Oscar Health stock jumps on first year of profitability
Insurance provider Oscar Health (OSCR) released its fourth-quarter earnings showing revenues earned through premiums increased by 47% year-over-year to $5.7 billion while reducing net losses by $339 million year-over-year.
Yahoo Finance Anchors Josh Lipton and Julie Hyman break down the latest developments for Oscar Health and what it means for the company moving forward.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
Video Transcript
JOSH LIPTON: Let's get to some tickers here. We're going to start off with shares of Oscar Health, surging on strong earnings, Julie. The insurance startup also expecting to be profitable for the first time this year. So health insurance, that's the name of the game. Reports pleases for Q4. Q4 smaller than expected loss. Revenue was up 44%. The forecasts also look solid. Adjusted EBITDA for 2024, that was better than expected.
JULIE HYMAN: Yeah. And our Anjalee Khemlani talked to Mark Bertolini, who is the CEO at Oscar. And he talked about the certain different business lines that the company has, including one for small businesses called Cigna + Oscar. He indicated that maybe that business is not doing as well. And he says it's not making money here from an underwriting standpoint. So we didn't get any comment from Cigna on that. But that is something to continue to watch here.
A little-- we keep talking about the class of 2021 IPOs today. It just keeps coming up. Oscar is one of those as well. It came public in March of 2021 at $39 a share. So you can see, even though it's had a recovery over the last year, it's still trading well below that IPO price.
