NeueHealth, Inc.

Good morning. Thank you for attending today's conference call. My name is Jeri and I will be your moderator today. All lines will be muted during the presentation portion of the call. I would now like to pass the conference over to our host, Emily Lombardo.

Good morning and welcome to Newhall's second quarter 2025 earnings conference call. As a reminder, this call is being recorded. Leading the call today are New Health's President and CEO, Mike Mikens, 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 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-gap-to-gap measures is available in the company's second quarter press release, available on the company's investor relations page at investors.newhealth.com. Information presented on this call is contained in the earnings release we issued this morning and in our form 8K, dated August 7, 2025, each of which may be accessed from the investor relations page of the company's websites. With that, I will now turn the conference over to New Health President and Chief Executive Officer Mike Mikan.

Good morning, everyone, and thank you for joining New Health's second quarter 2025 earnings call. New Health is pleased to report another strong quarter of financial results as we continue to build on the momentum we've established across our business this year. We continue to drive adjusted EBITDA profitability, achieving $19 million in the second quarter, contributing to a total of $32.5 million of adjusted EBITDA for the first half of the year. We believe these results demonstrate the continued success of our focused business, our strong fundamental execution, and our disciplined approach to driving long-term profitable growth. New Health was founded on the belief that all consumers deserve high-quality, coordinated healthcare, and we continue to expand and enhance our value-driven, consumer-centric care model to fulfill this mission. Our care model is built to serve a diverse set of consumers across the ACA marketplace, Medicare, and Medicaid. It is grounded in the power of ongoing, trusted relationships, and it prioritizes aligning the interests of consumers Payers and providers to create a seamless more coordinated care experience for all. We believe our model aligns with where the healthcare industry is moving supporting the continued shift to value based care and focus on creating a better consumer experience. Overall, we believe our model places us in a strong position to continue to deliver value to consumers payers and providers across the healthcare industry for years to come. We believe one of our core capabilities, our ability to serve a diverse population base agnostic of product category, individual need, or circumstance, helps to protect us from the challenges and the uncertainty that may arise from market trends impacting any given product area and provides multiple avenues for the company to drive future growth. Through the second quarter this year, we have seen strong results in all key product categories we serve. leading to 45% aggregate growth in the number of consumers served over second quarter last year. Starting with the ACA marketplace, as of the end of the second quarter, we were serving 485,000 ACA marketplace consumers in our own clinics. This year, we have driven differentiated results for this population, performing meaningfully better than the market with regards to medical loss ratio. With a strong focus on placing the consumer at the center of everything we do, we are committed to empowering our ACA marketplace consumers to take an active role in their health by forming strong, trusted relationships and emphasizing the importance of preventative and proactive care. As an example, in June, we partnered with Florida Mobile Mammography to offer convenient on-site mammogram screenings to consumers in surrounding neighborhoods. By bringing care directly to the community, we met consumers where they were, educating them on the importance of preventative screenings and proactively managing their health on ongoing basis. We are planning to build on the success of this event by offering more onsite mobile mammogram screens later this year. And we look forward to expanding even further in 2026. This is just one example of our local consumer centric approach and our commitment to empowering everyone to take an active role in their health. Our senior care business continues to grow and drive strong performance, serving 65,000 consumers across Medicare Advantage, ACO Reach, and MSSP at the end of the second quarter. As a part of this growth, beginning this summer, our Central Florida clinics are collaborating with Walgreens to expand access to care in the community. Specifically, we have begun operating clinics inside select Walgreens locations, starting with two sites opening in Davenport in Orlando, Florida. These in-store clinics offer a range of services, including primary care, chronic condition management, and dermatology. This is an exciting collaboration, making it easier for consumers to access the healthcare services they need and reinforcing our commitment to making high-quality care convenient for all. Turning to Medicaid, we are currently serving 144,000 Medicaid consumers, with the majority in our provider enablement business. In this business, we are focused on forming strong partnerships with provider groups to drive differentiated results in performance-based arrangements. We believe our provider enablement business provides a solid foundation for our company to continue to grow, and we see strong opportunities to partner with federally qualified health centers and other provider groups to expand the Medicaid population we serve in the future. Our data and analytics capabilities underlie our strong performance across product categories, and we are focused on evolving and advancing these capabilities into an end-to-end value-based care enablement platform called New Pulse. Created on the front lines of care delivery by our own physicians, New Pulse is powering our business into the future. integrating population health tools, care delivery solutions, and administrative functions into one comprehensive platform. Through streamlined data and insights, New Pulse enables smart patient engagement and gap closure, as well as managing administrative tasks by streamlining workflows and minimizing manual functions. In addition, New Pulse will present guideline-directed value-based clinical pathways at the point of care to support providers in making timely, data-informed decisions and standardized care plans. Importantly, we believe New Pulse will uniquely align the financing and delivery of care, eliminating the need for pre-authorizations. We believe New Pulse unlocks exciting future opportunities for our company, and we look forward to continuing to advance this platform as a core component of our model. fueling our future performance, growth, and success. Overall, I am proud of how we are positioned entering the second half of the year. We have set a solid foundation to continue to evolve and advance our model, build on the payer and provider partnerships we've established, bring high-quality, coordinated care to more consumers, and evolve our data and analytics capabilities to meet the industry's changing needs. As I've mentioned previously in December 24 we announced that we entered into a definitive agreement to go private, led by an affiliate of one of our largest investors NEA. We anticipate the transaction closing in mid to late 2025 pending satisfaction of necessary closing conditions. For additional information regarding the proposed transaction, please consult our filings with the SEC. I'll now hand it over to Jay to provide additional details on our second quarter financial performance.