Business
Clover Health Reports First Quarter 2023 Financial Results
Insurance revenue grew by 14% over Q1’22 Insurance and Non-Insurance MCR improved to 86.6% and 96.1%, respectively Improved 2023 guidance includes Insurance
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Insurance revenue grew by 14% over Q1’22 Insurance and Non-Insurance MCR improved to 86.6% and 96.1%, respectively Improved 2023 guidance includes Insurance MCR of 87% - 89%, Insurance revenue of $1.18 billion - $1.23 billion, and Adjusted EBITDA of ($125) million - ($175) million FRANKLIN, Tenn., May 09, 2023 (GLOBE NEWSWIRE) -- 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 first 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 first quarter 2023, the Company reported revenue of $527.8 million and net loss of $72.6 million. Compared to the first quarter 2022, Insurance revenue grew by 14% to $317.1 million, and MCR improved to 86.6% from 96.4%. As planned, Non-Insurance revenue declined by 65% to $205.8 million, and MCR improved to 96.1% from 99.8%. Adjusted EBITDA in the first quarter 2023 improved by $40.4 million to $(30.5) million compared to the first quarter 2022 of $(70.9) million. “We are off to a fantastic start for 2023, and our first quarter results demonstrate strong momentum to build upon throughout the year,” said Clover Health CEO Andrew Toy. “I am particularly proud of our continued Insurance revenue growth and significantly improved MCR. In addition, Clover Assistant continues to drive value across our entire organization through its ability to help physicians with the early identification and care management of chronic diseases. I am also especially pleased that, based on our strong start to 2023, we are already able to improve our full year 2023 guidance for both the Insurance segment and consolidated Clover Health.” “Our first quarter results demonstrate the rapid, positive strides we have made on our path towards profitability,” said Clover Health CFO Scott Leffler. “During the first quarter, our Insurance segment delivered meaningful revenue growth while improving its MCR materially by nearly 1,000 basis points. These improvements are reflective of actions we have taken as part of our more balanced approach to profitability over growth. Similarly, our Non-Insurance business performance was reflective of that segme...