Bright Health Group Announces Updated 2023 Expectations Ahead of J.P. Morgan Healthcare Conference Presentation
Bright Health Group (NYSE: BHG) has increased its 2023 enterprise revenue guidance to
- Increased 2023 revenue guidance to $3.4 - $3.6 billion, with over 30% growth at midpoint.
- Strong Medicare Advantage enrollment in California, aiming for 125K+ consumers by end of 2023.
- Reaffirms guidance for Adjusted EBITDA profitability in 2023.
- None.
-
Increases 2023 Enterprise Revenue guidance to
-$3.4 on higher-than-expected attributed value-based consumers, greater than$3.6 billion 30% year-over-year Revenue growth at the midpoint excluding theACA Marketplace Insurance business - Strong California Medicare Advantage enrollment during AEP; reaffirms guidance for 125K+ end of year 2023 consumers
- Reaffirms guidance for Adjusted EBITDA profitability in 2023
“In 2023, we are focused on executing on our Fully Aligned Care Model across our business. As evidenced by our guidance increase, we have been successful in retaining value-based consumers and are excited about our growing partnerships with leading payors and providers,” said Mikan. “We have created a scaled and differentiated care model that is well positioned to capture the shift to value-based, consumer-driven healthcare.”
Presentation Slides and Details
Presentation slides are available now on the company’s Investor Relations page at investors.brighthealthgroup.com, ahead of Bright Health Group’s live presentation at the
Bright Health’s presentation will begin at
Financial Outlook
2023 Outlook:
Bright Health Group Revenue |
|
Value-Based Consumers |
275,000 – 300,000 |
Senior Managed Care End of Year Consumers |
>125,000 |
Adjusted Operating Cost Ratio |
|
Adjusted EBITDA |
Profitable |
Additionally,
About
Forward-Looking Non-GAAP Financial Measures
This release contains Adjusted EBITDA and Adjusted Operating Cost Ratio, which are non-GAAP financial measures. These non-GAAP financial measures are additions, and not substitutes for or superior to the most directly comparable GAAP financial measures, Net Income (Loss) and Operating Expense, respectively. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentation of these measures has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentation of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Reconciliations of projected Adjusted EBITDA and projected Adjusted Operating Cost Ratio to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. With respect to Adjusted EBITDA, these GAAP measures may include the impact of such items as interest expense, income tax expense, depreciation and amortization, impairment of goodwill or intangible assets, transaction costs, share-based compensation expense, changes in the fair value of equity securities, changes in the fair value of contingent consideration, contract termination costs, restructuring costs; and the tax effect of all such items. Historically, the Company has excluded these items from non-GAAP financial measures. With respect to Adjusted Operating Cost Ratio, these GAAP measures may include the impact of such items as stock-based compensation, changes in the fair value of contingent consideration, contract termination costs, and depreciation and amortization. The Company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business, are inherently unpredictable as to if or when they may occur. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Forward-Looking Statements
Statements made in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements, and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, and operational and financial outlook and guidance. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to
View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005346/en/
Investor Contact:
IR@brighthealthgroup.com
Media Contact:
media@brighthealthgroup.com
Source:
FAQ
What is Bright Health Group's new revenue guidance for 2023?
What is the expected year-over-year revenue growth for Bright Health Group in 2023?
How many Medicare Advantage consumers does Bright Health Group aim to have by the end of 2023?
When will Bright Health Group's CEO provide an outlook for the company?