Oscar Health, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, achieving a total revenue of $9.18 billion, a 56% increase from $5.86 billion in 2023. This growth was primarily driven by a substantial rise in premium revenue, which reached $8.97 billion, up from $5.69 billion the previous year. The company also reported a net income of $26.1 million, marking its first profitable year since its inception in 2012, compared to a net loss of $270.6 million in 2023. Adjusted EBITDA also turned positive, amounting to $199.2 million, a significant improvement from a loss of $45.2 million in the prior year.
Oscar Health's membership base grew to approximately 1.68 million effectuated members by the end of 2024, up from 1.04 million in 2023. This increase was attributed to successful retention strategies and the addition of members during the Special Enrollment Period (SEP). The company exited the Medicare Advantage market and ceased offering small group products, including its partnership with Cigna, which was not renewed after December 31, 2024. The company now operates in 18 states, focusing on individual health plans under the Affordable Care Act (ACA).
Operationally, Oscar Health has made strides in enhancing its technology platform, +Oscar, which supports both its insurance business and external clients. The platform is designed to improve member engagement and streamline healthcare delivery. The company reported a Medical Loss Ratio (MLR) of 81.7%, slightly up from 81.6% in 2023, indicating a stable cost structure relative to premium revenue. The SG&A expense ratio improved to 19.1% from 24.3%, reflecting better operational efficiency.
Looking ahead, Oscar Health anticipates continued growth driven by its focus on individual coverage health reimbursement arrangements (ICHRA) and the expansion of its technology offerings. However, the company faces potential challenges, including the expiration of enhanced Advanced Premium Tax Credits (APTC) at the end of 2025, which could impact affordability and membership levels. The company remains committed to leveraging its technology to enhance member experience and operational efficiency while navigating the evolving regulatory landscape.
About Oscar Health, Inc.
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