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Alignment Healthcare reported an $11.5 million loss in the second quarter as the start-up provider of privatized Medicare Advantage coverage continued to grow.

Alignment lost $11.58 million, or 6 cents a share, compared with $44.7 million, or 25 cents, a year earlier. Meanwhile, total revenue rose nearly 19% to $366.5 million in the second quarter ended June 30, compared with $308.9 million a year ago, as the company continued in a competing business of providing health benefits to seniors in the U.S. increase.

“Alignment Healthcare’s strong second quarter demonstrated the replicability of our model and produced one of our best quarters since the company went public,” said John Kao, founder and CEO of Alignment Healthcare. “This quarter Marking our lowest healthcare benefit ratio since our IPO, we again exceeded guidance on four key performance indicators: membership, revenue, adjusted gross profit and adjusted EBITDA.”

The earnings report comes less than two months after Alignment announced plans to expand into two new markets in 2023, launching Medicare Advantage in Florida and Texas.

Alignment, which became a public company in the popular and competitive Medicare Advantage business last year, said in June that its expansion into Florida and Texas would also include “in the four states where it currently operates” other counties within” rollout plan. Alignment already sells Medicare Advantage in four states: Arizona, California, Nevada and North Carolina.

Medicare Advantage plans — owned by some of the biggest names in health insurance such as UnitedHealth Group, CVS Health’s Aetna, Humana, Cigna, and Elevance Health — contract with the federal government to provide additional benefits and services to seniors, such as disease management and nurse helplines, and some offer vision, dental care, and wellness programs. In recent years, the Centers for Medicare and Medicaid Services has allowed Medicare Advantage plans to cover more supplemental benefits, increasing their popularity among seniors and attracting investment in a range of companies including startups such as Alignment and funding.

Alignment ended the second quarter with 95,900 health plan enrollments, up 13% from a year earlier.

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