Clover Health Investments Corp (CLOV)

[subslover]

See Spuds, the CEO knew that the bottom line was gonna suck rotten eggs, hence the millions of shares he and other insiders dumped.
Clover Health Reports Second Quarter 2025 Results; Delivering Strong Sustainable Growth
Second quarter 2025 Medicare Advantage membership of 106,323, up 32% year-over-year
Second quarter 2025 Total revenues of $478 million, up 34% year-over-year
Second quarter 2025 profitability metrics with GAAP Net loss of $11 million, Adjusted EBITDA of $17 million, and Adjusted Net income of $17 million
Updates Full Year 2025 Guidance:

Increases Average Medicare Advantage membership to 104,000 - 108,000, representing 32% growth year-over-year at the midpoint
Maintains Insurance revenue between $1.800 billion and $1.875 billion, representing 37% growth year-over-year at the midpoint
Improves Adjusted SG&A to between $335 million and $345 million, representing Adjusted SG&A as a percentage of Total revenues between 18% - 19%
Maintains Adjusted EBITDA profitability between $50 million and $70 million
Maintains Adjusted Net income between $50 million and $70 million
Expects Insurance BER now between 88.5% - 89.5%
WILMINGTON, Del., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), today reported financial results for the second quarter 2025. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights.

"Our performance further demonstrates how our technology-first model drives better care management, above-market growth, and sustained profitability," said Clover Health CEO Andrew Toy. “By leading with affordability, choice, and AI-driven clinical recommendations, we have achieved strong Medicare Advantage results this year to date, and importantly, better health outcomes for our members. Our recently published clinical whitepaper on chronic obstructive pulmonary disease (COPD) shows that a relationship with a provider using Clover Assistant technology was correlated with fewer hospitalizations (15% lower) and readmissions (18% lower).”

“Our second quarter 2025 results reflect significant membership and revenue growth, along with sustained Adjusted Net income and Adjusted EBITDA profitability,” said Clover Health CFO Peter Kuipers. “We are executing our growth strategy well, and have generated significant momentum in our business this year during a 3.5 Star payment year. We believe this positions us well to achieve our updated 2025 guidance and expect it to further accelerate our growth and profitability in 2026, which is a 4 Star payment year."

Key Company highlights are as follows:

Dollars in Millions 2Q25 2Q24 Change (%)
Insurance revenue $ 469.8 $ 349.9 34.3 %
Total revenues 477.6 356.3 34.0 %
Insurance net medical claims incurred 394.2 249.4 58.1 %
Salaries and benefits plus General and administrative expenses ("SG&A") 109.8 99.9 9.9 %
Adjusted Salaries and benefits plus General and administrative expenses ("Adjusted SG&A") (1) 82.5 71.7 15.1 %
Adjusted SG&A as a % of Total revenues 17.3 % 20.1 % (280 bps)
Net (loss) income from continuing operations $ (10.6 ) $ 7.2 N/A*
Adjusted Net income from continuing operations (1)(2) 16.7 35.9 (53.5 )%
Adjusted EBITDA (1) 17.1 36.2 (52.8 )%
Average Medicare Advantage membership (5) 105,494 80,016 31.8 %
Insurance BER (3) 88.4 % 76.1 % (1,230 bps)
Total cash, cash equivalents, and investments $ 389.3 $ 482.8 (19.4 )%





