Oscar Health reported strong financial performance in the first quarter, with adjusted profit of 62 cents per share on $2.14 billion in revenue. This marked the company’s first-ever quarter of profitability, a significant improvement from the year-ago period when it reported a loss of 18 cents per share and $1.43 billion in sales. The medical loss ratio, a crucial metric for health insurers, also showed improvement, increasing by 210 basis points to 74.2%.
Despite the challenges posed by the pandemic, Oscar Health reaffirmed its prior 2024 targets, projecting a loss of 16 cents per share and $8.29 billion in sales for the year. In premarket trading, the stock surged by 11% to above 21, reaching its highest levels since mid-2021. Shares also recently surpassed a buy point at 18.55 out of a cup base, with a nearly perfect Relative Strength Rating of 98, placing it in the top 2% of all stocks.
Oscar Health has also earned a spot on the IBD 50 list of elite growth stocks, further solidifying its position as a top performer in the market. With more updates expected to follow, investors are closely watching the company’s progress. Follow Allison Gatlin on social media for more updates on Oscar Health and other market trends.
