Oscar Health Reports First Profitable Year, Reaches $9.2 Billion Revenue

Oscar Health achieved its first profitable year in 2024, reporting a net income of $25.4 million and total revenue of $9.2 billion, a 56.5% increase from the previous year. The company's membership surged to almost 1.7 million, driven by a broader enrollment in Affordable Care Act plans, which reached a record 24.2 million Americans. Despite a loss of $153.5 million in the fourth quarter, Oscar's CEO Mark Bertolini highlighted the year as a significant turnaround, emphasizing the company's commitment to a technology-driven strategy that aligns with market trends. Oscar's Medical Loss Ratio increased slightly to 81.7%, influenced by its membership expansion, while the SG&A Expense Ratio improved significantly. Looking ahead, Oscar expects continued growth in 2025, projecting revenue between $11.2 billion and $11.3 billion. The company remains focused on balancing profitability with innovation amid a rapidly evolving digital healthcare landscape.