Alignment Healthcare, Inc. reports developments tied to its Medicare Advantage business for seniors, including health plan membership, revenue growth, adjusted gross profit, adjusted EBITDA and annual guidance. The company operates under the Alignment Health consumer brand and works with local provider partners to deliver coordinated care through a customized care model, a 24/7 concierge care team and the AVA® technology platform.
Recurring updates include quarterly and full-year results, membership outlooks for HMO and PPO contracts, Medicare Advantage operating trends, investor conference presentations and registered offerings involving common stock. News also follows the company's expansion of health plan offerings and national footprint within senior care.
Alignment Healthcare announced the pricing of an underwritten public offering of 8,000,000 shares at $21.00 each, with an option for underwriters to purchase an additional 1,200,000 shares. The offering does not benefit Alignment Healthcare, as the proceeds will go to selling stockholders, who will cover related costs. The offering is set to close on November 23, 2021. The registration statement was declared effective on November 18, 2021, by the SEC. Major banks, including Goldman Sachs and Morgan Stanley, are managing the offering, which is subject to customary closing conditions.
Alignment Healthcare announced a public offering of 8 million shares of its common stock by selling stockholders, with an option for underwriters to purchase an additional 1.2 million shares. The company will not receive any proceeds from this offering, and all associated costs will be borne by the selling stockholders. Goldman Sachs, Morgan Stanley, J.P. Morgan, BofA Securities, and William Blair serve as joint lead managers for this offering. A registration statement has been filed with the SEC but is not yet effective, and the offering cannot proceed until it is.
Alignment Healthcare (NASDAQ: ALHC) announced that Dawn Maroney, CEO of Alignment Health Plan (CA), received the Orange County Business Journal’s 27th Annual Women in Business Award. Honored for her impact on the community and industry, Maroney's leadership has been pivotal in expanding Alignment’s offerings to seniors, contributing to year-over-year growth. With over 30 years of experience in health plans, she has significantly influenced the company’s rapid rise in the Medicare Advantage market since its public listing in March 2021.
Alignment Healthcare reported Q3 2021 results with health plan membership up 29% year-over-year, reaching approximately 86,000. Total revenue increased by 18% to $293.5 million, with health plan premium revenue growing 24%. However, the company experienced a net loss of $45.8 million, and adjusted EBITDA stood at negative $5.5 million. The adjusted gross profit margin decreased to 14.3%. For Q4 2021, revenue guidance is set between $265 million and $270 million. The company maintains a cash reserve of $500.5 million against $153 million in debt, illustrating its financial position amidst operational losses.
Alignment Healthcare (Nasdaq: ALHC) will announce its third-quarter financial results for 2021 on November 4, 2021, post-market closure. A conference call for investors is scheduled for the same day at 5:30 p.m. E.T., where details of the results will be discussed. The call can be accessed via phone or through a live audio webcast. Alignment Healthcare focuses on providing customized Medicare Advantage plans, emphasizing care for seniors and chronically ill patients through clinical coordination and technology.
Consonance Capital Partners, a prominent U.S.-based healthcare private equity firm, has expanded its leadership team by adding distinguished healthcare figures Dr. Hyong (Ken) Kim, Dr. Jeffrey Le Benger, Bill Lucia, and Eric Major to its Operating Council and Senior Advisory Board. These experts bring extensive experience in healthcare management, policy, and analytics, enhancing the firm's capabilities to partner with top management teams in the healthcare sector. This change aims to improve deal sourcing, diligence, and advisory support for portfolio companies.
Alignment Healthcare (NASDAQ: ALHC) announced the addition of Hoag Memorial Hospital to its PPO provider network, effective January 1, 2022. This partnership enhances access to quality care for seniors in Orange County, especially during the Medicare enrollment period from October 15 to December 7. Hoag, a top-ranked hospital in the region, will provide Alignment members access to its physicians, two acute care hospitals, and urgent care centers. This collaboration aligns with Alignment's commitment to improving senior care through technology and coordinated services.
Alignment Healthcare (NASDAQ: ALHC) has partnered with AltaMed Health Services to enhance healthcare access for its Medicare Advantage plan members in Los Angeles and Orange counties, effective January 1, 2022. This collaboration aims to address healthcare disparities and improve outcomes for seniors in the region. Members will have access to 90 primary care physicians and over 1,400 health professionals, alongside benefits like non-emergency transportation and 24/7 concierge service. The Medicare annual enrollment period runs from October 15 to December 7, 2021.
Alignment Healthcare has announced the launch of its new Medicare Advantage plan, the ONE, targeting seniors aged 65 and older in the U.S. Hispanic community. Available from January 1, 2022, in Arizona, California, and Nevada, this plan aims to cater to the needs of a rapidly growing demographic. Features include $0 monthly premiums, no copays for various medical visits, and allowances for eyewear and hearing aids. Additionally, the plan addresses social determinants of health, offering services like grocery allowances and transportation support.
Alignment Healthcare announced enhancements to its Medicare Advantage offerings for the upcoming enrollment season, introducing new plans that cater to nearly 7 million seniors. The plans include low to no premium PPO options, special needs plans for seniors with chronic conditions, and a unique plan for the Hispanic community. New partnerships with health systems expand accessibility, and the company broadens its geographic footprint to 38 markets across California, North Carolina, Nevada, and Arizona. The annual enrollment period is from October 15 to December 7, 2021, with benefits starting January 1, 2022.