said. "We are honored to welcome our new members and serve the more than one million individuals across the country who are trusting us with their healthcare."
- For FY22, Oscar projects premiums will increase to $6.1 billion - $6.4 billion, a Y/Y increase of roughly 80% at the midpoint.
- The company is also projecting an adjusted EBITDA loss of $(380) million - $(480) million, which reflects both improving MLR and administrative expense ratios.
- Price Action: OSCR shares closed 4.48% lower at $5.76 on Thursday.
