0001801170-25-000275
SEC filingQ3 2025 营收大增 50% 但净亏损扩大，医疗赔付率恶化拖累盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $496.7M | $331.0M | +50.1% |
| Gross Profit | $73.2M | $81.2M | -9.8% |
| Gross Margin | 14.7% | 32.6% | -1790 bps |
| Operating Income | -$24.4M | -$8.8M | -177.5% |
| Operating Margin | -4.9% | -2.7% | -220 bps |
| Net Income | -$24.4M | -$9.2M | -166.3% |
| Diluted EPS | -$0.05 | -$0.02 | — |
| Adjusted EBITDA | $2.1M | $19.3M | -89.0% |
| Operating Cash Flow | $1.2M | $129.5M | -99.1% |
| Free Cash Flow | -$0.2M | $128.3M | — |
Q3 2025 营收同比大增 50.1% 至 $496.7M，主要受会员数增长约 35% 驱动，PMPM 保费亦升至 $1,467。然而，营收增长未能转化为盈利改善：Net medical claims incurred 同比激增 69.5% 至 $423.5M，远超营收增速，导致 Gross Margin 大幅恶化 1790 bps 至 14.7%。管理层归因于 Part D cost sharing 增加（受 Inflation Reduction Act 影响）以及去年同期更有利的前期赔付发展。
盈利质量方面，GAAP 净亏损扩大至 $24.4M，但剔除 Stock-based compensation ($26.1M) 及一次性项目后，Adjusted Net income 为 $1.7M，仍远低于去年同期的 $18.9M。经营现金流大幅下滑至 $1.2M，主要因 Unpaid claims 减少 $15.9M（赔付加速）及 Healthcare receivables 增加 $6.4M，显示盈利质量承压。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Insurance | $479.1M | +48.5% | -$43.4M | -9.1% | 会员增长驱动保费，但赔付率恶化致亏损扩大 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $190.1M | -$4.4M |
| Total investments | $205.9M | -$37.2M |
| Unpaid claims | $140.5M | -$15.9M |
| Healthcare receivables | $57.9M | +$6.4M |
| Operating Cash Flow | $1.2M | -$128.3M |
| Capex | $1.4M | +$0.2M |
| Free Cash Flow | -$0.2M | -$128.5M |
公司无有息负债，现金及投资合计 $395.9M，流动性充裕。FCF 转负主要因经营现金流大幅下滑。
资本配置：Q3 回购 $18.3M 股票（约 5.1M 股），无分红。Capex 仅 $1.4M，维持轻资产模式。
前瞻指引：公司未提供正式财务指引。
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