Forbes August 7, 2024
Oscar Health Wednesday reported $56 million in net income – its second quarterly profit in the company’s 12-year history – as the provider of individual coverage under the Affordable Care Act grows its health plans for consumers and employers.
Oscar, which shook up its management ranks and hired the former Aetna chief executive Mark Bertolini last year, reported net income of $56.2 million, or 20 cents a share, compared to a loss of $15.5 million, or 7 cents a share in the year ago quarter.
Total revenue rose 46% to $2.2 billion in the second quarter compared to the year-ago period “driven primarily by higher membership and rate increases, partially offset by higher risk adjustment as a percentage of premiums.”
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