Agilon Health Inc. revealed a significant revenue increase in its Q3 2023 earnings report, with a surge of 75% to $1.22 billion from $695 million in the same quarter of the previous year. This growth was driven by the physician network, which boosted the Medicare Advantage membership by 58% to 420,300 and total platform membership (including ACO REACH populations) to 508,000, leading to improved patient outcomes.
Despite this strong performance in revenue and membership growth, Agilon reported a consistent net loss of $31 million with Q3 2022. The company also reported a gross profit of $30 million. As part of its strategy to focus on partner markets and position partner groups for success into 2024, Agilon sold MDX Hawaii.
Excluding MDX Hawaii, Agilon's guidance for fiscal year 2023 projects revenues between $4.31 billion and $4.32 billion, a medical margin from $455 million to $470 million, and adjusted EBITDA between $6 million and $18 million according to the company's 8-K earnings release.
On the other hand, SB Financial Group Inc experienced a downturn in Q3 2023, with a 19.6% decrease in net income year-on-year. This happened despite a 25.8% rise in interest income and a 3% increase in noninterest income from Q3 2022 levels. The operating revenue dropped by 5.3% to $13.7 million.
The firm saw interest income rise to $14.8 million, but net interest income fell by 8.6% to $9.5 million. Noninterest income and expense saw minor increases to $4.2 million and $10.5 million respectively, while total loans held for investment grew by 6.9%. Deposit balances remained steady at $1.09 billion, with nonperforming assets reported at $4 million.
CEO Mark A. Klein indicated that funding costs were a challenge for the company, which reported shareholders equity of $112.3 million and an allowance percentage of 1.60%.
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