LAS VEGAS, Nev. and ORANGE, Calif., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Alignment Health Plan, an award-winning Medicare Advantage plan from Alignment Health, today announced it is expanding access to high-quality health care and services for its members in Clark and Washoe counties through a new agreement with Intermountain Health. Effective Jan. 1, 2025, the agreement will provide Alignment’s Nevada members access to more than 65 clinic locations in the Silver State, 35 of which are award-winning senior pri ...

Alignment Healthcare (ALHC) shares soared 12.7% in the last trading session to close at $11.27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.9% gain over the past four weeks.Alignment Healthcare scored a strong price increase driven by the optimism surrounding the company’s Medicare Advantage (MA) plan - Alignment Health Plan’s update to introduce more than 55 plan benefits to address the diverse care needs of seniors. The p ...

ORANGE, Calif., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Alignment Health Plan, an award-winning Medicare Advantage (MA) plan from Alignment Health, today announced more than 55 plan benefit options designed to meet seniors’ evolving health care needs. For 2025, Alignment is offering more choices for the growing population of seniors who need specialized care and maintaining consistency in the benefits it offers that holistically address seniors’ overall health and wellness. The plans will be available to 8.1 mill ...

ORANGE, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Alignment Health, the consumer brand name for Alignment Healthcare (NASDAQ: ALHC), today announced Alignment Health Plan has ranked No. 2 in customer satisfaction in California, according to the J.D. Power 2024 U.S. Medicare Advantage Study, an annual analysis of members of MA plans on eight factors across 10 different states. Roughly 32.8 million in the U.S. are enrolled in a Medicare Advantage plan, accounting for more than half (54%) of eligible Medicare ...

ORANGE, Calif. , Aug. 21, 2024 (GLOBE NEWSWIRE) -- Alignment Health released its 2024 Social Threats to Aging Well in America survey today, exploring the primary social and environmental factors, known as social determinants of health, preventing U.S. seniors from living healthier lives. In an online survey of more than 2,000 U.S. seniors ages 65 or older, aging in place (69%), lack of transportation and access to medical care (64%), and economic insecurity (56%) were the top three mostcited social barriers ...

ORANGE, Calif., Aug. 16, 2024 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (NASDAQ: ALHC), today announced that Thomas (TJ) Carella and Jeffrey Margolis are stepping down as members of its Board of Directors, effective immediately. Margolis will step into a new role as an ongoing advisor to the business. “On behalf of the Board, I want to extend our appreciation to both TJ and Jeff for their longstanding contributions to Alignment Healthcare,” said Joseph Konowiecki, chairman of the Alignment Board. “Jeff ...

Alignment Healthcare, Inc. (NASDAQ:ALHC) Q2 2024 Earnings Conference Call August 1, 2024 5:30 PM ET Company Participants John Kao - Founder & Chief Executive Officer Thomas Freeman - Chief Financial Officer Conference Call Participants John Ransom - Raymond James Whit Mayo - Leerink Partners Michael Ha - Baird Jess Tassan - Piper Sandler Jared Haase - William Blair Adam Ron - Bank of America Scott Fidel - Stephens Ryan Langston - TD Cowen Andrew Mok - Barclays Operator Good afternoon and welcome to Alignmen ...

Alignment Healthcare (ALHC) reported $681.29 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 47.3%. EPS of -$0.13 for the same period compares to -$0.15 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $632.81 million, representing a surprise of +7.66%. The company delivered an EPS surprise of +7.14%, with the consensus EPS estimate being -$0.14.While investors closely watch year-over-year changes in headline numbers -- revenue and ear ...

Alignment Healthcare (ALHC) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.14. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.14%. A quarter ago, it was expected that this Medicare Advantage insurer would post a loss of $0.24 per share when it actually produced a loss of $0.25, delivering a surprise of -4.17%.Over the last four quarters, t ...

Financial Performance - Total revenues for Q2 2024 reached $681.3 million, a 47.3% increase from $462.4 million in Q2 2023[20] - Earned premiums for Q2 2024 were $674.1 million, up 47.5% from $456.9 million in Q2 2023[20] - Medical expenses for Q2 2024 totaled $605.3 million, representing a 47.3% increase compared to $410.6 million in Q2 2023[20] - The net loss for Q2 2024 was $24.0 million, slightly improved from a net loss of $28.5 million in Q2 2023[20] - Adjusted EBITDA for the three months ended June 30, 2024, was $6,034,000, a significant improvement of 393.6% from a loss of $2,055,000 in the same period of 2023[157] - The loss from operations for the three months ended June 30, 2024, was $18,382,000, a 22.3% improvement from a loss of $23,659,000 in the same period of 2023[157] - Net cash provided by operating activities for the six months ended June 30, 2024, was $17,291,000, a significant decrease from $122,287,000 for the same period in 2023[33] - The company recorded a net change in cash of $136.1 million for the six months ended June 30, 2024, compared to a decrease of $14.3 million for the same period in 2023[196] Assets and Liabilities - Total current assets increased to $599.1 million as of June 30, 2024, compared to $483.5 million at December 31, 2023, reflecting a 23.9% growth[18] - Total liabilities rose to $591.5 million as of June 30, 2024, up from $433.8 million at December 31, 2023, indicating a 36.3% increase[18] - The company reported a total stockholders' equity of $124.8 million as of June 30, 2024, down from $158.1 million at December 31, 2023[18] - The company’s total assets as of June 30, 2024, were $1,074,303,000, compared to $1,007,794,000 as of June 30, 2023, reflecting an increase of approximately 6.6%[29] Membership and Market Expansion - Health plan membership increased to 175,100 as of June 30, 2024, representing a 56.1% growth compared to 112,200 in the same period of 2023[157] - The company expanded into 14 new markets in 2023 and one new market in California in 2024, focusing on areas with significant senior populations[148] - The company holds a 4% market share in its existing 53 counties, indicating significant growth opportunities in the Medicare Advantage market[147] Expenses - Selling, general, and administrative expenses for Q2 2024 were $87.9 million, a 25.3% increase from $70.2 million in Q2 2023[20] - Medical expenses payable rose to $315,369 million as of June 30, 2024, up from $205,399 million as of December 31, 2023, indicating a 53.5% increase[99] - Total medical expenses incurred for the current year reached $407,156 million, compared to $235,027 million for the same period in 2023, representing a growth of 73%[102] Cash Flow and Financing - Cash and cash equivalents at the end of the period on June 30, 2024, were $341,069,000, down from $397,008,000 at the end of June 30, 2023, indicating a decrease of approximately 14.1%[35] - The company expects to require additional capital resources to execute strategic initiatives for growth, including technology development and market expansion[185][186] - The company had the option to borrow an additional $35.0 million in undrawn Delayed Draw Term Loans, which expires on September 1, 2025[190] Regulatory Compliance and Risks - The company was in compliance with the minimum capital requirements prescribed by regulatory authorities as of June 30, 2024[132] - The company continues to monitor changes in ownership that could affect the utilization of its substantial NOLs under IRC Section 382[116] Technology and Future Outlook - The company aims to leverage its proprietary technology platform, AVA, to enhance member relationships and care quality, which is expected to drive future performance[146] - The company plans to continue investing in its AVA platform and pursue strategic acquisitions to maintain a differentiated value proposition[153] Other Financial Metrics - The company reported a provision for credit loss of $95,000 for the six months ended June 30, 2024, compared to $51,000 for the same period in 2023, showing an increase of approximately 86.3%[33] - The company recognized a favorable prior year development of $2,460 million for the three months ended June 30, 2024, primarily due to better-than-expected claims recoveries[102]