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NeueHealth(NEUE) - 2024 Q3 - Quarterly Results
NEUENeueHealth(NEUE)2024-11-07 11:48

Financial Performance - NeueHealth reported revenue of 232.933millionforQ32024,adecreaseof13.5232.933 million for Q3 2024, a decrease of 13.5% compared to 269.399 million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was 9.396million,upfrom9.396 million, up from 3.431 million in Q3 2023, marking the third consecutive quarter of positive Adjusted EBITDA[4] - Total revenue for the nine months ended September 30, 2024, was 704,019,down19704,019, down 19% from 867,931 in the same period of 2023[13] - ACO REACH revenue for the three months ended September 30, 2024, was 149,477,adecreaseof25.2149,477, a decrease of 25.2% from 200,044 in the same period of 2023[17] - Total segment revenue for the nine months ended September 30, 2024, was 478,014,down29.6478,014, down 29.6% from 678,521 in the prior year[17] Consumer and Service Growth - The number of value-based consumers served increased to 390,000 in September 2024, up from 355,000 in September 2023, representing a growth of 9.86%[3] - Enablement services lives rose significantly to 119,000 in September 2024, compared to 31,000 in September 2023, indicating a growth of 283.87%[3] Revenue Projections and Guidance - For the full year 2024, NeueHealth expects revenue to be approximately 950million,withNeueCarerevenueprojectedat950 million, with NeueCare revenue projected at 320 million and NeueSolutions revenue at 640million[5]−ThecompanyreaffirmeditsAdjustedEBITDAguidancefor2024,expectingittobebetween640 million[5] - The company reaffirmed its Adjusted EBITDA guidance for 2024, expecting it to be between 15 million and 25million[5]AssetsandLiabilities−TotalassetsasofSeptember30,2024,werereportedat25 million[5] Assets and Liabilities - Total assets as of September 30, 2024, were reported at 696.783 million, a decrease from 1.225billionasofDecember31,2023[12]−Totalliabilitiesdecreasedto1.225 billion as of December 31, 2023[12] - Total liabilities decreased to 1.009 billion as of September 30, 2024, down from 1.480billionattheendof2023[12]CashFlowandOperatingActivities−Cashandcashequivalentsincreasedto1.480 billion at the end of 2023[12] Cash Flow and Operating Activities - Cash and cash equivalents increased to 109.839 million in Q3 2024, compared to 87.299millionattheendof2023[12]−Cashandcashequivalentsattheendoftheperiodwere87.299 million at the end of 2023[12] - Cash and cash equivalents at the end of the period were 226,413, down from 723,417attheendofSeptember2023[15]−NetcashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024,was723,417 at the end of September 2023[15] - Net cash used in operating activities for the nine months ended September 30, 2024, was (98,823), compared to (2,395,319)inthesameperiodof2023[15]OperatingPerformance−OperatinglossforQ32024was(2,395,319) in the same period of 2023[15] Operating Performance - Operating loss for Q3 2024 was (17,342), a significant improvement compared to (462,775)inQ32023[13]−OperatingincomeforNeueCareinQ32024was(462,775) in Q3 2023[13] - Operating income for NeueCare in Q3 2024 was 16,430, compared to an operating loss of (390,761)inQ32023[16]−OperatinglossforthethreemonthsendedSeptember30,2024,was(390,761) in Q3 2023[16] - Operating loss for the three months ended September 30, 2024, was (5,832), an improvement from (29,355)inthesameperiodof2023[17]MedicalCosts−MedicalcostsforQ32024were(29,355) in the same period of 2023[17] Medical Costs - Medical costs for Q3 2024 were 182,693, a decrease of 19.3% from 226,438inQ32023[13]−MedicalcostsforthethreemonthsendedSeptember30,2024,were226,438 in Q3 2023[13] - Medical costs for the three months ended September 30, 2024, were 153,840, a decrease from 204,017inthesameperiodof2023[17]CostManagement−TotaloperatingexpensesfortheninemonthsendedSeptember30,2024,were204,017 in the same period of 2023[17] Cost Management - Total operating expenses for the nine months ended September 30, 2024, were 782,012, down from 1,398,992inthesameperiodof2023[13]−TotaloperatingexpensesfortheninemonthsendedSeptember30,2024,were1,398,992 in the same period of 2023[13] - Total operating expenses for the nine months ended September 30, 2024, were 486,381, down from 706,389intheprioryear[17]−Thecompanyplanstocontinuefocusingonimprovingoperationalefficiencyandreducingcostsinfuturequarters[19]Losses−NetlossattributabletocommonshareholdersfortheninemonthsendedSeptember30,2024,was706,389 in the prior year[17] - The company plans to continue focusing on improving operational efficiency and reducing costs in future quarters[19] Losses - Net loss attributable to common shareholders for the nine months ended September 30, 2024, was (170,383), compared to (958,267)inthesameperiodof2023[13]−Thecompanyreportedanetlossof(958,267) in the same period of 2023[13] - The company reported a net loss of (40,365) for the three months ended September 30, 2024, compared to $(547,148) in the same period of 2023[21] Cost Ratios - The Operating Cost Ratio for the three months ended September 30, 2024, was 27.5%, up from 26.9% in the same period of 2023[22] - Adjusted Operating Cost Ratio for the three months ended September 30, 2024, was 18.2%, slightly down from 18.6% in the same period of 2023[22]