Business
Clover Health Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance
Full year 2024 GAAP Net loss from continuing operations improves by $164 million year-over-year Full year 2024 Adjusted EBITDA of $70 million, representing an
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Full year 2024 GAAP Net loss from continuing operations improves by $164 million year-over-year Full year 2024 Adjusted EBITDA of $70 million, representing an increase of $112 million year-over-year Company well positioned to invest in membership growth and Clover Assistant technology, while maintaining strong profitability Issues full year 2025 guidance: Average Medicare Advantage membership of 103,000 - 107,000, representing 30% growth year-over-year at the midpointInsurance revenue between $1.800 billion and $1.875 billion, representing 37% growth year-over-year at the midpointAdjusted EBITDA profitability between $45 million and $70 millionAdjusted Net income between $45 million and $70 million WILMINGTON, Del., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), today reported financial results for the fourth quarter and full year 2024. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. \"2024 was a pivotal year for us as we demonstrated that our technology-first physician empowerment model, combined with our ability to directly manage members via our home care arm, achieves differentiated clinical and financial results,\" said Clover Health CEO Andrew Toy. \"As we move into a new phase of growth, we expect our management of our returning membership cohorts to continue to be exceptional in terms of both total cost of care as well as clinical quality. This care management differentiation, combined with the favorable financial impact of our upcoming payment year 2026 4.0 Star Rating, will allow us to offer competitive plan products and grow membership, while maintaining strong profitability.\" Insurance revenue during the fourth quarter 2024 grew by 9% year-over-year to $331 million, and by 9% year-over-year to $1.3 billion for the full year 2024, driven by strong member retention and cohort management. Insurance BER in 2024 improved to 82.8% in the fourth quarter and 81.2% for the full year, as compared to 87.4% in the fourth quarter of 2023 and 86.5% for the full year 2023. For the fourth quarter 2024, GAAP Net loss from continuing operations improved to $21 million, from $68 million in the fourth quarter of 2023, Adjusted Net income (loss) from continuing operations improved ...