Photo via Oscar

Oscar, the health insurance startup that just raised $375 million in new funding from Google parent Alphabet, on Wednesday disclosed that it generated a $5 million profit on $363 million in net revenue during the first half of 2018.

Bottom line: The revenue figure is around 3 times what Oscar generated for the first half of 2017, although the profit is expected to disappear later this year as patients spend through their deductibles.

The company, which is required to file financial data with state health regulators, also reported that it had 231,000 members at the end of June, compared to just 85,000 one year earlier.

It still believes it will generate over $1 billion in gross premium revenue for 2018 ($630 million in the first half) and have a medical loss ratio in the mid-80s (it's currently at 74%, which is a 17 point year-over-year improvement).

Per a company spokesman: "This year, Oscar’s focus has been to scale our consumer-focused, technology-driven approach to cover more members, in more markets. After doubling our market footprint, our financial results for the first half of 2018 prove that our business is trending in-line with expectations."

Go deeper: Behind Oscar's financial numbers.

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Joe Biden will no longer travel to Milwaukee for Democratic convention

Photo: Mark Makela/Getty Images

Joe Biden will no longer be traveling to Milwaukee the week of Aug. 17 to accept his nomination in person at the Democratic National Convention due to COVID-19 concerns, the DNC announced Wednesday.

Why it matters: No planned speakers will travel to Milwaukee, meaning that the convention will be entirely virtual — unlike the hybrid event that the party had previously been planning. Biden will accept the nomination from his home state of Delaware.

Updated 54 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 18,579,615 — Total deaths: 701,544 — Total recoveries — 11,173,262Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 4,773,775 — Total deaths: 156,8874 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Moderna skirts disclosures of coronavirus vaccine costs — There’s not much good news about kids and coronavirus.
  4. Business: Auto sales may have turned a corner.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel its football season.
  6. Education: Chicago Public Schools to begin school year with fully remote classes.

Why the employee retention credit is an overlooked stimulus issue

Illustration: Eniola Odetunde/Axios

D.C. remains deadlocked on the next stimulus package, days after extended unemployment benefits ended and days before PPP is set to expire.

Where it stands: One unresolved issue that hasn't gotten enough attention is a proposed expansion of the employee retention credit, which could have a significant impact for companies that have experienced severe revenue declines.