GoHealth Bankruptcy Comes After Revenues Plunge, Losses Rise in '25
GoHealth Inc. has filed for bankruptcy protection after its revenues plunged and its losses ballooned last year.
The Chicago-based health insurance marketplace and Medicare-focused digital health company announced June 7 that it is seeking Chapter 11 reorganization. GoHealth plans to transition company ownership to some of its lenders during the restructuring process, which it hopes to complete before the start of the next annual enrollment period.
"We believe that we will emerge from this process well positioned and look forward to further securing and serving our current members," CEO Vijay Kotte said a news release.
GoHealth's stock and net revenue have dropped sharply since the company went public almost six years ago.
The company announced its IPO of 43.5 million shares of its Class A common stock at a public offering price of $21 per share, equivalent to total gross proceeds of $913.5 million. Shares shot up to $266.25 at the close of July 31, 2020, GoHealth's first trading day. By late-March 2022, however, the stock fell below $20 and would never move above that mark again. GoHealth shares closed at 67 cents on the last day before announcing the bankruptcy filing.
After falling precipitously from 2021 to 2022, GoHealth had steadily seen its net revenue picture improve over the next few years. But that reversed sharply in 2025 when revenues plunged to $361.8 million from $798.9 million a year earlier.
The company also had been marching toward the black since going public, posting a net loss of just $7.3 million in 2024. But all that progress was wiped out in 2025, when GoHealth's net losses soared to $497.8 million.