Bright Health Group improved on its losses year over year and upped revenue in the first quarter of 2023.
The company posted a $169.5 million net loss in the first quarter of 2023, according to the company's earnings report published May 9.
The loss is down from $180.6 million in the first quarter of 2022, and down from the $669 million loss the company posted in the fourth quarter of 2022.
Total revenue in the first quarter of 2023 was $756.3 million, up from $613.2 million in the first quarter of 2022.
Bright Health Group is projecting revenue between $2.9 billion and $3.1 billion in 2023.
The results come as the company is shifting its business from insurance to care delivery. In October 2022, Bright Healthcare ended its individual and group insurance business as well as all of its Medicare Advantage business outside of California.
On April 28, the company said it was exploring a sale of its California Medicare Advantage operation, its last insurance business. A potential deal is not final.
According to the first-quarter earnings report, Bright Healthcare had 123,000 members at the end of March 2023. Bright Health Group had 373,000 customers in its value-based care arrangements at the end of the first quarter.
Bright Health Group, founded in 2016, has never turned a profit and has faced a series of financial challenges in the last year.
In its fourth-quarter 2022 earnings release, the company said there was "substantial doubt" about Bright Health Group's ability to keep operating. The company breached its minimum liquidity requirements in the first quarter of 2023. According to the company's May 9 earnings report, it has a credit waiver through June 30.
On May 4, Bright Health Group shareholders voted in favor of a reverse-stock split designed to keep the company from being delisted on the New York Stock Exchange, the company said in regulatory filings published May 9.
Bright Health Group CFO Cathy Smith is stepping down this month to pursue another opportunity. Bright Health Senior Vice President of Finance Jay Matushak will take on the CFO role May 12.