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GoHealth GoHealth Reports Third Quarter 2021 Results November 9 , 2021 Reaffirms Full - Year Guidance CHICAGO , Nov. 9 , 2021 / PRNewswire / -- GoHealth , Inc. ( NASDAQ : GOCO ) , a leading health insurance marketplace and Medicare - focused digital health company , announced financial results for the three and nine months ended September 30 , 2021 . • Third quarter 2021 net revenue of $ 211.7 million increased 30 % compared to the prior year period . YTD 2021 net revenue of $ 612.8 million increased 42 % compared to the prior year period . • Third quarter 2021 Medicare - Internal revenue of $ 158.6 million increased 19 % compared to the prior year period . YTD 2021 Medicare Internal revenue of $ 476.4 million increased 51 % compared to the prior year period . • Third quarter 2021 Medicare Advantage ( " MA " ) Approved Submissions of 193,107 increased 100 % compared to the prior year period . YTD 2021 MA Approved Submissions of 516,983 increased 67 % compared to the prior year period . • Third quarter 2021 MA LTV Per Approved Submission of $ 926 decreased 6 % compared to the prior year period . YTD 2021 MA LTV Per Approved Submission of $ 957 increased 5 % compared to the prior year period . • Third quarter 2021 net loss of $ 55.4 million compared to a net loss of $ 206.5 million in the prior year period ; Adjusted EBITDA¹ of negative $ 14.1 million decreased 136 % compared to the prior year period due to the 2021 strategic investments in agent capacity , marketplace technology , branding and the Encompass Platform . YTD 2021 net loss was $ 101.9 million compared to a net loss of $ 230.3 million in the prior year period ; Adjusted EBITDA¹ of $ 32.3 million decreased 68 % compared to the prior year period . • The Company reaffirmed its full - year 2021 outlook , and expects total net revenue of $ 1,200 - $ 1,300 million ( + 37 % to + 48 % ) powered by commission net revenue of $ 1,000 $ 1,100 million ( + 49 % to + 64 % ) . The Company also reaffirms its Adjusted EBITDA¹ outlook of $ 300 - $ 330 million ( + 11 % to + 22 % ) . Clint Jones , co - founder and CEO said , " During the third quarter , we delivered revenue growth of 30 % , while also exceeding our agent hiring goals in preparation for a successful Annual Enrollment Period . We are excited about our ability to grow our membership base during AEP and deliver the trusted healthcare advice seniors need to navigate the increasingly complex Medicare market . This increase in our agent force will enable us to better serve more seniors during this year's AEP , grow our membership base and realize the potential of this enormous market opportunity . As a result of our agent hiring and momentum in our Encompass Platform , we are reaffirming our full - year 2021 guidance . " Third Quarter 2021 Highlights2 • Total company revenue grew 30 % to $ 211.7 million , net of a $ 6.7 million negative revenue adjustment relating to revenue estimates from prior periods • Medicare - Internal net revenue increased 19 % to $ 158.6 million • LTV Per carrier Approved MA Submission decreased 6 % to $ 926 • Adjusted EBITDA¹ decreased 136 % to negative $ 14.1 million o Investment in customer care and enrollment grew to $ 87.8 million , an increase of 112 % excluding non - cash share - based compensation expense relating to the accelerated vesting of performance - vesting units in connection with the IPO in prior year results , which primarily represents the costs to hire and onboard agents in advance of the Annual Enrollment Period ( " AEP " ) ■ Agent counts grew well ahead of the 50 % target as the Company prepares for the AEP and fiscal 2022 o Total cost of revenue , marketing and advertising expense grew 28 % , roughly in line with sales growth YTD 2021 Highlights² • Total company revenue grew 42 % to $ 612.8 million • Medicare - Internal net revenue increased 51 % to $ 476.4 million • LTV Per carrier Approved MA Submission increased 5 % to $ 957 • Adjusted EBITDA¹ decreased 68 % to $ 32.3 million o Investment in customer care and enrollment grew to $ 196.8 million , an increase of 110 % excluding non - cash share - based compensation expense relating to the accelerated vesting of performance - vesting units in connection with the IPO in prior year results , which primarily represents the costs to hire and onboard agents in advance of the AEP o Total cost of revenue , marketing and advertising expense grew 44 % , roughly in line with sales growth 2021 Financial Outlook The trajectory of the U.S. economy remains challenging to predict , particularly given the continued uncertainty associated with the pace of recovery from the COVID - 19 pandemic . The Company is reaffirming its financial outlook for the fiscal year ending December 31 , 2021 based on current market conditions and expectations : • Full - year 2021 net revenue of $ 1,200 - $ 1,300 million , representing year - over - year growth of 37 % -48 % o Full - year 2021 commission revenue of $ 1,000 - $ 1,100 million , representing year - over - year growth of 49 % - 64 % , fueled by the Company's continued investment in its Medicare business , including GoHealth's Encompass Platform • Full - year 2021 Adjusted EBITDA¹ of $ 300 - $ 330 million , representing year - over - year growth of 11 % -22 % Conference Call Details The Company will host a conference call today , Tuesday , November 9 , 2021 at 5:00 p.m. ( ET ) to discuss its financial results . A live audio webcast and a supplemental presentation will be available online at https://investors.gohealth.com . The conference call can also be accessed by dialing 1-833-519-1310 for U.S. participants , or 1-914-800-3876 for international participants , and referencing participant code 2553159. A replay of the call will be available for 30 days via webcast for on - demand listening shortly after the completion of the call , at the same web link . About GoHealth , Inc .: As a leading health insurance marketplace and Medicare - focused digital health company , GoHealth's mission is to improve access to healthcare in America . Enrolling in a health insurance plan can be confusing for customers , and the seemingly small differences between plans can lead to significant out - of - pocket costs or lack of access to critical medicines and even providers . GoHealth combines cutting - edge technology , data science and deep industry expertise to match customers with the healthcare policy and carrier that is right for them . GoHealth has enrolled millions of people in Medicare plans and individual and family plans . For more information , visit https://www.gohealth.com . Investor Relations : IR@gohealth.com Media Relations : Pressinquiries@gohealth.com ( 1 ) Adjusted EBITDA is a non - GAAP measure . For a definition of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure , please see below . ( 2 ) Third quarter and YTD 2021 results compared to the comparable prior year period .