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Bright Health Group Inc. (BHG) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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CIK: 1671284 Ticker: BHG


Exhibit 99.1
bhglogo_jpegxearningsx0802.jpg

BRIGHT HEALTH GROUP REPORTS SECOND QUARTER 2022 RESULTS

•Revenue of $1.6 billion, up 41.5% from Q2'21, GAAP Net Loss of $251.3 million, Adjusted EBITDA Loss of $194.9 million
•Enterprise Medical Cost Ratio of 88.8%
•Reaffirming 2022 Consolidated Revenue, MCR, and Adjusted EBITDA guidance


MINNEAPOLIS, MN (August 10, 2022)
(BUSINESSWIRE) – Bright Health Group, Inc. (“Bright Health Group” or the “Company”) (NYSE: BHG), the first technology-enabled, Fully Aligned system of care built for healthcare's consumer retail market, today reported financial results for its Second Quarter ended June 30, 2022.

“Bright Health Group has made significant progress this year on reducing medical costs, accurate risk adjustment capture, and improving operational performance resulting in strong performance in the Second Quarter,” said Mike Mikan, President and CEO of Bright Health Group. “As we look forward, continued execution on these efforts as well as pricing action we’ve taken for next year supports a meaningful step closer to profitability in 2023, which gives us further conviction in our target of breakeven Adjusted EBITDA in 2024.”

Key Metrics

As of June 30,
20222021
Consumer and Patient Metrics
Bright HealthCare Commercial Consumers970,000550,000
Bright HealthCare Medicare Advantage Consumers120,000110,000
NeueHealth Value-Based Patients500,00040,000

Three Months EndedSix Months Ended
($ in thousands)June 30,June 30,
2022202120222021
Financial Metrics
Revenue$1,576,628$1,113,840$3,412,203$1,988,398
Medical Cost Ratio (1)
88.8 %86.8 %86.6 %83.5 %
Operating Cost Ratio26.2 %23.4 %24.4 %23.6 %
GAAP Net Loss$(251,330)$(43,723)$(431,959)$(68,268)
Adjusted EBITDA (non-GAAP)$(194,860)$(93,766)$(269,690)$(107,593)

(1)Medical Cost Ratio for the three months ended June 30, 2022 and 2021, include a 130 basis point and 320 basis point, respectively, unfavorable impact from COVID-19 related costs. Medical Cost Ratio for the six months ended June 30, 2022 and 2021, include a 230 basis point and 360 basis point, respectively, unfavorable impact from COVID-19 related costs.


The following information was filed by Bright Health Group Inc. (BHG) on Wednesday, August 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Bright Health Group Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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  • Peers / Competitors

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Inside Bright Health Group Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Redeemable Preferred Stock And Shareholders' Equity (Deficit)
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Income (Loss)
Business Combinations
Business Combinations (Tables)
Business Combinations - Narrative (Details)
Business Combinations - Schedule Of Business Acquisitions (Details)
Business Combinations - Schedule Of Pro Forma Revenue And Net Loss (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Direct Contracting
Direct Contracting (Details)
Direct Contracting (Tables)
Direct Contracting - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Change In Fair Value Of Contingent Consideration (Details)
Fair Value Measurements - Schedule Of Fair Value Measurement For Assets On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Fair Value Measurement Of Financial Instruments Not Measured On A Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Definite-Lived Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Asset Amortization Expense (Details)
Income Taxes
Income Taxes (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Schedule Of Available-For-Sale Securities Maturities (Details)
Investments - Schedule Of Investment Securities (Details)
Investments - Schedule Of Investments In Continuous Loss Position (Details)
Medical Costs Payable
Medical Costs Payable (Tables)
Medical Costs Payable - Change In Medical Costs Payable (Details)
Medical Costs Payable - Components Of Medical Costs Payable (Details)
Medical Costs Payable - Narrative (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Antidilutive Securities Excluded From Net Loss Per Share (Details)
Net Loss Per Share - Schedule Of Net Loss Per Share (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Narrative (Details)
Organization And Basis Of Presentation - Schedule Of Operating Costs (Details)
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock (Details)
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest (Tables)
Redeemable Noncontrolling Interest - Schedule Of Redeemable Noncontrolling Interest (Details)
Segment And Geographical Information
Segment And Geographical Information (Tables)
Segment And Geographical Information - Narrative (Details)
Segment And Geographical Information - Schedule Of Segment Information (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Schedule Of Rsu And Psu Activity (Details)
Share-Based Compensation - Schedule Of Stock Option Activity (Details)
Share-Based Compensation - Schedule Of Stock Option Valuation Assumptions (Details)
Short-Term Borrowings
Short-Term Borrowings (Details)

Material Contracts, Statements, Certifications & more

Bright Health Group Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: BHG
CIK: 1671284
Form Type: 10-Q Quarterly Report
Accession Number: 0001671284-22-000039
Submitted to the SEC: Fri Aug 12 2022 5:58:09 PM EST
Accepted by the SEC: Mon Aug 15 2022
Period: Thursday, June 30, 2022
Industry: Hospital And Medical Service Plans

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