Agilon Health, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total revenues, which reached $1.45 billion, marking a 28% rise from $1.14 billion in the same quarter of 2023. Medical services revenue also saw a substantial increase, rising to $1.45 billion from $1.13 billion year-over-year, driven primarily by a 37% growth in Medicare Advantage membership, totaling approximately 525,200 members.

Despite the revenue growth, Agilon Health reported a net loss of $117.6 million for the third quarter of 2024, compared to a loss of $31.5 million in the prior year, reflecting a 273% increase in losses. The company's income from operations also declined, resulting in a loss of $133.5 million for the quarter, compared to a loss of $39.3 million in Q3 2023. The gross profit for the quarter was negative $64.2 million, a stark contrast to a positive gross profit of $36.8 million in the same period last year.

For the nine months ended September 30, 2024, total revenues increased to $4.54 billion, up 39% from $3.26 billion in 2023. However, the net loss for this period ballooned to $154.3 million from $32.3 million in the previous year. The company attributed the increased losses to higher medical services expenses, which rose due to a 39% growth in average membership and a 9% increase in average medical services expense per member.

Agilon Health's total assets as of September 30, 2024, amounted to $2.09 billion, up from $1.74 billion at the end of 2023. Current liabilities also increased significantly to $1.41 billion from $977.2 million, primarily due to a rise in medical claims and related payables, which reached $1.19 billion.

Strategically, the company expanded its operations into new markets, including Lexington, Kentucky, and Augusta, Georgia, while enhancing partnerships in Texas, Pennsylvania, and Michigan. Additionally, Agilon Health completed the acquisition of My Personal Health Record Express, Inc. in February 2023 for $45.3 million, which is expected to bolster its service offerings.

The company continues to face challenges, including ongoing investments and administrative costs, which may necessitate additional capital resources in the future. As of September 30, 2024, Agilon Health had $148.2 million in cash and cash equivalents, an increase from $107.6 million at the end of 2023.