Business
Clover Health Reports First Quarter 2022 Financial Results
First quarter total revenue was $874.4 million, compared to $200.3 million in first quarter 2021 Lives under Clover Management grew to ~257,000 from ~66,000
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"First quarter total revenue was $874.4 million, compared to $200.3 million in first quarter 2021 Lives under Clover Management grew to ~257,000 from ~66,000 year-over-year First quarter Insurance (Medicare Advantage) Medical Care Ratio (MCR) of 96.4% and Non-Insurance (Direct Contracting) MCR of 99.8% show significant improvement quarter-over-quarter Full-year 2022 revenue expected to be $3.0 billion to $3.4 billion Clover continues to expect 2022 Insurance MCR of 95% to 99% and a further step-wise improvement beyond FRANKLIN, Tenn., May 09, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (\"Clover\" or the \"Company\"), a physician enablement company focused on improving health outcomes for America's seniors, today reported financial results for the first quarter of 2022. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. \"2022 is off to a strong start, led by significant year-over-year revenue growth and quarter-over-quarter margin improvements in Insurance (Medicare Advantage) and Non-Insurance (Direct Contracting),\" said Clover Health CEO Vivek Garipalli. \"We believe our focus on balancing this strong growth with ongoing action to further reduce MCRs and increase operational efficiencies is powering our progress towards profitability.\" Andrew Toy, President of Clover Health, added, \"This year we’ll continue investing in the Clover Assistant to deliver data driven value based care and are rounding out our leadership team with top level talent. Further, we believe our focus on building a sustainable, intelligent, and efficient growth engine will benefit our results by driving incremental scale, improvements across our Insurance MCR, positive Non-Insurance results, and more efficient operating expenses.\" We have updated the names of our Medicare Advantage (MA) and Direct Contracting segments to our Insurance and Non-Insurance segments, respectively. We believe that this approach better reflects each segment’s current role and contribution to our business. There has been no change to the existing composition of these segments, and previously reported consolidated and segment-level financial results of the Company were not impacted by these changes. Key Company highlights are as follows: Dollars in Millions Q1’22 Q1’21Total Re...