eHealth (EHTH) Noble Capital Markets June 2026 Emerging Growth Virtual Equity Conference summary

Business overview and strategy

• Focused on the Medicare Advantage market with plans to expand into additional products and services over the next two to three years.

• Operates a carrier-agnostic platform with relationships across about 180 carriers, offering broad consumer choice.

• Leveraging advanced technology and pioneering AI use, including AI screening capabilities that outperformed human screeners during the last AEP.

• Strategic shift from a transactional broker model to building lifetime customer relationships to increase persistency and cross-sell opportunities.

• Diversification efforts underway to reduce reliance on Medicare and address business seasonality.

Market dynamics and competitive environment

• Medicare Advantage market is undergoing a disruptive reset due to regulatory changes and medical cost inflation, leading to plan cancellations and targeted enrollments.

• Elevated consumer demand for advisory support as millions face plan disruptions.

• Distribution organizations are losing some share to carriers directly, mainly due to commission decisions by carriers, but have maintained share at lower costs.

• Competitive environment is shrinking as smaller organizations exit and some carriers reduce distribution relationships, making size and scale increasingly important.

Financial performance and operational focus

• Achieved record quarterly revenue in Q4 2025, with strong execution in Medicare Advantage enrollments.

• LTV/CAC ratio improved to 1.4 from 1.2, driven by declining acquisition costs and a focus on branded channels.

• Near-term focus is on reducing growth and investment to achieve positive operating cash flow in 2026, responding to excess lapse rates caused by external market disruptions.

• Lifetime values are trending positively, especially in Q4 and AEP cohorts, while acquisition costs are declining due to reduced demand generation spend.