Point32Health announces second quarter financial results

Canton, Mass., August 15, 2024 – Point32Health today reported an adjusted net loss of $72 million for the second quarter ended June 30, 2024. Adjusted net loss includes an operating loss of $101 million and investment income of $29 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $2.4 billion. Membership was 2.1 million. Unrealized loss on equity securities for the period were $6 million.

For the first six months of 2024, Point32Health reported an adjusted net loss of $100 million, which includes an operating loss of $155 million and investment income of $55 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $4.7 billion. Unrealized gains on equity securities for the period were $23 million.

“During the first six months of 2024, we continued to see elevated health care costs driven by increased utilization for services in pharmacy, including GLP-1 weight loss drugs, acute and post-acute inpatient admittance and residential treatments for substance use disorder,” said Scott Walker, chief financial officer. “As Point32Health enters its fourth-year post-combination of our two legacy organizations, we remain focused on improving the experience for our members and the communities we serve, while driving operating efficiencies, streamlining administrative activities, and simplifying our processes. I want to thank our colleagues for their commitment, energy, and passion to deliver our purpose, which is to guide and empower healthier lives for everyone.”