Core Insights - Oscar Health Inc. reported fourth-quarter revenue of approximately $2.81 billion, missing the consensus estimate of $3.12 billion, while total revenue for fiscal 2025 reached approximately $11.7 billion, up from $9.2 billion a year ago, driven by higher membership [1] - The medical loss ratio increased to 95.4% for the quarter from 88.1% a year ago, primarily due to higher average market morbidity and increased utilization [2] - The company reported a loss of $1.24 per share, missing the consensus estimate of 89 cents, while the loss from operations was $333.75 million, up from $147.73 million a year ago [2][4] Financial Performance - The SG&A expense ratio improved to 18.2% from 19.5%, attributed to greater fixed cost leverage and disciplined cost management [3] - Adjusted EBITDA loss for the quarter was $101.5 million, an improvement from a loss of $307.78 million in the previous year [4] - Total membership increased significantly from 1.68 million to 2.04 million in the quarter [4] Strategic Outlook - The CEO stated that 2025 was a reset year for the individual market, with plans to return to profitability in 2026 through new affordable products and enhanced member experience [5] - Oscar Health announced a $475 million three-year revolving credit facility to strengthen its balance sheet and optimize capital structure [6] - The company projects fiscal 2026 sales between $18.7 billion and $19 billion, significantly above Wall Street's estimate of $12.57 billion [7] Guidance - Oscar Health expects a medical loss ratio of 82.4%-83.4% for 2025, an SG&A expense ratio of 15.8%-16.3%, and operating earnings between $250 million and $450 million [8] - Oscar shares rose by 5.60% to $13.39, with a daily high of $14.37 and a low of $13.01 [8]