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    eHealth Inc (EHTH)

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    Business Description

    eHealth, Inc. (EHTH) operates as a leading private online health insurance marketplace. The company provides consumer engagement, education, and health insurance enrollment solutions through its technology and service platform. EHTH sells a broad range of insurance products, including Medicare-related plans, individual and family plans, and small business health insurance plans.

    1. Medicare Segment - Offers Medicare-related health insurance plans, including Medicare Advantage, Medicare Supplement, and Medicare Part D prescription drug plans. Also includes ancillary products like dental and vision plans, fee-based BPO services, post-enrollment services, and advertising programs.

    2. Employer and Individual (E&I) Segment - Provides individual, family, and small business health insurance plans, both qualified and non-qualified. Includes ancillary products such as dental, vision, and short-term insurance, along with online sponsorship and advertising programs, technology licensing, and lead referral activities.

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDQ1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024
    Medicare48.397205.15360.8582.38859.2553.22305.78500.638
    - Medicare Advantage43.721192.62335.8561.99642.1739.46251.32394.942
    - Medicare Supplement2.6306.0413.835.4784.052.317.819.634
    - Medicare Part D2.0466.4911.182.6852.710.846.5412.773
    Employer and Individual (E&I)9.19513.9846.4010.5766.615.199.431.772
    - Non-Qualified Health Plans1.5603.7410.641.6450.39-0.201.83.640
    - Qualified Health Plans0.6811.946.022.0460.710.601.414.762
    Ancillary2.5603.2510.752.6882.562.043.510.787
    - Short-term0.8700.893.320.3881.040.540.352.317
    - Dental0.6490.833.150.8770.520.531.593.514
    - Vision0.4860.661.630.6890.300.390.682.062
    - Other0.5550.872.660.7340.690.570.92.894
    Small Business3.8845.1117.673.6162.562.273.111.545
    Commission Bonus and Other0.157-0.69-2.010.7731.710.900.183.564
    Other Revenue7.47929.1748.9512.0379.0110.1939.5370.763
    - Sponsorship and Advertising7.13524.3442.5310.1895.485.2124.645.481
    - Fee-based and Other Revenue0.3444.836.421.8483.534.9814.9225.282
    Total Revenue64.718247.66452.8792.96465.8658.41315.18532.410
    Revenue by Geography - in Millions of USDQ1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024
    United States-------532.410
    China--------
    Total Revenue64.718247.69452.992.96465.85658.41315.18532.410
    KPIs - Metric (Unit, Scale)Q1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024
    Estimated Membership for Medicare Advantage (members)565,126-622,896594,457584,649583,970-690,874
    Estimated Membership for Medicare Supplement (members)93,732-110,82692,79997,42695,153-96,894
    Estimated Membership for Medicare Part D (members)209,475-210,876187,534195,671194,303-210,917
    Total Estimated Membership for Medicare (members)868,333-944,598874,790877,746873,426-998,685
    Estimated Membership for Individual and Family (members)85,118-86,45280,92879,78675,871-78,452
    Estimated Membership for Ancillary (members)184,248-180,741179,224174,107168,953-173,760
    Estimated Membership for Small Business (members)46,316-46,22545,08445,10141,172-42,899
    Total Estimated Membership (members)1,184,015-1,258,0161,180,0261,176,7401,159,422-1,293,796
    Number of Approved Members for Medicare Advantage (members)565,126-622,896594,457584,649583,970-690,874
    Number of Approved Members for Medicare Supplement (members)3,010-17,3866,1821,9541,438-13,822
    Number of Approved Members for Medicare Part D (members)2,480-29,3783,5751,4681,292-27,896
    Total Number of Approved Members for Medicare (members)40,559-337,47675,50741,06042,871-407,878
    Number of Approved Members for Individual and Family (members)3,727-27,3187,1603,5082,872-20,671
    Number of Approved Members for Ancillary (members)12,877-56,78913,95011,07811,382-51,556
    Number of Approved Members for Small Business (members)1,304-7,6131,6429221,141-5,351
    Total Approved Members (members)58,467-429,19698,25956,56858,266-485,456
    Constrained Lifetime Value of Commissions per Approved Member for Medicare Advantage (USD)997-1,049952927990-1,088
    Constrained Lifetime Value of Commissions per Approved Member for Medicare Supplement (USD)833-8919571,1121,105-1,090
    Constrained Lifetime Value of Commissions per Approved Member for Medicare Part D (USD)235-220237225222-172
    Constrained Lifetime Value of Commissions per Approved Member for Non-Qualified Health Plans (USD)325-380385353314-377
    Constrained Lifetime Value of Commissions per Approved Member for Qualified Health Plans (USD)322-370402354311-378
    Constrained Lifetime Value of Commissions per Approved Member for Short-term (USD)151-167184172144-156
    Constrained Lifetime Value of Commissions per Approved Member for Dental (USD)108-109124122118-127
    Constrained Lifetime Value of Commissions per Approved Member for Vision (USD)72-73847678-83
    Constrained Lifetime Value of Commissions per Approved Member for Small Business (USD)226-230215253249-235
    CC&E Cost per MA-equivalent Approved Member (USD)989-471419599719-349
    Variable Marketing Cost per MA-equivalent Approved Member (USD)557-449415457537-406
    Total Acquisition Cost per MA-equivalent Approved Member (USD)1546-92083410561256-755
    CC&E Cost per IFP-equivalent Approved Member (USD)272-191161284359-256
    Variable Marketing Cost per IFP-equivalent Approved Member (USD)68-615859118-110
    Total Acquisition Cost per IFP-equivalent Approved Member (USD)340-252219343477-366

    Leadership

    NamePositionExternal RolesShort Bio

    Francis S. Soistman

    ExecutiveBoard

    Chief Executive Officer

    Francis S. Soistman is the Chief Executive Officer of eHealth, Inc. since November 2021 and serves on the Board of Directors from the same date. He brings nearly four decades of experience in healthcare leadership, having held roles such as Founder and President of Healthcare Management and Transformation Advisory Services LLC and Executive Vice President at CVS Health/Aetna.

