Wednesday, May 14, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 results. The company reported Q1 revenue of $221.0 million and adj. EBITDA of $42.1 million. The results were below our estimates of $235.0 million in revenue and $49.3 million in adj. EBITDA. Notably, the results did align with management’s previous commentary that the company would execute favorable year-over-year revenue growth in the quarter (revenue was up 19% and adj. was up 56%).
Testing final expense offering. The company recently launched GoHealth Protect, which is its guaranteed acceptance life insurance (final expense) offering. For now, the company is testing out which products fit best with consumers and what the demand function looks like across the Medicare eligible population. Importantly, as the final expense business scales, we believe it could help to balance out the company’s quarterly revenue profile, which is currently concentrated around Q4 and Q1.
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