Shares of Oscar Health (NYSE: OSCR) were skyrocketing 23.1% higher as of 11:14 a.m. ET on Friday. The big gain came after the company announced its 2022 full-year and fourth-quarter results following the market close on Thursday.

Oscar Health reported total revenue in the fourth quarter of $995.1 million. The result was roughly double the revenue generated in the prior-year period but fell short of the consensus revenue estimate of $1.18 billion. The technology-focused health insurer posted a Q4 net loss of $226.6 million, or $1.05 per share. This result was better than the net loss of $1.16 expected by analysts.

In addition, Oscar Health provided an outlook for full-year 2023. The company expects direct and assigned policy premiums of between $6.4 billion and $6.6 billion. It projects an InsuranceCo combined ratio (the sum of its medical loss ratio and administrative expense ratio) at or less than 100%. Oscar also thinks that it will deliver a "significantly improved" adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of between $175 million and $75 million.

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Source Fool.com