Oscar Health Inc. said it expects to report an operating loss of roughly $230 million and a net loss of about $228 million for the second quarter of 2025, citing higher medical costs in its Affordable Care Act marketplace plans. The healthcare technology company released the preliminary figures ahead of its full earnings report due on Aug. 6. The New York-based insurer also revised its full-year guidance, raising projected 2025 revenue to between $12.0 billion and $12.2 billion from an earlier range of $11.2 billion to $11.3 billion. Despite the stronger top-line view, Oscar now anticipates a medical loss ratio of 86%–87%, up from 81%, and a loss from operations of $200 million to $300 million. The company forecasts that its adjusted EBITDA loss will be about $120 million smaller than the operating loss, while the SG&A expense ratio is expected to land between 17.1% and 17.6%. Management attributed the deterioration in profitability to marketplace risk-adjustment data showing higher-than-expected morbidity and continued elevated member utilization. Oscar said it will resubmit 2026 premium rate filings in states accounting for 98% of its membership to reflect the new risk landscape. Shares of the company fell as much as 4% in early trading before rebounding, underscoring investor uncertainty over the outlook.