Oscar Health Inc. ( OSCR ) reported third-quarter revenue of approximately $2.99 billion, compared to $2.4 billion a year ago, missing the consensus estimate of $3.08 billion.

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The increase was driven by higher membership, partially offset by an increase in the net risk adjustment transfer accrual.

The health care technology company reported a loss of 53 cents per share, missing the consensus estimate of 61 cents.

The medical loss ratio was 88.5% compared to 84.6% a year ago, primarily driven by an increase in average market morbidity that resulted in a $130 million increase in the net risk adjustment transfer accrual, partially offset by $84 million of favorable prior period development, and $22 million of favorable intra-year development.

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The SG&A expense ratio was 17.5% compared to 19.0%. The decrease was primarily due to greater fixed cost leverage, lower exchange fee rates, and disciplined cost management, partially offset by the impact of higher risk adjustment as a percentage of premium.

Loss from operations was $129.3 million compared to a loss of $48.4 million a year ago. The decrease was primarily driven by an increase in average market morbidity that resulted in an increase in the risk adjustment transfer accrual, partially offset by favorable prior period and intra-year development, and disciplined cost management.

Adjusted EBITDA loss was $101.5 million for the third quarter of 2025 compared to Adjusted EBITDA loss of $11.6 million for the third quarter of 2024.

Total membership jumped from 1.65 million to 2.12 million in the quarter.

“Our disciplined pricing and geographic expansion position us to profitably grow market share, and we are confident in our ability to expand margins and return to profitability in 2026," said Mark Bertolini, CEO of Oscar Health ( OSCR ).

Guidance

Oscar Health ( OSCR ) reaffirms its fiscal 2025 sales guidance of $12 billion to $12.2 billion, compared to the Wall Street estimate of $12.04 billion.

The company expects a 2025 medical loss ratio of 86%-87%, an SG&A expense ratio of 17.1%-17.6%, and an operating loss of $200 million to $300 million.

OSCR Price Action: Oscar Health ( OSCR ) stock is up 1.88% at $17.32 at publication on Thursday.

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