Total Revenue

Dropped 21% (from 292,871K USD in Q4 2023 to 232,638K USD in Q4 2024)

The revenue decline was driven by a sharp drop in ACO REACH revenue (from 219,659K to 154,249K USD) due to a reduction in beneficiaries, consistent with previous period trends that saw beneficiary reductions impacting earnings. " "

ACO REACH Revenue

Fell about 30% YoY (from 219,659K USD in Q4 2023 to 154,249K USD in Q4 2024)

The steep decrease was primarily due to a decline in the number of beneficiaries enrolled in the ACO REACH program, echoing similar patterns observed in earlier quarters where fewer enrolled members directly reduced revenue. " "

Service Revenue

Increased approximately 15% YoY (from 13,051K USD to 15,036K USD)

Growth in service revenue was fueled by higher fee-for-service and enablement services contracts in segments such as NeueCare and NeueSolutions, reflecting a shift to more stable and recurring service-based income streams compared to the prior period. " "

Investment Income

Surged nearly 300% YoY (from 70K USD to 277K USD)

The dramatic jump in investment income resulted from improved earnings on financial instruments and new arrangements—similar to prior period increases in segments like NeueCare—demonstrating more effective asset utilization compared to the previous year’s lower yield. " "

Medical Costs

Decreased by about 30% YoY (from 264,864K USD to 184,892K USD)

Medical cost reductions were largely driven by the decline in ACO REACH-related expenditures as fewer beneficiaries led to reduced overall costs, a trend that continued from earlier periods where a conversion to limited-risk contracts also helped lower expenses. " "

Operating Loss

Improved by over 35% YoY (from a loss of 45,935K USD to 29,417K USD)

Operating loss improvement stemmed from lower medical costs and a reduction in non-cash charges—notably the absence of significant goodwill impairments present in the previous year—combined with cost management efforts that reduced operating expenses relative to Q4 2023. " "

Interest Expense

Dropped roughly 44% YoY (from 11,205K USD to 6,248K USD)

The decline in interest expense is attributed to the payoff of the 2021 Credit Agreement early in 2024, reducing financing costs significantly compared to the previous period’s higher borrowing costs. " "

Net Loss Attributable to Common Shareholders

Improved dramatically (from a loss of 242,332K USD to 15,947K USD; over 90% reduction)

The turnaround in net loss was primarily due to the removal of substantial non-cash goodwill impairment charges and lower operating and interest expenses, which overtook the revenue declines and led to a drastically smaller loss compared to the previous year. " "

Total Assets

Declined nearly 56% YoY (from 1,225,480K USD to 544,383K USD)

The significant asset reduction reflects ongoing restructuring efforts including the divestiture of discontinued operations and asset impairments, following a trend from previous periods where substantial asset write-downs were recorded. " "

Cash and Cash Equivalents

Remained relatively stable (from 87,299K USD to 83,295K USD)

Despite a sharp decline in total assets, the cash position remained steady as balanced cash flows from operating, investing, and financing activities offset each other, similar to previous periods where restructuring was managed without severe liquidity disruptions. " "

Enterprise Adjusted EBITDA

FY 2024

$15M – $25M " "

no current guidance

no current guidance

Consolidated Revenue

FY 2024

Approximately $950M "

no current guidance

no current guidance

Consumers Served

FY 2024

475,000 – 500,000 total "

no current guidance

no current guidance

Adjusted Operating Cost Ratio

FY 2024

15%–16% (excluding corporate costs); 19%–20% (including) "

no current guidance

no current guidance

Consumer Growth

FY 2025

no prior guidance

Strategic focus on expanding populations served to deliver high-quality, affordable care " "

no prior guidance

Geographic Expansion

FY 2025

no prior guidance

Intent to deepen presence in local communities and expand into new geographies " "

no prior guidance

Payer Partnerships

FY 2025

no prior guidance

Expecting growth with existing and new payer groups " "

no prior guidance

Provider Enablement

FY 2025

no prior guidance

Aim to strengthen partnerships with providers and support performance-based arrangements " "

no prior guidance

Financial Performance

Q3 earnings highlighted consistent strong financial performance and EBITDA growth with Q3 adjusted EBITDA of $9.4 million and year-to-date performance of $17 million. " "

Q4 earnings reported record strong financial performance with Q4 adjusted EBITDA of $5.5 million and full-year adjusted EBITDA of $22.5 million. " "

Consistently strong performance with an improved full-year outlook in Q4.

Consumer Growth

Q3 earnings emphasized strong recurring consumer growth with approximately 509,000 consumers, including significant contributions from both NeueCare and NeueSolutions segments. " "

Q4 earnings noted that 2024 service reached 483,000 consumers with impressive CAGR figures and projections rising to 717,000 consumers at the start of 2025, highlighting expansion through payer relationships and new market growth. "

Steady positive sentiment with renewed emphasis on market expansion and future growth.

Operating Loss – NeueSolutions

In Q3, the NeueSolutions segment reported an operating loss of $5.8 million largely driven by intra-company payment dependencies (i.e., payments to NeueCare due to its participation in ACO Reach). "

Q4 earnings showed that while the NeueSolutions segment improved with $3.1 million in operating income in Q4, it still reported a sustained operating loss of $5.3 million for the full year. "

Slight quarterly improvement but continued full‐year pressure remains.

Payer Partnerships & MSSP

Q3 earnings mentioned leveraging strong relationships with payer partners and interest in expanding into innovative programs like MSSP and ACO Reach. "

Q4 earnings introduced the emergence of new payer partnerships along with an explicit expansion into new product verticals, including MSSP, to fuel 2025 growth. " "

Growing focus on diversified partnerships and expansion as a core strategic initiative.

Participation in Government Programs (ACO REACH)

Q3 earnings discussed ACO Reach with positive aspects such as serving 43,000 Medicare beneficiaries and collaborative care management, albeit alongside challenges reflected in the operating loss. "

Q4 earnings again referenced ACO REACH with a mixed sentiment—acknowledging growth opportunities while noting ongoing challenges, and also mentioned plans to expand participation via MSSP in 2025. "

Recurring focus with a similar mixed sentiment, now augmented by a pivot toward MSSP opportunities.

Pending Acquisition

Not mentioned in Q3 earnings.

Q4 earnings announced a definitive agreement for acquisition by an affiliate of a major investor (NEA), positioning NeueHealth for continued growth with additional resources. "

New topic with a positive outlook, signaling potential future impact.

Intra-company Payment Dependencies

Q3 earnings mentioned intra-company payment dependencies as part of the NeueSolutions segment’s operating loss. "

This topic is no longer mentioned in Q4 earnings.

Removed from the discussion, suggesting a shift away from highlighting internal payment issues.

ACA Insurance Wind-Down

Q3 earnings provided details on the continuing wind-down of the ACA insurance business, noting cash reserves and declining liabilities to support the transition. "

The wind-down of the ACA insurance business is not mentioned in Q4 earnings.

No longer discussed, indicating a possible de-prioritization of this topic.

Strategic Acquisition (Centrum Health)

Q3 earnings highlighted the acquisition of Centrum Health as a strategic move to streamline operations and advance a consumer-centric care model. "

No mention of the Centrum Health acquisition is seen in Q4 earnings.

No longer mentioned, suggesting a shift in focus away from previously completed integration activities.