Business
Clover Health Reports Fourth Quarter 2021 Financial Results
Fourth quarter total revenue was $432.0 million, up 160% year-over-year, enabled by a wide, open network designed to serve all Medicare lives Lives under
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Fourth quarter total revenue was $432.0 million, up 160% year-over-year, enabled by a wide, open network designed to serve all Medicare lives Lives under Clover Assistant Management increased 223% year-over-year 2022 total revenue expected to exceed $3 billion driven by projected 90% year-over-year growth in lives under management Clover expects 2022 operating expenses as a percentage of revenue and the Medical Care Ratio (MCR) for its Medicare Advantage (MA) plans to decrease meaningfully from 2021 FRANKLIN, Tenn., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Clover Health (Nasdaq: CLOV) (\"Clover\" or the \"Company\"), a next-generation healthcare company focused on improving health outcomes for America's seniors, today reported financial results for the fourth quarter and full year of 2021. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. \"We are really excited about where Clover sits today and our prospects in the future. We are enabling physicians to provide great healthcare to all, especially those in underserved communities, and are pleased to see increasing focus from CMS on health equity,\" said Clover Health CEO Vivek Garipalli. \"This year, we are expecting significant growth in revenue and lives under management while at the same time we believe we are driving operating efficiencies and improved MCRs.\" Andrew Toy, President and CTO of Clover Health added, \"We are singularly focused on creating great, sustainable healthcare and have centered our strategy on building and deploying physician-enablement software that we believe will enable every physician to deliver data-driven value based care. In 2021, physicians responded to nearly one million Clover Assistant suggestions, and the Clover Assistant drove an improvement of more than 1,000 basis points in the MCRs for our Medicare Advantage members whose primary care providers used the Clover Assistant compared to members whose providers didn't.\" Dollars in Millions Q4’21 Q4’20 FY'21 FY'20Total Revenue $432.0 $166.2 $1,472.0 $672.9 GAAP Medicare Advantage (MA) Medical Care Ratio (MCR) 102.8% 109.3% 106.0% 88.8%Normalized MA MCR (Non-GAAP) (1) 96.7 98.0 94.5 95.9 Salaries and benefits plus General and administrative expenses (2) $114.1 $54.6 $445.7 $192.1 Adjusted Operating Expenses (Non-GAAP) (1)(2)(3) ...