SelectQuote, Inc. reported its financial results for the three months ended September 30, 2024, showing significant revenue growth but continued net losses. Total revenue reached $292.3 million, a 26% increase from $232.7 million in the same period of 2023. This growth was driven primarily by the Healthcare Services segment, which saw revenue rise to $155.7 million, up 60% from $97.4 million year-over-year, largely due to a 64% increase in SelectRx members. Pharmacy revenue also surged by 61% to $152.9 million, reflecting the expansion of the SelectRx business.
Despite the revenue increase, SelectQuote reported a net loss of $44.5 million for the quarter, compared to a net loss of $31.1 million in the prior year. The loss from operations improved to $(12.0 million) from $(22.4 million) in the same period last year. The company’s selling, general, and administrative expenses rose by 26% to $36.1 million, primarily due to increased compensation costs.
SelectQuote's total assets decreased to $1.15 billion as of September 30, 2024, down from $1.19 billion at the end of June 2024. Cash and cash equivalents saw a significant decline, falling to $10.4 million from $42.7 million in the previous quarter. The accumulated deficit increased to $(314.3 million) from $(269.8 million) in the prior quarter, while total shareholders’ equity decreased to $269.4 million.
The company’s debt obligations remained stable, with total debt at $685 million as of September 30, 2024. SelectQuote has been actively managing its debt, having amended its Senior Secured Credit Facility multiple times throughout the fiscal year to modify financial covenant ratios. On October 15, 2024, the company completed a $100 million securitization transaction to pay down a portion of its outstanding term loans.
SelectQuote is also involved in ongoing legal proceedings, including two significant securities class action lawsuits, which have been consolidated into a single case. The company continues to navigate these challenges while focusing on its strategic growth in the insurance and healthcare services sectors.
About SelectQuote, Inc.
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