Bright Health Group Inc. (BHG) shares soared 9.79% in after-hours on Monday, December 06, 2021, and closed the daily trading at $4.15. Even in the regular trading session on Monday, BHG’s stock gained 12.50%. The stock volume remained 4.87 million shares. BHG shares have moved up 13.17% in the past week. Over the past three months, the stock has lost 62.80%. The company has a current market of $2.32 billion and its outstanding shares stood at 630.38 million.
Let’s have a brief look at its recent developments.
BHG $750 million capital raise
On December 06, 2021, Bright Health Group, Inc. (BHG), announced a $750 million financing to support continued growth. The financing includes a strategic investment by Cigna Ventures, the corporate venture capital partner and a wholly-owned indirect subsidiary of Cigna Corporation as a new investor in the company. The Company’s largest existing shareholder, New Enterprise Associates will also participate as a co-investor.
BHG business NeueHealth is expanding its footprints
On November 30, 2021, NeueHealth, the rapidly growing care delivery and provider enablement business of Bright Health Group (BHG), expanded its access to care through new and existing relationships with external payors and affiliate providers groups. NeueHealth is expanding its footprints and plans to open at least 25 new clinics across three states including Florida, Texas, and North Carolina.
BHG provider network expansion
On November 23, 2021, Florida Health become the part of BHG provider network across Northeast, North Central and Central Florida. The University of Florida Health continues to accept other health plans, in addition to Bright HealthCare. Bright HealthCare members in Jacksonville, Gainesville, Leesburg and The Villages will now have access to University of Florida Health physicians and hospitals.
Also, Bright Health Group announced network partnerships with Sarasota Memorial and First Physicians Group which will provide access to Bright HealthCare’s Individual and Family Plan (IFP) and Medicare Advantage offerings for the residents in Sarasota and surrounding counties.
BHG latest financial results
On November 11, 2021, Bright Health Group, Inc. (BHG) announced its financial results for its third quarter ended September 30, 2021.
Q3 2021 financial highlights
- BHG reported total revenue of $1,079 million in the third quarter of 2021 compared to $352 million in Q3 2020.
- Total operating expenses were $1.374 billion compared to $411.37 million in Q3 2020.
- It suffered a net loss of $296.7 million in the third quarter of 2021 compared to a net loss of $59.25 million in Q3 2020.
- Non-GAAP Adjusted EBITDA was negative $245.9 million in the third quarter of 2021, compared to negative $54.08 million in Q3 2020.
The recent capital raised by the company was the reason behind its exceptional performance on Monday and it can continue to perform well in the coming trading sessions on Tuesday.