NeueHealth reveals another adjusted EBITDA profit, but EPS suffers
Summary
Coming off a recent debt financing round, NeueHealth reported a net loss but small adjusted EBITDA profit during its second-quarter earnings results.The company recorded a net loss of $39 million but posted a small adjusted EBITDA balance of $3.96 million this quarter, similar to last quarters results. Its diluted loss per share was reported as $8.65, more than $5.00 worse than last quarter.We continued to build momentum in the second quarter, driving solid results in both our NeueCare and NeueSolutions segments as we deliver a seamless, more coordinated care experience to all populations, said Mike Mikan, president and CEO of NeueHealth, in a news release. We have built strong, ongoing relationships with consumers, providers, and payers across the healthcare industry, and this is a testament to our ability to align interests and create a better care experience for all. Cash from continuing and discontinued operations has decreased 80.8% over the same time period.NeueHealth served more than 477,000 members across the individual marketplace and federal health programs during the quarter, the company said.This is a moderate increase in consumers served over the first quarter, and we continue to expect to generate increased growth in the second half of the year, said Chief Financial Officer Jay Matushak. Starting in the third quarter, we have contracts in place with payer partners that are expected to increase our clinic volume.