agilon health(AGL) - 2024 Q2 - Quarterly Results

Revenue Performance - Revenue increased 39% to $1.48 billion in Q2 2024 compared to $1.07 billion in Q2 2023[3] - Total revenues for the three months ended June 30, 2024, were $1,482,758, a 38.7% increase from $1,069,115 in the same period of 2023[21] - Medical services revenue for the six months ended June 30, 2024, reached $3,080,774, compared to $2,120,353 for the same period in 2023, reflecting a 45.4% growth[21] - Medical services revenue for Q2 2024 was $1,479,579, compared to $3,080,774 for the same period in 2023, indicating a significant decline in revenue[30] - Total revenues for Q2 2024 were $1,482,758, down from $3,087,112 in Q2 2023, marking a decrease of approximately 52%[30] Membership Growth - Medicare Advantage membership grew 38% to 513,000, while total members on the agilon platform increased 40% to 645,000[1][3] Financial Metrics - Medical margin was $106 million in Q2 2024, down 21% from $134 million in Q2 2023[4] - Adjusted EBITDA showed a loss of $3 million in Q2 2024, compared to earnings of $12 million in Q2 2023[4] - The company expects total revenues for FY 2024 to be between $6.01 billion and $6.04 billion[9] - For Q3 2024, total revenues are projected to be between $1.465 billion and $1.475 billion[10] - The company is maintaining its guidance for medical margin for FY 2024, expecting it to be between $400 million and $450 million[9] Cash and Assets - As of June 30, 2024, agilon health had cash and marketable securities totaling $408 million and total debt of $36 million[8] - Total current assets increased to $1,884,010 as of June 30, 2024, compared to $1,480,076 as of December 31, 2023, representing a growth of 27.3%[18] - Total assets increased to $2,163,315 as of June 30, 2024, from $1,740,866 as of December 31, 2023, representing a growth of 24.2%[18] - Cash and cash equivalents increased to $109,490 as of June 30, 2024, from $107,570 as of December 31, 2023[18] Expenses and Losses - Medical services expense for the three months ended June 30, 2024, was $1,374,060, up from $932,823 in the same period of 2023, reflecting a 47.4% increase[21] - Net loss attributable to common shares for the six months ended June 30, 2024, was $(36,746), compared to a loss of $(727) in the same period of 2023[21] - The company reported a net cash used in operating activities of $(66,493) for the six months ended June 30, 2024, compared to $(82,015) for the same period in 2023[22] - The company reported a net loss of $(30,662) for Q2 2024, compared to a net loss of $(16,795) in Q2 2023[29] Cost Management - Platform support costs for Q2 2024 were $41,687, a decrease from $42,041 in Q2 2023, while total general and administrative costs decreased to $69,612 from $79,254 year-over-year[26] - The company expects platform support costs to decrease over time as revenue grows and physician partners add members[26] - Geography entry costs for Q2 2024 were $4,866, down from $11,306 in Q2 2023, indicating a reduction in expansion-related expenses[26] Strategic Initiatives - The action plan includes improving payor relationships and increasing engagement among primary care physicians (PCPs)[6] - The company aims to onboard 75% of member data into its financial data pipeline by the end of 2024[7]