Business
Clover Health Reports Second Quarter 2022 Financial Results
Second quarter total revenue was $846.7 million compared to $412.5 million in second quarter 2021 Lives under Clover Management grew to ~255,000 from ~129,000
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Second quarter total revenue was $846.7 million compared to $412.5 million in second quarter 2021 Lives under Clover Management grew to ~255,000 from ~129,000 year-over-year Second quarter Insurance (Medicare Advantage) Medical Care Ratio (\"MCR\") of 92.1% shows significant improvement year-over-year FRANKLIN, Tenn., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (\"Clover,\" \"Clover Health\" or the \"Company\"), a physician enablement company committed to improving health equity for seniors, today reported financial results for the second 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. \"We continue to build upon our strong start to 2022 with another quarter of significant year-over-year revenue and membership growth in both our Insurance and Non-Insurance business lines,\" said Clover Health CEO Vivek Garipalli. \"Our focus on building a sustainable, intelligent growth engine has led to a reduction in MCRs and improvement in operational efficiencies which we believe is the foundation of our progress toward profitability.\" Andrew Toy, President of Clover Health, added, \"Our technology platform is moving from strength to strength as Clover Assistant penetration continues to show significant growth. We believe there is tremendous opportunity and potential to continue iterating and advancing Clover Assistant's clinical capabilities. We believe each improvement supports physicians in catching and treating conditions earlier to increase the health and well-being of their patients while simultaneously reducing costs for the healthcare system.\" Key Company highlights are as follows: Dollars in Millions Q2'22 Q2'21Total revenue $846.7 $412.5 Insurance MCR 92.1% 111.0%Non-Insurance MCR 106.0 111.8 Salaries and benefits plus general and administrative expenses $117.5 $107.8 Adjusted operating expenses (Non-GAAP)(1) 75.4 61.1 Net loss (104.2) (317.6)Adjusted EBITDA (Non-GAAP)(1) (87.5) (107.1) (1) Adjusted operating expenses (Non-GAAP) and adjusted EBITDA (Non-GAAP) are non-GAAP financial measures. Reconciliations of adjusted operating expenses (Non-GAAP) to the sum of salaries and benefits plus general and administrative expenses and adjusted EBITDA (Non-GAAP) to net loss, respectively, the most directly c...