GoHealth Reports $798.9 Million Revenue for Fiscal Year 2024, Net Loss Improves

GoHealth, Inc. reported a net revenue of $798.9 million for the fiscal year ending December 31, 2024, marking an increase of 8.7% from $734.7 million in the previous year. The growth was primarily driven by a rise in agency revenue, which was bolstered by an increase in submissions where GoHealth acted as the agent of record. However, this was partially offset by a decline in non-agency revenue, reflecting a strategic shift in the company's focus and a decrease in revenues from its Non-Encompass BPO Services, which were exited in mid-2023. The company recorded a net loss of $7.3 million, a significant improvement compared to a loss of $151.3 million in 2023.

In terms of operational metrics, GoHealth reported a total of 1,016,182 submissions for the year, a substantial increase from 826,159 in 2023. The average sales per submission decreased to $781 from $866, attributed to a changing mix of health plan partners and lower lifetime value (LTV) rates due to increased policyholder churn. The direct operating cost per submission also improved, decreasing to $578 from $683, indicating enhanced operational efficiency and agent productivity.

Strategically, GoHealth completed the acquisition of e-TeleQuote Insurance, Inc. on September 30, 2024, which is expected to expand its agent capacity without the need for additional hiring. This acquisition is anticipated to strengthen GoHealth's market position and enhance its ability to deliver high-quality consumer experiences. The company has also focused on refining its Encompass operating model, which integrates technology and consumer engagement to improve the enrollment process for Medicare beneficiaries.

Looking ahead, GoHealth's management expressed optimism about future growth, particularly in light of demographic trends that indicate a growing Medicare-eligible population. The company aims to leverage its technology investments and enhanced marketing strategies to capture a larger share of the Medicare market. However, it remains cautious about potential regulatory changes and market dynamics that could impact its operations and revenue streams. The company’s financial outlook will depend on its ability to effectively integrate e-TeleQuote and adapt to the evolving healthcare landscape.