Business
Clover Health Reports Second Quarter 2024 Financial Results; Improves Full-Year Guidance on Strong Performance
Total Revenue growth for the Second Quarter of 2024 of 11% year-over-year GAAP Net Income from Continuing Operations during the Second Quarter of 2024 of $7.2
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Total Revenue growth for the Second Quarter of 2024 of 11% year-over-year GAAP Net Income from Continuing Operations during the Second Quarter of 2024 of $7.2 million versus Second Quarter 2023 GAAP loss of $28.9 million Adjusted EBITDA profitability for the Second Quarter of 2024 of $36.2 million versus Second Quarter 2023 Adjusted EBITDA of $9.9 million Increases Full-Year 2024 guidance to Insurance Revenue of $1.35 billion - $1.375 billion and Adjusted EBITDA profitability of $50 million - $65 million FRANKLIN, Tenn., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, today reported financial results for the second quarter 2024. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. “I am delighted that our performance continues to validate Clover’s differentiated, technology-centric approach to healthcare, driven by our Insurance offering and its ability to generate meaningful returns while leading with physician-choice for our members,” said Clover Health CEO Andrew Toy. “Through our Clover Assistant technology and integrated care management platform, we aim to empower physicians to improve clinical outcomes and lower the total cost of care for people with chronic diseases. This allows us to partner with a much wider range of physicians than other plans. Our performance validates this key point of differentiation, and I believe positions us to thrive in the future of the Medicare Advantage market.” The Company continued to build upon its strong start to the year, reporting strong performance for several key operating metrics and has improved its full-year 2024 guidance for revenue and profitability. For the second quarter 2024, compared to second quarter 2023, GAAP Net income improved to $7.2 million from a GAAP Net loss of $28.9 million and Adjusted EBITDA increased to $36.2 million from an Adjusted EBITDA of $9.9 million. Insurance revenue during the second quarter grew by 11% year-over-year to $349.9 million, driven by strong member retention and intra-year growth, and Insurance MCR improved to 71.3% in the second quarter 2024, as compared to 77.2% in the second ...