Oscar Health posted an $87.4 million loss in the first quarter of 2021, the insurer reported Thursday, marking an improvement from its $96.9 million loss in the first quarter of 2020.
The results equal a loss of 98 cents per share, Oscar Health said. Earnings before interest, taxes, depreciation and amortization was a loss of $26.3 million in the quarter.
Revenue rose significantly year over year, the company said in its earnings report, reaching $369 million compared to $88 million in the first quarter of 2020.
“Our first-quarter results show that our model is delivering value to the market, our provider partners and to our members,” said Mario Schlosser, CEO and co-founder of Oscar, in a statement.
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“We achieved very attractive first-quarter growth, while simultaneously lowering our medical loss ratio and administrative cost ratio year-over-year," Schlosser said. "This trend, coupled with the recent launch of +Oscar, positions our company well for continued sustainable growth and improving profitability.”
The startup insurer fell short of Wall Street expectations, according to MarketWatch, but did report more members than expected. Shares in Oscar Health rose 3% late Thursday following the release of the earnings report.
Premiums collected reached $820.8 million in the first quarter, Oscar said, growth of 43.5% year over year as membership grew. Oscar reported 542,220 total members in the first quarter compared to 420,552 in the prior-year quarter, for growth of 29%.
Of these members, 535,001 were in commercial plans, with 3,628 members in Medicare Advantage and 3,591 in the co-branded Cigna+Oscar plans in the first quarter of this year. Oscar had 1,628 members in MA in the first quarter of 2020, and the Cigna+Oscar plans were not yet to market.
Oscar Health officially went public in March. While its reach has continued to grow in terms of membership, the company has historically struggled to turn a profit.