Oscar Health achieved a significant milestone by reporting its first-ever full-year profit of $25 million for 2024, driven by record enrollment and revenue growth. Despite a fourth-quarter loss, the company's strong performance throughout the year marked a major turning point for the healthcare provider.
Oscar Health reported a $25 million profit for the full year 2024, marking a significant milestone for the company. This achievement came after a record year of enrollment and revenue growth, fueled by the provider's individual and small group health insurance offerings. Despite a $153.5 million loss in the fourth quarter, Oscar ended 2024 profitable for the first time in its over decade-long history. This $25.
4 million net income, or 10 cents per share, represented a dramatic improvement from the $270 million loss incurred in 2023, amounting to a $296.2 million year-over-year improvement. Oscar's CEO, Mark Bertolini, attributed the positive performance to the company's strong top and bottom line results, its record-high membership, and consistent execution. He emphasized that the company's ability to deliver sustained profitable growth demonstrated its commitment to financial stability and long-term success. Oscar ended 2024 with nearly 1.7 million enrolled members, primarily from individual and small group health plans, a significant jump from the 1 million total health plan members in 2023. The company's revenue also saw substantial growth. Total revenue reached almost $2.4 billion in the fourth quarter, compared to $1.4 billion in the same period last year. For the full year 2024, revenue exceeded $9.1 billion, a 56% increase from the $5.8 billion recorded in 2023. This growth was attributed to expansion into new markets and continued performance in established areas within Oscar's 18-state footprint. Oscar credited its competitively priced products, technology, and superior member experience for driving strong growth and retention across its market reach. Oscar's success in the individual market, which grew 13% year-over-year to reach a record 24 million Americans, was particularly noteworthy. The company's growth outpaced the market by nearly three times, registering a 37% increase. Oscar anticipates continued growth, projecting total revenue between $11.2 billion and $11.3 billion for 2025 based on its strong performance during the recent open enrollment period. The company's projections reflect its confident outlook for future success
Oscar Health Profit Healthcare Growth Revenue Insurance Enrollment
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