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CFO John Johnson reported that cardiology trends have been elevated but consistent with their expectations for the year. For MSK, radiology, and other specialties where Evolent does not take risk, he stated they have not observed any particularly significant shifts in volume within their book of business.

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CEO Parth Mehrotra stated that Privia does not expect a major impact. He noted that while the bill could affect Medicaid enrollment and the exchange business, these are small parts of Privia's overall book. He explained that patients who lose coverage often shift to other commercial or self-insured plans where Privia's providers are paid higher rates. Furthermore, he mentioned that most practices are operating at capacity with waiting lists, so any lost patient volume can be quickly backfilled.

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CEO Justin Schreiber explained that LifeMD is contracted with over 100 insurance plans across 40 states, covering nearly 80 million lives, and expects that coverage to double by year-end. He noted that while it's a small part of the business now, it is expected to scale significantly in 2026 with strong unit economics. He also confirmed that integrations with Lilly Direct and NovoCare are in place for branded therapies.

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CFO Jeff Schwaneke identified the primary pressure points in the cost trend as continued high inpatient costs and Part B drugs, specifically within oncology. He noted that this was a consistent theme carrying over from the end of the previous year into the first quarter.

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CEO Steven Sell reiterated that agilon's strategy is to eliminate Part D risk entirely because the company cannot materially manage it without control over prescribing, formularies, or rebates. He noted exposure is below 30% and continues to decline, but stated he did not have significant insight on the specific policy's impact.

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CFO Norman Rosenberg stated the migrant program's gross margin was consistently around 34%. He explained its wind-down, combined with the ramp-up of the lower-margin Payer business, negatively impacted the overall Mobile Health margin mix in Q1. CEO Lee Bienstock addressed tariffs primarily in the context of the vehicle fleet, noting that pre-placed orders for the year mitigated immediate impact. Rosenberg added that while some costs may rise, lower fuel prices could provide a partial offset.

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President Michael Sturmer stated that Progyny focuses on demonstrating broader, long-term value rather than competing on price, which he views as an unsustainable short-term strategy for rivals. CEO Peter Anevski added that Progyny won every jumbo account in the last sales season against these competitors. Sturmer also noted that a recent acquisition enhances their global services for large employers.

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