Rapid-diagnostics company Cue Health earned $223.7 million in revenue for the third quarter of 2021, compared with $137.4 million for the prior quarter and $4.7 million for the prior year.
The company went public in late September, raising $213.9 million in proceeds after underwriting fees.
Net income dipped slightly to $19.3 million compared with $19.8 million in the second quarter, and earnings per share fell to $0.13 from $0.14. Cue received emergency use authorization from the Food and Drug Administration in March for its at-home molecular COVID-19 test. It recently announced it was launching its own virtual health platform, moving it outside the diagnostics space.
“In the last few months, we generated record quarterly revenue while entering the public markets, growing our customer base, readying to launch our direct-to-consumer offering with integrated virtual care and in-app travel proctoring, and expanding our team,” Ayub Khattak, CEO and cofounder of Cue Health, said in a statement.
“We’re confident we’ve laid a solid foundation for long-term value creation at Cue and look forward to delivering on our mission of empowering people to live their healthiest lives through personalized, proactive, and informed healthcare.”
GoodRx, best known for its prescription price transparency service, earned $195.1 million in revenue in Q3, a 39% year-over-year increase from $140.5 million.
The company reported a net loss of $18.1 million, compared with a $50 million loss in Q3 2020. GoodRx’s adjusted net income was $39.7 million compared with $35.6 million in the prior-year quarter, and its adjusted earnings before interest, depreciation and amortization (EBITDA) was $61.8 million compared with $53.2 million in Q3 2020.
In April, GoodRx acquired health education video producer HealthiNation, and it scooped up fellow price transparency company RxSaver in May. It recently launched a health information tool designed to give in-depth answers to common health questions.
“As we grow, we believe our advantages in scale and data increase, allowing us to drive deeper consumer savings and provide richer engagement. Our offerings — including subscriptions, pharma manufacturer solutions and telehealth — allow us to reach more consumers at different points of need along their healthcare journey, from diagnosis to treatment to care,” wrote co-founders and co-CEOs Doug Hirsch and Trevor Bezdek in a letter to investors.
Digital health platform Sharecare reported revenue of $105.6 million in Q3 2021 compared with $80.2 million in the prior-year quarter.
The company’s net loss increased significantly to $43.1 million compared with $6.4 million in Q3 2020, some of which it attributed to costs associated with its SPAC merger.
Its adjusted EBITDA was $7.9 million compared to $13.3 million in the prior-year quarter, and adjusted earnings per share fell to $0.00 from $0.01.
In August, Sharecare closed the acquisition of home care provider CareLinx and expanded its suite of patient engagement tools. Early last month, the company launched a new mental health app called Unwinding.
“Our team delivered strong revenue and adjusted EBITDA ahead of guidance while increasing our investment in technology and sales to drive consistent double-digit growth going forward,” Jeff Arnold, co-founder, chairman and CEO of Sharecare, said in a statement.
“All channels demonstrated strong underlying trends with Enterprise moving closer to our goal of nearly 10 million lives on the platform by year-end, Provider delivering strong record retrieval volumes, and Consumer adding a significant number of new brands to its roster at higher average revenue per program. The strength of our performance across all channels in the quarter and year-to-date supports the increase in the midpoint of our adjusted EBITDA guidance for the year as well as sets a strong foundation to deliver on our fiscal 2022 outlook.”
Insurtech company Bright Health reported $1.08 billion in revenue for the third quarter of 2021, a 206.3% increase compared with the prior-year quarter, but with a GAAP net loss of $296.7 million.
The company’s non-GAAP adjusted EBITDA was a loss of $245.9 million. Its medical cost ratio, a metric insurers use to measure medical costs as a percentage of premium revenue, was 103.0%, compared with 90.1% in Q3 2020.
Bright Health went public on the New York Stock Exchange in June with an initial public offering of 60 million shares.
“I am pleased with our continued growth and overall performance in the face of a uniquely challenging year, but more importantly, on our prospects for the future,” president and CEO Mike Mikan said in a statement.
“We are seeing proof points that highlight the power of our fully aligned model within local Integrated Systems of Care. For example, in Florida, we saw a 22% lower medical cost ratio and reduction in inpatient and ED admission rates for IFP members attributed to our owned and affiliated clinics. As we look to 2022, we are well positioned to expand this model to new markets, such as North Carolina and Texas, building on our strong growth and performance to date.”
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