Oscar Health posts another loss in Q3 even as revenue soars

A bus stop displaying advertisements for Oscar Health
Oscar Health reported its third-quarter earnings late Wednesday. (Oscar Health)

Oscar Health saw a significant revenue boost year over year on the back of a jump in membership, according to the company's earnings report filed late Wednesday.

The startup insurer, which went public in March of this year, reported nearly $444 million in revenue for the quarter, up from $101.7 million in the third quarter of 2020. Revenue through three quarters hit $1.3 billion, up from $305.1 million through the third quarter of 2020.

However, the company is still on the hunt for profitability.

Oscar has historically struggled to turn a profit, both as a private firm and since going public. It posted a net loss of $212.7 million in the quarter,

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Oscar Health executives told investors on the company's earnings call Wednesday evening that they're aiming for the insurance business to turn a profit in 2023.

"Looking ahead, we remain focused on continued growth to increase the scale of our businesses, which will be a driver of improved bottom-line results over time, and we are targeting profitability in our insurance business in 2023," Mario Schlosser, CEO and co-founder of Oscar, said during the call.

The company saw notable membership growth over the past several quarters, thanks in large part to the special enrollment period for the Affordable Care Act's exchanges. Its total membership as of Sept. 30 was 594,284.

Through the first three quarters of 2020, Oscar had 420,118 members.

Its 2021 membership includes 8,167 members in its Cigna + Oscar co-branded plans, which target small businesses. It also includes 3,881 members in Medicare Advantage, up from 1,850 through the third quarter of 2020.