Business
Clover Health Reports Second Quarter 2021 Financial Results
Total revenue was $412 million, up 140% year-over-year Lives under Clover Management nearly doubled from the first quarter to approximately 129,000 Clover
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Total revenue was $412 million, up 140% year-over-year Lives under Clover Management nearly doubled from the first quarter to approximately 129,000 Clover Assistant on track to manage over $1 billion of annualized revenue NASHVILLE, Tenn., Aug. 11, 2021 (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 second quarter of 2021. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. \"Clover took another step in its journey to improve every life with the launch of Direct Contracting this past quarter. This milestone more than doubled our revenue and nearly doubled lives under Clover Assistant management,\" said Clover Health CEO Vivek Garipalli. \"We have ambitious goals to maintain an aggressive growth trajectory while pursuing our mission to improve every life by making great healthcare available and affordable to all American seniors regardless of health, wealth, or economic status. We’re proud of what we’ve already achieved, and look forward to continued progress in the second half of the year.\" Andrew Toy, President and CTO of Clover Health added, \"The Clover Assistant continues to be a key differentiator which underpins our unique model. The Clover Assistant has approximately 95,000 lives under management and is on pace to manage over $1 billion of annualized revenue. Most importantly, we believe the Clover Assistant drives better outcomes for our members. Additionally, our Non-GAAP Normalized MA MCR for returning MA members attributed to a provider live on Clover Assistant was 720 bps lower than members attributed to non-CA providers. Our top six markets by membership, in which over 74% of our MA members received a CA visit in 2020, had a Normalized MA MCR (Non-GAAP) of 86.6% in first quarter 2021. We continue to deeply invest in the Clover Assistant platform, and our product and technology teams are constantly working to launch exciting new features such as deeper EHR integrations as well as supporting specialized services like diabetes management.\" Management Commentary on Financial Highlights \"Second quarter revenue grew 140% year-over-year due primarily to the launch of Direct Cont...