Bright Health Group(US:BHG)2024-08-07 10:46Revenue and Financial Performance - Revenue for Q2 2024 was $225.991 million, a decrease of 24.1% from $297.982 million in Q2 2023[2] - Total revenue for the three months ended June 30, 2024, was $225,991, a decrease of 24.1% from $297,982 in the same period of 2023[10] - Capitated revenue increased to $64,005 for the three months ended June 30, 2024, compared to $49,764 in the prior year, representing a growth of 28.6%[10] - Total segment revenue for NeueCare for the three months ended June 30, 2024, was $76,985, an increase from $66,068 in the same period of 2023, representing a growth of 18.5%[12] - Total segment revenue for the six months ended June 30, 2024, was $321,613, down from $476,801 in the same period of 2023, reflecting a decline of about 32.6%[13] Net Loss and Adjusted EBITDA - Net loss for Q2 2024 was $(57.698) million, compared to a net loss of $(88.627) million in Q2 2023, showing an improvement of 34.8%[2] - Net loss attributable to common shareholders for the three months ended June 30, 2024, was $(71,390), compared to $(125,005) in the same period of 2023, reflecting a reduction of 42.9%[10] - Adjusted EBITDA for Q2 2024 was $3.962 million, down from $7.797 million in Q2 2023[2] - Adjusted EBITDA for the three months ended June 30, 2024, was $3,962, down from $7,797 in the same period of 2023, a decline of approximately 49.1%[18] - NeueCare Adjusted EBITDA for the three months ended June 30, 2024, was $13,496, compared to $15,593 for the same period in 2023, a decrease of approximately 13.5%[21] - Adjusted EBITDA for the three months ended June 30, 2024, was $(566,000), a significant decrease from $2,996,000 in the prior year[22] - For the six months ended June 30, 2024, NeueSolutions reported an Adjusted EBITDA of $(2,250,000), down from $1,487,000 in the same period of 2023[22] Operating Expenses and Costs - Total operating expenses for the three months ended June 30, 2024, were $263,540, a decrease of 17.9% from $321,396 in the same period of 2023[10] - Total operating expenses for the three months ended June 30, 2024, were $151,678, compared to $234,690 for the same period in 2023, a reduction of about 35.4%[13] - Medical costs for the three months ended June 30, 2024, were $177,681, down from $245,160 in the same period of 2023, indicating a decrease of 27.5%[10] - Medical costs for the three months ended June 30, 2024, were $147,258, down from $231,279 in the same period of 2023, indicating a decrease of approximately 36.3%[13] - The company incurred restructuring charges of $239 for the three months ended June 30, 2024, compared to $1,285 in the same period of 2023, reflecting a decrease of 81.4%[10] Assets and Liabilities - Total assets as of June 30, 2024, were $897.265 million, down from $1,225.480 million at the end of 2023[9] - Total liabilities decreased to $1,179.803 million from $1,480.098 million at the end of 2023[9] Future Projections and Guidance - For 2024, revenue is expected to be approximately $950 million, with NeueCare revenue projected at $320 million and NeueSolutions revenue at $640 million[5] - Adjusted EBITDA guidance for 2024 is between $15 million and $25 million[5] - The company aims to reach the high end of its guidance range for consumers served by year-end 2024[3] Consumer Metrics - Value-based consumers served decreased to 364,000 as of June 2024, down from 373,000 in June 2023[1] - Enablement services lives increased significantly to 113,000 from 31,000 year-over-year[1] Cash Flow and Operating Activities - Cash and cash equivalents at the end of the period were $261,458, down from $1,360,441 at the end of the same period in 2023[11] - The company reported a net cash used in operating activities of $(77,148) for the six months ended June 30, 2024, compared to $(724,026) in the same period of 2023, showing a significant improvement[11] Special Items and Adjustments - The company recognized $11.4 million in intangible asset impairment expense due to operations classified as held-for-sale in the second quarter of 2024[22] - The non-cash compensation expense related to stock options and restricted stock units was estimated at $2.5 million for the three and six months ended June 30, 2024[22] - Restructuring and contract termination costs were incurred as part of a workforce reduction and early lease terminations, impacting the financial results[22] - The company plans to exclude the impact of held-for-sale operations from Adjusted EBITDA starting in the second quarter of 2024[22] - Transaction costs related to financing initiatives can vary significantly from period to period, affecting comparability of financial performance[22]