eHealth Inc.

We estimate that – prior to any tail revenue adjustment – it takes EHTH nine years to fully collect each dollar of Medicare Advantage revenue it books. With tail revenue adjustments, EHTH’s collection period seemingly extends to 20 years. EHTH’s future cash flows are therefore highly speculative.… more

EHTH’s highly aggressive accounting masks what we believe is a significantly unprofitable business.  Based on variable costs alone, we estimate that EHTH will lose approximately -$135 from each MA member it enrolled in 2019.  If also including fixed costs, our per MA member loss estimate becomes -$4… more