    		View Report →

    Gavin G. Galimi

    Executive

    Senior Vice President, General Counsel, and Corporate Secretary

    Co-Founder at Stratagem Investments

    Gavin G. Galimi serves as the Senior Vice President, General Counsel, and Corporate Secretary at EHTH since June 27, 2022. He has extensive experience in legal and corporate governance roles, including previous positions at UnitedHealth Group and active involvement as Co-Founder at Stratagem Investments.

    John J. Stelben

    Executive

    Senior Vice President and Chief Financial Officer (CFO)

    John J. Stelben has served as CFO of eHealth, Inc. since November 14, 2022. He brings over 25 years of financial leadership experience from previous roles at Aetna and Coventry Health Care, Inc..

    Michelle M. Barbeau

    Executive

    Chief Revenue Officer

    Michelle M. Barbeau has been the Chief Revenue Officer at EHTH since January 1, 2024, after serving as Chief Marketing Officer from September 2022 to December 2023.

    Questions to Ask Management

    1. Given the observed commission suppression by carriers during this AEP and its impact on enrollment profitability, how does management plan to offset this risk in future cycles while maintaining attractive margins?
    2. With a forecast for a Q1 adjusted EBITDA loss despite record enrollment growth in 2024, how do you justify the upfront cash investment strategy relative to the long-term profitability of the Medicare business?
    3. Considering that the Amplify platform currently contributes less than 10% of total revenue, what specific initiatives are being implemented to improve its margins, and what is the expected timeline for these improvements?
    4. In light of the regulatory changes affecting D-SNPs and the anticipated shift in marketing spend between Q2/Q3 and Q4, how will management adjust its enrollment strategy to maintain strong conversion rates?
    5. With ongoing uncertainty in the regulatory environment and potential adjustments in Medicare Advantage rates under the new administration, what steps will management take to ensure sustained growth and mitigate the risks of a volatile market?

    Customer Concentration

    CustomerRelationshipSegmentDetails

    Humana

    Health insurance carrier paying commissions for plan sales

    Medicare

    24% of total revenue in 2024; 27% in 2023

    UnitedHealthcare

    Health insurance carrier paying commissions for plan sales

    Medicare

    22% of total revenue in 2024; 23% in 2023

    Aetna

    Health insurance carrier paying commissions for plan sales

    Medicare

    18% of total revenue in 2024; 15% in 2023

    Latest news

    Recent press releases and 8-K filings for EHTH.

    eHealth Inc Reports Q1 2025 Earnings, Medicare Growth & Guidance Update
    •EHTH
    Earnings
    Guidance Update
    Revenue Acceleration/Inflection
    • Robust Financial Performance: Q1 revenue reached $113.1 million with a 22% YoY growth, turning GAAP net income positive at $2.0 million (vs. a loss of $17.0 million in Q1 2024) and adjusted EBITDA improved to $12.5 million, reversing last year’s losses .
    • Medicare Segment Strength: Total Medicare submissions increased 22% (with the agency model up 26%) and Medicare Advantage submissions rose 25%, accompanied by a 10% decline in acquisition costs; additionally, tail revenue guidance was raised to $11–$20 million with cumulative tail revenue of $234 million .
    • Guidance Update: The company reiterated full year 2025 revenue guidance of $510.0 million to $550.0 million and updated key metrics including positive net adjustment revenue .
    • Healthy Liquidity & Strategic Initiatives: eHealth ended the quarter with $155.6 million in cash, cash equivalents, and short-term marketable securities while advancing initiatives like AI integration and the Amplify program to enhance enrollment operations .
    7 days ago
    TranscriptPresentation8-K
    eHealth, Inc. Announces Q4 2024 Record Results & Strategic Growth Investments
    •EHTH
    Earnings
    Revenue Acceleration/Inflection
    Guidance Update
    New Projects/Investments
    • Record Q4 Financial Performance: Revenue reached $315.2 million, GAAP net income hit $97.5 million, and adjusted EBITDA grew 74% to $121.3 million at a 38% margin, marking a record quarter
    • Robust Medicare Performance: Medicare Advantage submissions surged 42% YoY with a 16% expansion in unit margins; Medicare revenue increased 31% to $305.8 million, complemented by a 23% reduction in acquisition cost per approved member and commissions receivable at $1.0 billion
    • Strategic Investments for Growth: Initiatives in digital tools, AI projects, and expanding carrier partnerships (Amplify) are set to drive long-term competitive advantage and diversified revenue streams
    Feb 26, 2025, 12:00 AM
    TranscriptPresentation8-K