)
Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Alignment Healthcare (ALHC) investor relations material
Alignment Healthcare Piper Sandler 37th Annual Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Piper Sandler 37th Annual Healthcare Conference summary3 Dec, 2025
Growth and membership trends
Membership grew 46% to over 230,000 across five states, with 2025 bids favoring margin and 2026 targeting a balanced approach between 20%-30% growth, potentially exceeding 30% due to strong retention.
Retention rates are outperforming expectations, with churn during AEP expected at 6%-7%, significantly better than the industry average of 16%.
Gross adds are expected to maintain an 80% switcher and 20% new-to-MA mix, consistent with historical trends.
Ex-California membership is projected to experience high growth, potentially doubling year over year in 2026.
Market analysis shows significant headroom for growth in California, with only a few counties nearing market share ceilings.
Product strategy and market positioning
Product design for 2026 is informed by market-by-market competitive analysis, focusing on hospital and provider relationships and broker dynamics.
Maturation of the 2024 member cohort is improving margins due to compliant coding and care model adoption.
Larger competitors are retrenching or exiting markets, creating opportunities for targeted growth where delivery systems can manage risk.
Bids are set with discipline to balance growth and risk, avoiding aggressive expansion that could compromise the risk profile.
The overall MA market is expected to be relatively flat in 2026 due to competitor exits and market cycles.
Care delivery model and operational initiatives
Investments in infrastructure and provider relationships have enabled scalable growth and low disenrollment rates.
Deployment of new EHR, human capital, and claims systems supports industrial-scale operations.
Clinical initiatives, such as transitions of care and post-discharge programs, are being rolled out, with full deployment expected in 2026 to further improve MLR and member satisfaction.
End-of-life and palliative care programs are being enhanced, with ongoing nurse advocacy even after hospice transition.
Delegation and de-delegation of IPA functions in California have led to improved admissions rates and better alignment with provider groups.
De-delegation impact on care delivery and P&L?
Ex-California growth strategy amid flat MA market?
HEI reward factor removal: 2027 Star Rating impact?
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Next Alignment Healthcare earnings date
Q4 202526 Feb, 2026
Next Alignment Healthcare earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Alignment Healthcare is a healthcare company focused on providing Medicare Advantage plans and care services tailored to seniors. The company uses a technology-driven approach to deliver personalized healthcare solutions, emphasizing preventive care and chronic condition management. Alignment Healthcare collaborates with healthcare providers to enhance patient outcomes through its integrated care model, which includes virtual care services and access to specialized programs. The company is headquartered in Orange, California, and its shares are listed on the NASDAQ.
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