NeueHealth, Inc.

Ladies and gentlemen, welcome to the New Health third quarter 2024 earnings call. My name is Kenneth and I will be coordinating your call today. I will now hand you over to your host, Emily Lombardi, to begin. Please go ahead.

Good morning and welcome to New Health third quarter 2024 earnings conference call. As a reminder, this call is being recorded. Leading the call today are Newhouse President and CEO Mike Mikan and CFO Jay Matuszak. Before we begin, we want to remind you that this call may contain forward-looking statements under U.S. federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the risk factors in our current and periodic reports we file with the SEC. Except as required by law, we undertake no obligation to revise or update any forward-looking statements or information. This call will also reference non-GAAP amounts and measures. A reconciliation of the non-GAAP to GAAP measures is available in the company's third quarter earnings available on the company's investor relations page at investors.nuhealth.com. Information presented on this call is contained in such earnings release that we issued this morning in our form 8K, dated November 7, 2024, and in the related presentation, each of which may be accessed from the investor relations page of the company's website. With that, I will now turn the conference over to New Health Chief Executive Officer, Mike Mikan.

Good morning, everyone, and thank you for joining New Health's third quarter 2024 earnings call. We are pleased to report that New Health delivered its strongest financial performance to date in the third quarter, positioning the company to build on its positive momentum as we finish the year and enter 2025. For three consecutive quarters, New Health has driven adjusted EBITDA profitability, generating $9.4 million of adjusted EBITDA in the third quarter. Through the first three quarters of 2024, New Health achieved adjusted EBITDA of $17 million, placing the company within our full year guidance range of between $15 million and $25 million. This quarter, we grew the number of consumers we served across our new care and new solution segments, serving approximately 509,000 consumers in total, which is slightly above our guidance range for the full year. Overall, We believe we are well positioned to finish 2024 on a strong note. Looking ahead, we believe our performance through the third quarter positions us for continued success and growth in 2025. I'll briefly comment on a few strategic growth areas we're focused on next year and beyond. First, we are focused on continuing to diversify and grow our consumer base across all product categories, including the ACA marketplace, Medicare, and Medicaid. We believe our ability to serve all populations in performance-based arrangements is differentiated and allows us to pursue a variety of growth channels while limiting the adverse impact market dynamics might have on any one product category. Of note, we see an opportunity to grow the Medicaid population we serve in partnership with federally qualified health centers and other provider groups as we focus on increasing access to high quality, affordable health care for all consumers. Second, we are looking to drive capital efficient growth in existing and new markets by leveraging the strong relationships we have formed with our payer partners. As we mentioned on our prior call, we expanded our footprint in Central Florida earlier this year, growing the number of consumers we serve across our owned and affiliated clinics. This expansion was made possible by longstanding, trusted relationships we built with our payer partner and the value they see in our ability to deliver high-quality, personalized care to their members. As we continue to build ongoing relationships with payers across the industry, we will look for additional opportunities to grow alongside our partners as we work together to create a seamless, more coordinated care experience for all. And finally, we are focused on growing our relationships with a diverse set of providers, no matter where they are on their path to participating in performance-based arrangements. We tailor our suite of population health tools and capabilities to serve a provider's unique need or situation to help them capture the full benefits of value-based care, whether that's through our care delivery and provider enablement businesses or our participation in CMS programs such as ACO Reach. This gives us the flexibility to grow with a wide variety of provider partners, as well as explore opportunities to expand our participation in innovative programs like ACO Reach and MSSP in the future. Overall, we are pleased to report another strong quarter, and we look forward to continuing to explore opportunities to advance our care model, grow with our partners, and bring a seamless, more coordinated care experience to more consumers. Before I turn it over to Jay, I want to briefly touch on an update we provided last week. On October 30th, we announced that we acquired full ownership of Centrum Health, one of our value-driven clinic brands. This simplifies our corporate structure, streamlining operations to support our ongoing focus on advancing our value-driven, consumer-centric care model. So this transaction further underscores our belief in our central health clinics and our ability to create a seamless, more coordinated healthcare experience for all consumers. I'll now hand it over to Jay to provide additional details on our third quarter financial results.