RTTNews | Aug 3, 2021 01:40PM EDT

13:39 Tuesday, August 3, 2021 (RTTNews.com) - Newly listed healthcare company Bright Health Group (BHG) shares took a 27% nosedive in the Tuesday market as the company reported a wider loss in the second quarter on Tuesday.

The net loss for the company was $44.51 million or $0.28 loss per share, wider than $18.07 million or $0.13 in the same quarter last year.

The revenue increased to $1.04 billion, up from $290 million last year, but the growth was offset by a nearly $660 million increase in medical expenses to $904.63 million.

For the full year, the company expects revenue to be $4.00 billion to $4.20 billion.

The shares of the Minneapolis-based company have slipped 52% since the company got listed on June 24.

The shares are currently trading at $8.02, down $2.90 or 26.56% from their previous close at $10.92. the shares opened at $11.00 and in the 52-week period, the shares have ranged between $7.98 and $17.93.

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