Q1 2022 Alignment Healthcare Inc Earnings Call Transcript
Welcome to the Alignment Healthcare First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. John Kao, Founder and Chief Executive Officer. Please go ahead.
Hello, and welcome to our first quarter earnings conference call. I appreciate you joining us. We are proud to report another strong quarter beating guidance across each of our four key performance indicators.
For the first quarter, our total revenue of $346 million represented 29% growth year-over-year. This was led by our health plan premium revenue of $331 million, representing 25% growth. Our health plan membership ended at 94,200 members, growing 13.4% year-over-year. Adjusted gross profit of $45 million in the first quarter was also ahead of expectations.
Our gross margin engine continues to produce strong MBR outcomes coming in this quarter at 87.0%. Lastly, our adjusted EBITDA was a loss of only $4
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