Transaction further strengthens balance
sheet and provides additional funding to invest in new technologies
that will fuel the expansion of GoHealth's beneficiary-centric
enrollment and engagement platform
CHICAGO, Sept. 26,
2022 /PRNewswire/ -- GoHealth, Inc. (Nasdaq: GOCO), a
leading health insurance marketplace and Medicare-focused digital
health company, announced that it has closed a $50 million private investment. The funding
strategically expands GoHealth's shareholder base, enhances its
already strong balance sheet as the Company focuses on driving
strong cash flow in the near term, enables further investment in
new technologies and strategic initiatives, enhances its
multi-payer marketplace, and expands its Encompass platform, a
revolutionary technology-driven approach to purchasing Medicare
Advantage plans. Through unmatched proprietary technology and
consumer insights, Encompass supports enrollment and engagement
throughout the care management model, helping to solve a critical
need in the marketplace and driving positive outcomes at scale.
"We are pleased to receive this investment from two significant
partners who are sophisticated investors," said Vijay Kotte, CEO of GoHealth. "As we continue
our Encompass-driven business transformation, this additional
funding will empower us to deliver higher quality customer-service
and enhance the differentiated value we bring to the market. We
look forward to strengthening our multi-payer marketplace and
further improving our ability to help millions of Medicare
beneficiaries understand an ever-growing range of coverage
alternatives."
Kotte continued, "GoHealth is extending the role of the broker
beyond traditional enrollment by driving continuous, high-quality
engagement with beneficiaries and aligning incentives around
retention. We are going to market in unique ways, and by making
health insurance more accessible and easier to understand, GoHealth
has established itself as a top choice for insurance advice in
the U.S. We look forward to building on our position for the
benefit of all our valued stakeholders."
More details regarding the investment are included in the
Company's Form 8-K filed today with the U.S. Securities and
Exchange Commission. Centerview Partners LLC served as GoHealth's
financial advisor and Sidley Austin LLP as GoHealth's legal advisor
in connection with the transaction.
About GoHealth, Inc.
As a leading health insurance
marketplace and Medicare-focused digital health company, GoHealth's
mission is to improve access to healthcare in America. Enrolling in
a health insurance plan can be confusing for customers, and the
seemingly small differences between plans can lead to significant
out-of-pocket costs or lack of access to critical medicines and
even providers. GoHealth combines cutting-edge technology, data
science and deep industry expertise to match customers with the
healthcare policy and carrier that is right for them. Since its
inception, GoHealth has enrolled millions of people in Medicare
plans and individual and family plans. For more information, visit
https://www.gohealth.com/.
Forward-Looking Statements
This release contains
forward-looking statements. We intend such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts contained in this press release
may be forward-looking statements. Statements regarding our future
results of operations and financial position, business strategy and
plans and objectives of management for future operations,
including, among others, statements regarding our expected growth,
investment plans and business transformation are forward-looking
statements.
In some cases, you can identify forward-looking statements by
terms, such as "may," "will," "should," "expects," "plans,"
"anticipates," "could," "intends," "targets," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of these terms or other similar
expressions. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions and uncertainties that are
difficult to predict. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements.
These forward-looking statements speak only as of the date of
this release and are subject to a number of important factors that
could cause actual results to differ materially from those in the
forward-looking statements, including important factors described
in the section titled "Risk Factors" in our 2021 Form 10-K, and the
section titled "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our Quarterly Report on
Form 10-Q for the quarter ended June 30,
2022, and in our other filings with the Securities and
Exchange Commission. Any forward-looking statement speaks only as
of the date on which it is made, and, except as otherwise required
by law, we do not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise. New factors emerge
from time to time, and it is not possible for us to predict which
will arise. In addition, we cannot assess the impact of each factor
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements.
Media Contacts
Kekst CNC
Nick Capuano / Daniel Hoadley
nicholas.capuano@kekstcnc.com /
daniel.hoadley@kekstcnc.com
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SOURCE GoHealth, Inc.