eHealth (EHTH) investor relations material

Executive summary

• Leadership transition with Derrick Duke appointed CEO in September 2025, focusing on AEP execution, long-term strategy, and scaling the core Medicare Advantage business amid regulatory changes impacting enrollment periods.

• Company is leveraging strong carrier relationships, a trusted brand, and an omnichannel platform to navigate a disruptive Medicare market, with continued investment in technology, branding, and AI capabilities.

• AEP performance is tracking in line with expectations, with strong consumer demand, improved marketing efficiency, and benefit advisor hiring and training targets met.

• Diversification efforts are yielding growth in year-round products like hospital indemnity and MedSup, while Employer and Individual segment saw continued enrollment declines due to market conditions and reduced marketing spend.

• Announced Q3 2025 financial results and hosted a webcast to discuss performance and business updates, reaffirming its position as a leading online health insurance marketplace.

Financial highlights

• Q3 2025 total revenue was $53.9 million, down 8% year-over-year, mainly due to lower Medicare Advantage approved members from regulatory changes, partially offset by $12.1 million in positive net adjustment (TEL) revenue.

• GAAP net loss improved to $31.7 million from $42.5 million; adjusted EBITDA loss improved to $34 million from $34.8 million.

• Net loss attributable to common stockholders was $44.6 million for Q3 2025, compared to $53.9 million in Q3 2024.

• Operating cash flow was negative $25.3 million, an improvement from negative $29.3 million last year.

• Ended Q3 with $75.3 million in cash, cash equivalents, and marketable securities; commissions receivable balance was $907.7 million.

Outlook and guidance

• 2025 total revenue expected between $525 million and $565 million.

• GAAP net income guidance raised to $9 million–$30 million (prior: $5 million–$26 million); adjusted EBITDA guidance raised to $60 million–$80 million (prior: $55 million–$75 million).

• Operating cash flow expected between -$25 million and +$10 million.

• Positive net adjustment (TEL) revenue guidance increased to $40 million–$43 million.

• Management expects continued seasonality and regulatory impacts on enrollment and revenue patterns.