Agilon Health cuts 2023 revenue, medical margin outlook but provides upbeat 2024 view

Core Viewpoint - Agilon Health Inc. has lowered its 2023 margin outlook due to higher-than-expected costs but remains optimistic about its 2024 projections [1] Financial Performance - The company reduced its 2023 medical margin outlook to $340 million to $360 million from a previous range of $455 million to $470 million [1] - Revenue outlook for 2023 was trimmed to $4.295 billion to $4.305 billion from $4.310 billion to $4.320 billion [1] - For 2024, Agilon expects Medicare Advantage members to increase to between 548,000 and 553,000, with a medical margin of $560 million to $600 million and total revenue of $6.35 billion to $6.42 billion [1] Market Reaction - Shares of Agilon Health Inc. were indicated down more than 1% in premarket trading following the announcement [1] - The stock has decreased by 33.5% over the past three months, contrasting with an 8.2% gain in the Health Care Select Sector SPDR ETF and a 10.1% rally in the S&P 500 [1]