As of September 30, 2024, Alignment Healthcare, Inc. reported significant growth in its financial performance, with total revenues reaching $692.4 million for the third quarter, a 51.6% increase from $456.7 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues amounted to $2,002.3 million, up 47.4% from $1,358.2 million in the prior year. This growth was primarily driven by a 57.7% increase in health plan membership, which rose to 182,300 members.
Earned premiums for the third quarter of 2024 were $684.5 million, reflecting a 52.0% increase from $450.2 million in the previous year. For the nine-month period, earned premiums totaled $1,980.1 million, a 47.6% increase from $1,341.9 million in 2023. However, medical expenses also rose significantly, with third-quarter medical expenses at $613.4 million, up from $397.9 million in 2023, and total expenses for the quarter reaching $711.9 million, compared to $486.5 million in the prior year.
Despite the revenue growth, Alignment Healthcare reported a net loss of $26.4 million for the third quarter of 2024, an improvement from a net loss of $35.1 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $97.0 million, down from $100.9 million in the previous year. The loss from operations for the third quarter improved to $(19.5) million, compared to $(29.8) million in 2023.
The company’s total assets increased to $692.3 million as of September 30, 2024, up from $591.9 million at the end of 2023. However, total liabilities also rose to $576.7 million, compared to $433.8 million at the end of the previous year. The accumulated deficit increased to $(977.2) million from $(880.3) million.
In terms of strategic developments, Alignment Healthcare has focused on expanding its market presence, with operations in 53 markets across six states. The company plans to invest in its proprietary technology platform, Alignment's Virtual Application (AVA), to enhance member engagement and care quality. Additionally, the company anticipates pursuing strategic acquisitions in healthcare delivery groups and Medicare Advantage plans.
Cash and cash equivalents at the end of the third quarter were $340.3 million, down from $391.6 million a year earlier. The company reported net cash provided by operating activities of $43.5 million for the nine months ended September 30, 2024, a decrease from $128.3 million in the same period of 2023, primarily due to the timing of premium revenue payments from CMS.
About Alignment Healthcare, Inc.
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