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Oscar Health s first quarter financial results, its first since a $1.4 billion IPO in March, have the tech-focused insurance company s cheerleaders celebrating a game point scored. But skeptics point to a glaring $87.4 million loss as a reminder that Oscar has yet to turn a profit, seven years in.
The SoHo-based company on Thursday reported $369 million in revenue during the first quarter, which ran from January through the end of March, compared with $88 million in the first quarter of 2020. Its $87.4 million net loss during the quarter was down from a net loss just under $97 million in the first quarter of 2020.
Oscar Health's net loss narrowed 9% year-over-year, with an increase in policy premium revenue squeezing the New York City-based insurtech's losses to $87.3 million during the first quarter of 2021.
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Credit: Oscar Health
Insurtech company Oscar Health is launching a new business, called +Oscar, to give providers and third-party payors access to its tech-enabled insurance platform.
Oscar got its start in 2012 selling individual-only insurance plans. Since then, it has grown to support individual, small group and Medicare Advantage plans across 18 U.S. states. It also offers virtual care options and a search tool for finding local in-network doctors, hospitals and pharmacies.
“We have built Oscar from day one with an eye toward using our technology to power as much of the healthcare ecosystem as possible,” Mario Schlosser, CEO and cofounder of Oscar, said in a statement.
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