Business
Clover Health Reports Strong First Quarter 2024 Financial Results; Improves Guidance to Target Full-Year 2024 Adjusted EBITDA Profitability
First Quarter 2024 Insurance Revenue growth of 8% year-over-year First Quarter 2024 GAAP Net Loss from Continuing Operations of $23.2 million versus First
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"First Quarter 2024 Insurance Revenue growth of 8% year-over-year First Quarter 2024 GAAP Net Loss from Continuing Operations of $23.2 million versus First Quarter 2023 loss of $79.7 million First Quarter Adjusted EBITDA profitability of $6.8 million versus prior period loss of $37.5 million Improves 2024 guidance to Insurance Revenue of $1.30 billion - $1.35 billion and Adjusted EBITDA profitability of $10 million - $30 million Maintains strong liquidity position and view that Company has sufficient capital for operating and growth needs. Board of Directors authorizes share repurchase program of up to $20 million of the Company’s Class A Common Stock over the next two years FRANKLIN, Tenn., May 07, 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 first 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 incredibly proud of our results this quarter for several notable reasons. First, Clover was profitable on an Adjusted EBITDA basis for the first quarter, and we have high confidence in achieving full year 2024 Adjusted EBITDA profitability. Second, we have grown revenues in our Insurance business by 8% year-over-year. Based on these results, we are delighted to improve our full-year 2024 guidance. In addition, we are pleased to announce that our Board of Directors has authorized a share repurchase program of up to $20 million dollars of the Company’s Class A Common Stock over the next two years,” said Clover Health CEO Andrew Toy. The Company delivered overall strong financial results to start the year, exceeding its expectations on several key operating metrics and highlighting significant progress on its path to profitability. For the first quarter 2024, total revenue was $346.9 million, with GAAP net loss from continuing operations improving to $23.2 million. Adjusted EBITDA improved to a profit of $6.8 million, as compared to the prior year period loss of $37.5 million. Insurance revenue during the first quarter grew by 8% year-over-year to $341.7 million. Insurance MCR also continued to significantly improve to...