Oscar Health, Inc. (OSCR) saw its stock soar by 5.04% in the pre-market trading session on Wednesday, driven by the company's impressive fourth-quarter 2024 earnings report and financial performance.

The healthcare technology company reported record-high revenue growth of 57% year-over-year, reaching $9.2 billion. More significantly, Oscar Health achieved adjusted EBITDA profitability of $100 million, marking a substantial $245 million improvement compared to the previous year. Additionally, the company reported net income of $25 million for the first time, a remarkable $296 million increase.

Oscar Health's strong performance can be attributed to several key factors, including record-high membership, robust retention rates, and significant market share gains in key states like Florida, Tennessee, and Texas. The company's AI-integrated technology platform has also played a crucial role in enhancing operational efficiency, member engagement, and care delivery.