Oscar Health, Inc. (OSCR) saw its shares tumble 8.30% in premarket trading on November 7, 2024, despite reporting solid revenue growth in the third quarter of 2024. The healthcare technology company's stock reacted negatively to a wider-than-expected loss for the quarter.

For the three months ended September 30, 2024, Oscar Health reported revenue of $2.42 billion, surpassing analysts' consensus estimate of $2.34 billion. This represented a 68.3% increase compared to the same period last year. The strong revenue growth was driven primarily by higher membership and rate increases, according to the company.

However, Oscar Health's net loss attributable to common shareholders widened to $54.6 million, or $0.22 per diluted share, missing the consensus estimate of a $0.19 loss per share. The company cited higher medical costs, primarily driven by higher Special Enrollment Period membership resulting in higher risk adjustment transfers, as well as higher COVID-related costs, for the larger-than-expected loss.