Oscar Health, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenue for Q3 2024 reached $2,368.3 million, a 70% increase from $1,392.1 million in Q3 2023. For the nine months, total revenue rose to $6,785.1 million, up from $4,431.2 million in the prior year. This growth was driven by a substantial increase in direct policy premiums, which totaled $2,687.9 million for Q3 2024, compared to $1,548.6 million in Q3 2023, and $7,542.1 million for the nine months, up from $4,796.8 million.
Operating expenses also increased, with Q3 2024 expenses at $2,471.9 million, compared to $1,498.2 million in Q3 2023. For the nine months, operating expenses totaled $6,580.1 million, up from $4,521.3 million. Despite these rising costs, Oscar Health reported earnings from operations of $205.0 million for the nine months, a notable recovery from a loss of $90.1 million in the same period last year.
Net income for Q3 2024 was $(54.4) million, an improvement from $(65.7) million in Q3 2023. For the nine months, net income reached $179.4 million, compared to a loss of $(120.8) million in the previous year. Basic earnings per share for Q3 2024 were $(0.22), improving from $(0.29) in Q3 2023, while for the nine months, earnings per share rose to $0.75 from $(0.55).
As of September 30, 2024, Oscar Health's total assets increased to $4,483.0 million from $3,601.5 million at the end of 2023. However, total current liabilities rose to $2,954.8 million from $2,429.0 million, and total liabilities increased to $3,317.7 million from $2,795.4 million. Stockholders' equity improved to $1,162.8 million from $804.0 million, and the accumulated deficit decreased to $(2,697.7) million from $(2,876.7) million.
Strategically, Oscar Health announced it would not renew its partnership with Cigna+Oscar after December 31, 2024, and would exit the Medicare Advantage market for the 2024 plan year. The company also reported a significant increase in membership, reaching approximately 1.65 million members, up from 983,160 a year earlier. The increase in membership and premium revenue reflects Oscar's focus on individual and small group plans sold through healthcare exchanges.
The company continues to manage its financial health, with net cash provided by operating activities for the nine months at $631.4 million, compared to net cash used of $(569.0) million in the same period last year.
About Oscar Health, Inc.
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