Tuesday, August 08, 2023 8:45:10 PM
Toy.
Clover Health Reports Strong Second Quarter 2023 Results; Highlights Improved Financial Performance and Guidance
Ranges
Insurance revenue grew 17% compared to Q2'22, and second quarter Insurance MCR improved to 77.2%, bringing first half MCR to
81.9%
Company reports Q2 Net Loss of $28.8 million, and Adjusted EBITDA profit of $10.0 million
Improved 2023 guidance includes Insurance MCR of 83% - 85%, and Adjusted EBITDA of ($70) million - ($120) million
FRANKLIN, Tenn. - August 8, 2023 – Clover Health Investments, Corp. (NASDAQ: CLOV) ("Clover," "Clover Health" or the
"Company"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today
reported financial results for the second quarter 2023. Management will host a conference call today at 5:00 p.m. ET to discuss its
operating results and other business highlights.
For the second quarter 2023, the Company reported revenue of $513.6 million and net loss of $28.8 million. Adjusted EBITDA in the
second quarter 2023 improved to a gain of $10.0 million compared to the second quarter 2022 loss of $83.9 million. Compared to the
second quarter 2022, Insurance revenue grew by 17% to $314.4 million, and MCR improved to 77.2% from 92.1%. As contemplated
in the Company's previously disclosed strategic shift for the Non-Insurance segment, Non-Insurance revenue declined by 67% to $193.5
million, and MCR improved to 99.6% from 106.0%.
"We’re delighted to have delivered our first quarterly Adjusted EBITDA profit as a public company,” said Clover Health CEO Andrew
Toy. “We have been strategically focused on demonstrating the strength of our model by maturing operations, driving efficiencies, and
continuing to invest in Clover Assistant R&D and our home care capabilities. We have multiple exciting initiatives in each of these
areas that we expect will allow us to maintain our momentum through the second half of the year and into 2024. We are reflecting that
expectation via significantly improved full year 2023 guidance for the Insurance segment and on a consolidated basis."
"Insurance MCR improved by more than 1,400 basis points and Non-Insurance MCR improved by more than 600 basis points,
demonstrating the strength of our strategy and our ability to make strides towards sustainable profitability,” said Clover Health CFO
Scott Leffler. “We are excited about our improved outlook for 2023, the favorable impact on our liquidity position, and are also
increasingly confident in the Company’s potential to deliver profitability on an Adjusted EBITDA basis for full year 2024 without the
necessity of raising additional capital."
https://investors.cloverhealth.com/static-files/3731b516-6961-45d8-aba6-7509a4b31791
Recent CLOV News
- Clover Health to Participate at Bank of America 2024 Healthcare Conference and Present at 2024 Leerink Partners Healthcare Crossroads Conference • GlobeNewswire Inc. • 05/01/2024 08:05:00 PM
- Clover Health Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 04/30/2024 08:15:00 PM
- Clover Health to Report First Quarter 2024 Financial Results on May 7, 2024 • GlobeNewswire Inc. • 04/23/2024 08:05:00 PM
- Clover Health Appoints Healthcare Technology Veteran Peter Kuipers as Chief Financial Officer • GlobeNewswire Inc. • 04/22/2024 08:05:00 PM
- Clover Health Provides Notice Associated with Previously Disclosed Settlement of Shareholder Derivative Actions • GlobeNewswire Inc. • 04/04/2024 08:30:00 PM
- Clover Health Launches New Clinical Program in Partnership with Quartet Health to Address Serious Mental Illness • GlobeNewswire Inc. • 03/19/2024 01:00:00 PM
- Clover Health Reports Fourth Quarter and Full Year 2023 Financial Results; Delivers Continued Momentum in Financial Performance and Provides Full-Year 2024 Guidance • GlobeNewswire Inc. • 03/12/2024 08:05:00 PM
- Global Markets Await U.S. Inflation Report: Mixed Movements in Pre-Market Trading • IH Market News • 03/12/2024 11:22:57 AM
- Industry Veteran Clay Thornton Joins Clover Health as CFO of Medicare Advantage • GlobeNewswire Inc. • 03/07/2024 09:05:00 PM
- Clover Health to Report Fourth Quarter and Full Year 2023 Financial Results on March 12, 2024 • GlobeNewswire Inc. • 02/26/2024 09:05:00 PM
- Clover Health Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 02/16/2024 09:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/15/2024 09:41:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/13/2024 10:25:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/12/2024 08:51:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/29/2024 09:10:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/22/2024 09:21:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/10/2024 01:31:57 PM
- Clover Health Provides Business Update and Full-Year 2024 Objectives • GlobeNewswire Inc. • 01/10/2024 01:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 09:05:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 09:03:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 09:02:24 PM
- PCP Use of Clover Assistant Correlated with Increased Medication Fills for Patients who Were Previously Non-Adherent • GlobeNewswire Inc. • 01/08/2024 10:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 09:30:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 09:26:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 09:16:30 PM
FEATURED NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM