Oscar Health, Inc. - OSCR STOCK NEWS

Oscar Health, Inc. (NYSE: OSCR) announced that CFO Scott Blackley will present at the 2023 Wells Fargo Healthcare Conference on September 6 and CEO Mark Bertolini will present at the Morgan Stanley 21st Annual Global Healthcare Conference on September 11. Interested parties can access the live webcast on Oscar's investor relations website and a replay will be available for 90 days.

Oscar Health reports Q2 2023 financial results with Direct and Assumed Policy Premiums of $1.6 billion, a 3% decrease YoY and Premiums earned of $1.5 billion, a 48% increase YoY. Medical Loss Ratio improved by 230 bps YoY to 79.9%. Net loss improved by $96.7 million YoY to ($15.4) million. Adjusted EBITDA improved by $111.4 million YoY to $35.6 million. InsuranceCo Administrative Expense Ratio improved by 280 bps YoY to 16.7%. InsuranceCo Combined Ratio improved by 500 bps YoY to 96.7%. Adjusted Administrative Expense Ratio improved by 420 bps YoY to 19.5%.

Health tech company Oscar Health, Inc. (NYSE: OSCR) announced its Q1 2023 financial results. Direct and Assumed Policy Premiums increased by 2% YoY to $1.7 billion. Premms earned increased by 50% YoY to $1.4 billion. Medical Loss Ratio improved by 108 bps YoY to 76.3%. Net loss improved by $37.7 million YoY to $39.6 million. Adjusted EBITDA improved by $88.1 million YoY to $51.1 million. InsuranceCo Administrative Expense Ratio improved by 121 bps YoY to 18.6%. InsuranceCo Combined Ratio improved by 230 bps YoY to 94.9%. Adjusted Administrative Expense Ratio improved by 206 bps YoY to 21.7%.

Oscar Health, Inc. (NYSE: OSCR) has announced that CEO Mark Bertolini and CFO Sid Sankaran will present at the BofA Securities 2023 Health Care Conference on May 10, 2023, at 3:00 PM PT in Las Vegas, NV. The presentation will be accessible via a webcast on Oscar's investor relations website. Oscar, established in 2012, focuses on a member-centric approach and provides a range of health insurance plans including Individual & Family, Small Group, and Medicare Advantage. As of January 31, 2023, Oscar serves over one million members. The company emphasizes a full stack technology platform to enhance healthcare accessibility and affordability.

Oscar Health, Inc. (NYSE: OSCR) has renewed and expanded its digital services agreement with Ciox Health, a Datavant company. Under this new arrangement, Oscar will utilize the Datavant Switchboard through Ciox to enhance clinical data access, improving turnaround time and reducing provider burden. The expanded agreement is projected to yield a 25% reduction in total spending for Oscar. Scott Blackley, Chief Transformation Officer at Oscar, expressed that Ciox is aligned with their objectives, driving significant cost savings. Ciox's Executive Vice President, Bill Horn, highlighted this partnership as a key to advancing digital healthcare data exchange, benefiting Oscar's members and financial performance.

Oscar Health, Inc. (NYSE: OSCR) will announce its first quarter 2023 financial results on May 9, 2023, after market close. A conference call will follow at 5:00 PM ET to discuss these results. Investors can join the call by dialing (877) 400-4403 with Conference ID 6577079. A webcast will also be available. Oscar Health, founded in 2012 and based in New York City, offers a technology-based health insurance platform serving over one million members. Its mission is to provide accessible and affordable healthcare.

Oscar Health (NYSE: OSCR) recently announced the approval of significant employment inducement awards for its new CEO, Mark T. Bertolini, totaling 10,320,000 Class A shares. This includes 2,866,666 restricted stock units vesting annually over three years and 7,453,334 performance-based RSUs. To mitigate dilution, founders Mario Schlosser and Joshua Kushner agreed to cancel their founders' equity awards. Additionally, the Board approved inducement awards for 19 new employees totaling 246,113 Class A shares with vesting terms based on continued employment. Oscar Health remains committed to its mission of affordable healthcare through innovation.