Bright Health stock falls 15% as earnings see 'worse than expected performance'

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• Bright Health (BHG -15.5%) stock plunged following its Q4 results which failed to beat analysts' estimates.
• "While progressing on important foundational capabilities, this level of growth created challenges during the year which resulted in worse than expected performance,” said Bright Health President and CEO Mike Mikan.
• Q4 revenues rose +167.5% Y/Y to $962.33M. Premium revenue grew +177.39% Y/Y to $979.76M.
• Net loss attributable to Bright Health common shareholders widened to -$814.52M, compared to -$163.83M in Q4 2020.
• Q4 adjusted EBITDA loss was -$790.15M, compared to -$157.72M a year earlier.
• Outlook 2022:
• For the full year, the company expects total revenue to be between $6.8B and $7.1B, with an expected enterprise Medical Cost Ratio between 90% and 94%.
• On a segment basis, Bright HealthCare end-of-year membership is expected to be ~1M, while NeueHealth revenue is expected to be ~$2.3B.
• Intercompany Revenue elimination, comprised of payments from Bright HealthCare to NeueHealth for managing patient care and for network services, is expected to be in the range of $1.2B to $1.4B.
• Adjusted EBITDA for 2022 is expected to be a loss in the range of -$500M to -$800M.