__________________________

*Not presented as a % change because the current or prior period amount is zero or the amount for the line item changed from a gain to a loss (or vice versa) and thus yields a result that is not meaningful.
1 Adjusted SG&A (Non-GAAP), Adjusted EBITDA (Non-GAAP), and Adjusted Net income from continuing operations (Non-GAAP) are Non-GAAP financial measures. Reconciliations of Adjusted SG&A (Non-GAAP) to SG&A, Adjusted EBITDA (Non-GAAP) to Net (loss) income from continuing operations, and Adjusted Net income from continuing operations (Non-GAAP) to Net loss from continuing operations, respectively, the most directly comparable GAAP measures, are provided in the tables immediately following the consolidated financial statements below. Additional information about the Company's Non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A.
2 Adjusted Net income from continuing operations is a Non-GAAP financial measure. A reconciliation of Adjusted Net income from continuing operations to Net (loss) income from continuing operations, the most directly comparable GAAP measure, is provided in a table immediately following the consolidated financial statements below. Additional information about the Company's Non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A. In the fourth quarter of 2024, the Company began presenting Adjusted Net income from continuing operations. Management believes that Adjusted Net income from continuing operations is helpful to investors in understanding and evaluating our operating performance and trends, as well as in assessing the Company’s financial performance in the same manner as our management and our board of directors.
3 Insurance Benefits Expense Ratio (“BER”) is a Non-GAAP financial measure. A reconciliation of Insurance BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure, is provided in a table immediately following the consolidated financial statements below. Additional information about the Company's Non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A. In the second quarter of 2024, the Company began presenting Insurance BER. Management believes that by adding quality improvement expenses into the Insurance BER calculation, it offers a clearer and more accurate representation of our investment in healthcare quality and member engagement, and more fully captures the cost of maintaining and enhancing the quality of care for our members.
4 Reconciliations of projected Adjusted SG&A (Non-GAAP) to projected SG&A, projected Adjusted EBITDA (Non-GAAP) to Net income, and projected Adjusted Net income (Non-GAAP) to Net income, the most directly comparable GAAP measures, are not provided because Stock-based compensation, which is excluded from Adjusted SG&A (Non-GAAP), Adjusted EBITDA (Non-GAAP), and Adjusted Net income (Non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. A reconciliation of projected Insurance BER (Non-GAAP) to projected Net medical claims incurred, net, the most directly comparable GAAP measure, is not provided because quality improvements, which are included in Insurance BER (Non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. Additional information about the Company's Non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures” below and in Appendix A.
5 Average Medicare Advantage membership represents the average membership during the three months included in the second quarter of 2025.

Financial Guidance

For full-year 2025, Clover Health is updating its guidance as follows:

Current 2025 Guidance Previous 2025 Guidance
Insurance revenue $1.800 billion - $1.875 billion $1.800 billion - $1.875 billion
Adjusted SG&A (4) $335 million - $345 million $355 million - $365 million
Adjusted SG&A as a % of Total revenues 18% - 19% 19% - 20%
Adjusted EBITDA (4) $50 million - $70 million $50 million - $70 million
Adjusted Net income (2)(4) $50 million - $70 million $50 million - $70 million
Average Medicare Advantage membership 104,000 - 108,000 103,000 - 107,000
Insurance BER (4) 88.5% - 89.5% 87% - 88%

Lives under Clover Management

June 30, 2025 June 30, 2024
Insurance members 106,323 80,261

Earnings Conference Call Details

Clover Health’s management will host a conference call to discuss its financial results on Tuesday, August 5, 2025, at 5:00 PM Eastern Time. To access the call via telephone, please dial 800-245-3047 (for U.S. callers) or 203-518-9765 (for callers outside the U.S.) and enter the conference ID: CLOVQ225. A live audio webcast will also be available online at: https://event.on24.com/wcc/r/5004864/5729A47D06B46D779C215395F221D12A and related presentation materials will be available at Clover Health’s Investor Relations website at investors.cloverhealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link and at Clover Health’s Investor Relations website at investors.cloverhealth.com, and will remain available for approximately 12 months.

Upcoming Investor Events & Conferences

2025 Canaccord Genuity 45th Annual Growth Conference at 11:00 a.m. Eastern Time, Tuesday, August 12, 2025
Any live and archived webcasts and presentations associated with the conferences listed above may be accessed on Clover Health’s Investor Relations website at: investors.cloverhealth.com/news-and-events/investor-events-presentations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health's future results of operations, financial condition, market size and opportunity, business strategy and plans, and the factors affecting our performance and our objectives for future operations. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "can," "could," "should," "would," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," "forecast," "guidance," "objective," "plan," "seek," "grow," "if," "continue" or the negative of these words or other similar terms or expressions that concern Clover Health's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, the following: statements under "Financial Guidance" and statements regarding expectations relating to potential improvements in revenues, operating expenses, Adjusted SG&A, Insurance BER, and the number of Clover Health's Insurance members, as well as the statements contained in the quotations of our executive officers, and other expectations as to future performance, operations and results (including our guidance for full year 2025). Statements regarding our Adjusted EBITDA profitability and Adjusted Net income profitability are also forward-looking, and are based on our current targets which are preliminary and are derived from our 2025 financial guidance. These statements are subjec