Bright Health Group(US:BHG)2025-05-08 10:46Consumer Metrics - NeueHealth served approximately 709,000 consumers in Q1 2025, a 51% increase compared to Q1 2024[6] - Value-based consumers served increased from 360,000 in Q1 2024 to 571,000 in Q1 2025, reflecting a growth of 59%[4] - NeueHealth's care model continues to resonate positively with consumers, providers, and payors, indicating strong market alignment[6] Financial Performance - Revenue for Q1 2025 was $215,787,000, down from $245,095,000 in Q1 2024, representing a decrease of 12%[4] - The company reported a net loss of $10,848,000 in Q1 2025, compared to a net loss of $4,177,000 in Q1 2024[4] - Total revenue for the three months ended March 31, 2025, was $215,787,000, a decrease of 12% from $245,095,000 in the same period of 2024[19] - Net loss attributable to common shareholders was $24,875,000, compared to a loss of $28,518,000 in the prior year[19] Adjusted EBITDA and Operating Income - Adjusted EBITDA for Q1 2025 was $13,478,000, a significant increase from $3,657,000 in Q1 2024, marking the fifth consecutive quarter of positive Adjusted EBITDA[4][6] - Adjusted EBITDA for the three months ended March 31, 2025, was $13,478,000, compared to $3,657,000 in 2024[28] - Operating income for the three months ended March 31, 2025, was $2,661,000, compared to a loss of $23,102,000 in the same period of 2024[19] Revenue Breakdown - Capitated revenue increased to $80,987,000, up 32% from $61,466,000 year-over-year[23] - ACO REACH revenue decreased by 28% to $124,040,000 from $171,811,000 in the prior year[24] Cash and Assets - Cash and cash equivalents as of March 31, 2025, were $138,101,000, up from $83,295,000 at the end of 2024[17] - Cash and cash equivalents at the end of the period increased to $224,830,000 from $249,430,000 in the previous year[21] - Total assets increased to $895,680,000 as of March 31, 2025, compared to $544,383,000 at the end of 2024[17] Liabilities and Operating Costs - Total liabilities rose to $1,288,652,000 as of March 31, 2025, from $930,491,000 at the end of 2024[17] - The operating cost ratio improved to 22.6% from 27.2% year-over-year[29] - Total operating expenses decreased to $213,126,000 from $268,197,000 in the same period of 2024[19] Cash Flow and Operating Activities - The company reported a net cash used in operating activities of $21,049,000, an improvement from $48,717,000 in the prior year[21] Strategic Focus - The company is focused on driving long-term, sustainable growth and enhancing relationships across the healthcare industry in 2025[3] Non-Cash Compensation and Transaction Costs - Non-cash compensation expense related to stock options and restricted stock unit awards was impacted by timing, quantity, and grant date fair value, with an additional $0.1 million recognized for the cancellation of P-Unit Awards in Q1 2025[31] - Transaction-related costs include accounting, tax, valuation, consulting, legal, and investment banking fees, which can vary and affect comparability, not reflecting ongoing business performance[31]