eHealth (EHTH)

• eHealth, Inc. announced a new $125 million asset-based revolving credit facility with Manulife | Comvest Credit Partners, entered into on December 31, 2025.
• The proceeds were primarily used to repay approximately $70 million outstanding under the previous Blue Torch Loan.
• The remaining funds will support strategic growth initiatives, including investments in AI-driven capabilities and omni-channel technology, and for general corporate purposes.
• This new facility offers favorable pricing (SOFR + 6.50%) and a three-year maturity until December 2028, providing greater financial flexibility.
• In connection with the credit facility, eHealth amended its investment agreement with H.I.G., introducing a liquidity covenant that, if breached, could lead to a 2.00% increase in the paid-in-kind dividend rate for the Series A Preferred Stock.

• eHealth, Inc. has entered into a new $125 million asset-based revolving credit facility with Manulife | Comvest Credit Partners.
• The Credit Facility offers favorable pricing (SOFR + 6.50%) and a three-year maturity, providing greater financial flexibility and stability.
• A portion of the proceeds, approximately $70 million, was used to repay the outstanding Blue Torch Loan.
• The remaining proceeds will support strategic growth initiatives, including investments in AI-driven capabilities and omni-channel technology, and for general corporate purposes.
• The Company also intends to further improve its capital structure by addressing its convertible Series A preferred stock.

• eHealth, Inc. has updated its guidance ranges for the fiscal year ending December 31, 2025, following strong Annual Enrollment Period (AEP) performance.
• The company now expects total revenue to be in the range of $540.0 million to $560.0 million, compared to the prior range of $525.0 million to $565.0 million.
• GAAP net income (loss) guidance has been revised upwards to a range of $30 million to $45 million, from the previous range of $9.0 million to $30.0 million.
• Adjusted EBITDA is also expected to be higher, ranging from $80 million to $95 million, compared to the prior range of $60 million to $80 million.
• Operating cash flow is anticipated to be in the range of $(25.0) million to $0 million, compared to the prior range of $(25.0) million to $10.0 million, and includes positive net adjustment revenue expected between $40 million and $45 million.

• eHealth, Inc. (EHTH) has updated its fiscal year 2025 guidance following its Annual Enrollment Period (AEP) performance, as of December 18, 2025.
• The company reported that AEP enrollment volume and revenue were within expectations, while outperforming on profitability.
• eHealth anticipates a meaningful year-over-year increase in fourth quarter MA constrained lifetime value (LTV) of commissions, driven by higher MA commission rates for plan year '26 and favorable persistency trends.

Below is the updated guidance for the fiscal year ending December 31, 2025, compared to prior ranges:

• EHTH reported Q3 2025 total revenue of $53.9 million, an 8% decrease year-over-year, primarily reflecting lower Medicare Advantage approved members due to recent dual-eligible enrollment rules.
• The company's Q3 2025 GAAP net loss improved to $31.7 million compared to $42.5 million a year ago, and adjusted EBITDA was $(34.0) million compared to $(34.8) million in Q3 2024.
• As of September 30, 2025, eHealth held $75.3 million in cash, cash equivalents, and marketable securities, and a commissions receivable balance of $907.7 million.
• For FY 2025 guidance, the company updated its outlook for GAAP Net Income to $9 million - $30 million (from $5 million - $26 million) and Adjusted EBITDA to $60 million - $80 million (from $55 million - $75 million), with total revenue and operating cash flow guidance remaining unchanged.

• eHealth Inc. reported Q3 2025 total revenue of $53.9 million, an 8% year-over-year decrease, while improving its GAAP net loss to $31.7 million and adjusted EBITDA loss to $34 million.
• The company raised its 2025 full-year guidance for GAAP net income to $9 million to $30 million and Adjusted EBITDA to $60 million to $80 million, primarily driven by higher-than-expected positive net adjustment (TEL) revenue, which is now projected between $40 million and $43 million.
• Medicare Advantage enrollment volume in Q3 2025 was below expectations due to regulatory changes, but AEP performance is tracking in line with internal expectations with strong consumer demand and increased commission rates.
• eHealth extended its term loan maturity to January 2027, maintaining $75.3 million in cash and $907.7 million in commission receivables as of September 30, 2025.

• eHealth, Inc. reported Q3 2025 total revenue of $53.9 million, an 8% decrease compared to Q3 2024, and a GAAP net loss of $(31.7) million, an improvement from $(42.5) million in Q3 2024.
• The company raised its full-year 2025 GAAP net income guidance to a range of $9.0 million to $30.0 million (previously $5.0 million to $26.0 million) and adjusted EBITDA guidance to $60.0 million to $80.0 million (previously $55.0 million to $75.0 million).
• Operational highlights include a 6% decrease in total operating costs and expenses to $95.4 million in Q3 2025, a 25% reduction in variable marketing spend, and the successful extension of its term loan maturity to January 2027.

• The UK Neurovascular Devices Market was valued at $269.58 Million in 2024 and is projected to grow to $383.72 Million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.02%.
• This market growth is primarily driven by the rising incidence of stroke and neurovascular disorders in the UK, with over 100,000 new stroke cases recorded annually.
• A significant market trend is the expansion of mechanical thrombectomy services across the NHS, which is expected to substantially increase demand for related devices.
• However, the market faces a critical challenge due to the limited availability of trained neurointervention specialists, which could restrict operational capacity and device uptake.
• Key market players include Stryker, Medtronic Plc, and Cerenovus (Johnson & Johnson MedTech company).

• Bitdefender, a European cybersecurity leader, and secunet, Germany's leading cybersecurity company, have formed a strategic partnership to provide sovereign cybersecurity solutions for European businesses.
• The partnership offers Bitdefender's GravityZone platform hosted on SysEleven's (a secunet company) OpenStack Cloud in Germany, ensuring all customer and security-related data is processed exclusively within the EU.
• This initiative aims to help European companies, especially those in regulated sectors, meet strict data sovereignty criteria and comply with regulations such as NIS2, DORA, and DSGVO.
• secunet, Germany's leading cybersecurity company, reported a revenue of approximately 406 million Euro in 2024 and is listed on the SDAX.

• Derek Haas recently became CEO of eHealth, bringing 36 years of experience in the life and health space, including leadership roles at Magellan Health and HealthMarkets.
• eHealth reported significant financial progress over the past three years, including $111 million in cumulative EBITDA improvement and $99 million in operating GAAP net income improvement.
• For 2024, the company's guidance reflects approximately 3% revenue growth at the midpoint and flattish profitability year over year. It aims for 2026 targets of 8% to 10% revenue compound annual growth rate and 8% to 10% EBITDA margin.
• Strategic growth drivers include scaling Medicare Advantage, diversifying product offerings (Medicare Supplement, ancillary products, and Individual Coverage Health Reimbursement Arrangements (ICRA)), and leveraging technology and brand adoption.
• The company finished Q3 with over $100 million in cash on its balance sheet and successfully extended its $70 million term loan maturity to Q1 2027.