Business
Clover Health Reports Third Quarter 2023 Results; Highlights Continued Improvement in Financial Performance and Improved 2023 Guidance
Q3 2023 Insurance MCR Improved to 78.5%, bringing year-to-date MCR to 80.8%, and Insurance revenue grew 12% compared to Q3 2022 Company reports Q3 2023 Net
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Q3 2023 Insurance MCR Improved to 78.5%, bringing year-to-date MCR to 80.8%, and Insurance revenue grew 12% compared to Q3 2022 Company reports Q3 2023 Net Loss of $41.5 million and Adjusted EBITDA loss of $5.1 million Revised full-year 2023 guidance now reflects Insurance MCR of 81% - 82% and Adjusted EBITDA of ($55) million - ($80) million FRANKLIN, Tenn., Nov. 06, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (\"Clover,\" \"Clover Health\" or the \"Company\"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today reported financial results for the third quarter 2023. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. For the third quarter 2023, the Company reported revenue of $482.1 million and net loss of $41.5 million. Adjusted EBITDA in the third quarter 2023 significantly improved to a loss of $5.1 million compared to the prior year period loss of $55.5 million. Compared to the third quarter 2022, Insurance revenue grew by 12% to $301.2 million, and MCR improved to 78.5% from 86.3%. Non-Insurance revenue declined by 70% to $176.0 million compared to the third quarter 2022, as a result of our previously disclosed strategic shift, and Non-Insurance MCR was 104.1%. “We are proud to report another quarter of significantly improved Adjusted EBITDA driven by strong Insurance MCR performance,” said Clover Health CEO Andrew Toy. “Our third quarter results further highlight in particular the compelling value contribution from Clover Assistant in addition to meaningful contributions from operational enhancements, plan design and being paid on 3.5 stars. I am pleased that our Insurance segment continues to deliver strong results via our PPO-first approach. We believe this progress validates our ability to bend the cost curve by empowering clinicians with software to identify and manage chronic diseases earlier.” “Our third quarter results reflect continued momentum towards sustainable profitability,” said Clover Health CFO Scott Leffler. “In addition to our favorable third quarter and year-to-date performance, we expect to enjoy meaningful tailwinds next year due to efficiencies generated from our previously announced partnership with UST HealthProof, our balanced approach to g...