Oscar Health, Inc. - OSCR STOCK NEWS

Oscar Health (NYSE: OSCR) reported its financial results for Q1 2021, showing a significant year-over-year growth in direct policy premiums of 43.5%, totaling $820.8 million. The company's medical loss ratio improved by 670 basis points to 74.4%, and the combined ratio was 94.2%, reflecting enhanced profitability. Although the net loss narrowed to $(87.4) million, adjusted EBITDA loss improved to $(26.3) million. Oscar anticipates direct policy premiums for the full year to range between $3.075 to $3.175 billion, with a projected medical loss ratio between 84% and 86%.

Cigna and Oscar Health, Inc. announced the launch of Cigna + Oscar small business health insurance in Connecticut, effective July 1, 2021. This partnership aims to provide affordable and predictable health care coverage tailored to the needs of small businesses, which have faced significant challenges during the COVID-19 pandemic. With 37% of Connecticut small businesses shutting down due to the pandemic, Cigna + Oscar plans to enhance employee health prioritization. The initiative offers various services, including behavioral health benefits and affordable pharmacy services, supported by a shared risk model.

Oscar Health, Inc. (NYSE:OSCR) has launched +Oscar, a tech-driven platform aimed at enhancing efficiency and engagement in the healthcare sector. CEO Mario Schlosser emphasized the platform as a key growth driver, responding to demand from providers and payors. Meghan Joyce has been appointed to lead +Oscar, building on her prior achievements in Virtual Primary Care. The platform, noted for its full-stack technology, aims to lower costs, improve member experiences, and support effective medical management, ultimately promoting value-based care across the U.S. healthcare system.

Oscar Health, Inc. (NYSE: OSCR) announced Dr. Okiki Louis as the new President of Oscar Medical Group (OMG), effective April 26, 2021. Dr. Louis, formerly Vice President of Medical Operations at Concentra, will oversee OMG's virtual urgent care and primary care services. Oscar's Virtual Primary Care program has shown positive results, such as high member satisfaction at 99% and 80% medication adherence. Oscar aims to enhance healthcare access and affordability through its technology platform, which supports its mission to deliver efficient, member-focused care.

Oscar Health, Inc. has appointed Dr. Okiki Louis as the new President of Oscar Medical Group, effective April 26, 2021. With extensive experience from Concentra, she will oversee virtual care services, enhancing Oscar's capabilities in patient-centered healthcare. Oscar's Virtual Primary Care program has shown strong early results, including high member satisfaction (99%) and significant adherence to prescribed medications (80%). The company serves approximately 529,000 members, aiming to make healthcare accessible and affordable through its innovative technology-driven approach.

Cigna and Oscar Health have partnered to offer Cigna + Oscar small business health insurance in various California regions. The initiative aims to address the needs of small businesses, especially in light of the pandemic, as 88% prioritize employee health. The partnership combines Cigna's extensive provider networks with Oscar’s tech-driven customer service to offer affordable and comprehensive plans. Key features include expected monthly savings, behavioral health benefits, and access to 24/7 virtual urgent care. The two companies will share risks under a reinsurance agreement and plan future expansions.

Oscar Health (NYSE:OSCR) will announce its first quarter results on May 13, 2021, after market hours. Management will conduct a conference call at 5:00 PM (ET) to discuss the results, which can be accessed via a live Internet webcast. Oscar, founded in 2012 and headquartered in New York City, is a health insurance company that focuses on a technology platform aimed at improving member experience and care accessibility, serving about 529,000 members across 291 counties as of January 31, 2021.

Oscar Health, Inc. has announced the launch of its initial public offering (IPO) of 31 million shares of Class A common stock, priced between $32 and $34 per share. The offering includes 30,350,920 shares from Oscar and 649,080 shares from existing stockholders. Oscar will not receive proceeds from the shares sold by stockholders. The underwriters have a 30-day option to purchase an additional 4,650,000 shares at the IPO price. Oscar plans to list on the New York Stock Exchange under the ticker symbol OSCR.

Oscar Health, Inc. has filed a registration statement on Form S-1 with the SEC concerning its proposed initial public offering (IPO) of Class A common stock, which will be listed on the NYSE under the ticker symbol OSCR. The number of shares and pricing details have not been determined yet. The offering is subject to market conditions, and completion is uncertain. Goldman Sachs, Morgan Stanley, and Allen & Company are leading the bookrunning for this IPO. Oscar aims to enhance affordable healthcare access through a technology-driven platform.