GoHealth, Inc. reported its financial results for the third quarter and the first nine months of 2024, revealing a decline in net revenues compared to the same periods in 2023. For the three months ended September 30, 2024, net revenues were $118.3 million, down from $132.0 million in the prior year. Similarly, for the nine months ended September 30, 2024, net revenues totaled $409.8 million, a decrease from $458.0 million in 2023.
Despite the drop in revenues, GoHealth achieved a significant turnaround in profitability for the third quarter, posting a net income of $15.4 million, compared to a net loss of $56.2 million in the same quarter of 2023. For the nine-month period, however, the company reported a net loss of $65.3 million, an improvement from a net loss of $149.0 million in the previous year. Net income attributable to GoHealth for the third quarter was $6.8 million, contrasting with a net loss of $23.9 million in the same period of 2023. For the nine months, the attributable net loss was $28.4 million, compared to a loss of $62.0 million in 2023.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also showed a positive shift, with the third quarter EBITDA reaching $60.9 million, compared to a negative $12.5 million in the same quarter of 2023. For the nine months, EBITDA was $68.7 million, up from a negative $18.6 million in the prior year.
Total operating expenses decreased for both the three-month and nine-month periods. Operating expenses for the third quarter were $161.0 million, down from $170.0 million in 2023, while for the nine months, expenses fell to $497.1 million from $554.7 million.
As of September 30, 2024, GoHealth's cash and cash equivalents stood at $35.5 million, a significant decline from $90.8 million at the end of 2023. Total assets decreased to $1.34 billion from $1.50 billion, while total current liabilities also saw a reduction to $282.0 million from $370.0 million. Stockholders’ equity attributable to GoHealth decreased to $212.0 million from $231.0 million.
A notable strategic development during this period was the acquisition of e-TeleQuote Insurance, Inc., completed on September 30, 2024, which resulted in a gain on bargain purchase of $77.4 million.
About GoHealth, Inc.
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