Q2 2024 agilon health inc Earnings Call Transcript
Key Points
- MA membership grew 38% year over year to 513,000 members.
- MA revenue increased by 39% to $1.5 billion.
- Medical margin for the second quarter was $106 million, translating to $69 per member per month.
- Adjusted EBITDA for the second quarter was minus $3 million, better than expected due to lower operations costs.
- Agilon Health Inc (AGL) raised its full-year membership guidance to a midpoint of 519,000 members.
- Second quarter results were at the lower end of guidance due to the termination of select unprofitable payer group contracts.
- Medical margin was slightly below the midpoint of guidance due to higher than expected cost trends.
- Full-year revenue guidance was modestly lowered due to retroactive contract terminations.
- Adjusted EBITDA for the second quarter was negative, reflecting higher utilization and lower MA medical margins.
- Cost trends remain elevated with Part D drugs and inpatient medical admissions being principal drivers.
Hello, and welcome to the Agilon Health second quarter 2024 earnings conference. My name is Eliot, and I'll be coordinating your call today. (Operator Instructions) I'd now like to hand over to Leland Thomas. Please go ahead.
Thank you, operator. Good afternoon and welcome to the call. With me is our CEO, Steve Sell, and our CFO, Jeff Schwaneke. Following our prepared remarks, we will conduct a Q&A session.
Before we begin, I'd like to remind you that our remarks and responses to questions may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements, due to risks and uncertainties associated with our business. These risks and uncertainties are discussed in our SEC filings. Please note that we assume no obligations to update any forward-looking statements.
Additionally, certain financial measures we will discuss in this call are non-GAAP financial measures. We believe that providing these measures helps investors gain a better
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