Bright Health lowers FY23 revenue view to $1.15B-$1.2B from $2.9B-$3.1B

Consensus is for FY23 revenue $3.03B. Bright Health is revising its 2023 financial outlook to reflect the movement of our California Medicare Advantage business to Held for Sale accounting. On a segment basis, sees FY23 Care Solutions revenue $900M-$925M, Care Delivery Revenue $250M-$275M. Enterprise Adjusted Operating Cost Ratio is expected to be between 17.5%-18.5%. Bright Health expects to be Adjusted EBITDA profitable in 2023