Financial Performance - NeueHealth reported revenue of $232.933 million for Q3 2024, a decrease of 13.5% compared to $269.399 million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $9.396 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, 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, 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, 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 $950 million, with NeueCare revenue projected at $320 million and NeueSolutions revenue at $640 million[5] - The company reaffirmed its Adjusted EBITDA guidance for 2024, expecting it to be between $15 million and $25 million[5] Assets and Liabilities - Total assets as of September 30, 2024, were reported at $696.783 million, a decrease from $1.225 billion as of December 31, 2023[12] - Total liabilities decreased to $1.009 billion as of September 30, 2024, down from $1.480 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 $87.299 million at the end of 2023[12] - Cash and cash equivalents at the end of the period were $226,413, down from $723,417 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) in the same period of 2023[15] Operating Performance - Operating loss for Q3 2024 was $(17,342), a significant improvement compared to $(462,775) in Q3 2023[13] - Operating income for NeueCare in Q3 2024 was $16,430, compared to an operating loss of $(390,761) in Q3 2023[16] - Operating loss for the three months ended September 30, 2024, was $(5,832), an improvement from $(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 $226,438 in Q3 2023[13] - Medical costs for the three months ended September 30, 2024, were $153,840, a decrease from $204,017 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 $1,398,992 in the same period of 2023[13] - Total operating expenses for the nine months ended September 30, 2024, were $486,381, down from $706,389 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) 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]
NeueHealth(NEUE) - 2024 Q3 - Quarterly Results