NeueHealth CEO Mike Mikan began the company’s extremely quick third-quarter earnings call highlighting its “strongest financial performance to date,” seemingly boosting its stock Nov. 7.
The market initially saw NeueHealth’s stock rise up to 12%. It is still down more than 35% year-to-date.
NeueHealth posted a net loss of $40 million for the quarter and a negative earnings per share of $8.51. The results were similar to last quarter.
Still, it was the third consecutive positive adjusted EBITDA showing, and the company grew its membership base to approximately 509,000.
The company is attempting to dig itself out of a huge hole created over the last several years.
“This quarter, we grew the number of consumers we served across our NeueCare and NeueSolutions segments … slightly above our guidance range for the year,” Mikan said
He said the company will attempt to grow its Medicaid population through partnerships with federally qualified health centers. NeueHealth acquired full ownership of Centrum Health, a collection of primary care clinics, in October through purchasing the final 25% of Centrum’s equity.
NeueHealth completed a debt financing round with Hercules Capital for $150 million earlier this year.