Alignment Healthcare Inc

Alignment Healthcare delivered a breakout second quarter, crossing the billion-dollar revenue mark for the first time and swinging decisively to profitability. The value-based Medicare Advantage insurer posted revenue of $1.02 billion, beating the $960.51 million consensus by 5.70% and marking a 49.0% jump from a year earlier, while EPS of $0.07 cleared the $-0.015 analyst estimate by 566.67%, reversing a loss of $0.13 in the prior-year period. The driving force behind the quarter was a 27.8% surge in health plan membership to roughly 223,700 members, which scaled premium revenue while an improved medical benefits ratio of 86.7% demonstrated that cost discipline kept pace with growth. Adjusted EBITDA soared to $45.91 million from just $6.03 million a year ago, underscoring the operating leverage embedded in the model. Looking ahead, management raised full-year 2025 revenue guidance to $3.89 billion to $3.91 billion and lifted adjusted EBITDA guidance to $69 million to $83 million, signaling sustained confidence even as peers in the Medicare Advantage space continue to navigate a pressured reimbursement environment.