Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Q2 2025 Earnings Presentation
38 slides from Clover Health Investments's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
Second Quarter 2025 Earnings Conference Call August 5, 2025
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.’s (“Clover Health,” “we,” “our,” or “us”) expectations regarding Adjusted EBITDA, Adjusted Ne
Slide 3: Investment Highlights
Investment Highlights Leading Physician Enablement Technology Company: Offering Medicare Advantage plans focused on affordability, accessibility, and choice AI-Powered Platform: Clover Assistant (CA) technology empowers physicians with AI-driven clinical recommendations to support better decisions &
Slide 4: Better Health Outcomes Across Chronic Conditions
Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies(1) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes Diabetes: Earlier diagnosis, leading to earlier treatmen
Slide 5: Our Vision
Our Vision Empower Every Physician with Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis Earlier Disease Higher Quality Affordable & & Treatment Management Clinical Care Accessible Care 5
Slide 6: Clover's Next Phase: Growth
Clover’s Next Phase: Growth 2018 2022 2025 & Beyond Growth Profitability Innovation 6
Slide 7: Clover's Next Phase: Growth
Clover’s Next Phase: Growth Updated 2025 Guidance(1) 2026 Tailwinds Balancing Growth & Profitability Poised for Accelerated Profitability MA membership +32% YoY(2) Positioned for strong membership growth Insurance Revenue $1.8B - $1.875B 4.0 Star payment year(3) $ Adj. EBITDA $50M - $70M Favorable i
Slide 8: Full Year 2025 Profitability Drivers
Full Year 2025 Profitability Drivers Illustrative – Not to Scale FY24 FY25 Adj. EBITDA(1) Adj. EBITDA(1) Results Guidance Loss Ratio Impact from Fixed / Growth / Strong Returning Member Variable SG&A Cohort Economics Optimization via Cost Management Efficiency Program $70M $50M - $70M Loss Ratio Coh
Slide 9: Second Quarter 2025 Business Update
Second Quarter 2025 Business Update Growth + Profitability Updated FY25 Guidance Medicare Advantage membership +32% YoY Strong MA results during 3.5 Star payment year Insurance revenue +34% YoY Satisfied with the underlying trends, amidst elevated utilization & broader managed care backdrop Adj. EBI
Slide 10: Positioned to Succeed
Positioned to Succeed Average Medicare Advantage Membership(1) Average MCR Differential by Cohort Year(2) +32% +30% YoY Strong new member growth via MA switchers & core market focus during AEP & OEP, coupled with compelling cohort management, establishes foundation for long-term MA success (1) Avera
Slide 11: COPD Hospitalizations and Readmissions Whitepaper
Clover Health Whitepaper Non-CA COPD Cohort CA COPD Cohort Chronic Obstructive Clover Assistant PCP relationship associated with Pulmonary Disease better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day (“COPD”) readmissions for members with COPD(1) Averag
Slide 12: Guidance
Guidance On the following slides, Clover Health presents an overview of its full year 2025 guidance, including certain non-GAAP measures.
Slide 13: Updated Full Year 2025 Guidance
Updated Full Year 2025 Guidance Updated FY25 Guidance Prior FY25 Guidance (8/5/25) (5/6/25) Insurance Revenue $1.800B - $1.875B $1.800B - $1.875B Adjusted SG&A(1) $335M - $345M $355M - $365M Adjusted SG&A 18% - 19% 19% - 20% as a % of Total Revenues Adjusted EBITDA(1) $50M - $70M $50M - $70M Adjuste
Slide 14: Second Quarter 2025 Financial Supplement
Second Quarter 2025 Financial Supplement
Slide 15: Financial Summary
Financial Summary ● 2Q25 MA membership of 106,323, up 32% YoY Growth & ● 2Q25 GAAP Net loss of ($11M), Adj. EBITDA(1) of $17M, and Adj. Net income(2) of $17M Profitability ● Year-to-date GAAP Net loss of ($12M) improved by $4M YoY ● Year-to-date Adj. EBITDA(1) of $43M and Adj. Net income(2) of $42M,
Slide 16: 2Q25 Financial Performance: Insurance
2Q25 Financial Performance: Insurance In millions, except BER Insurance Revenue +34% +34% BER: 76.1% 88.4% BER: 79.6% 87.3% Insurance: Insurance: $100M $76M $176M $165M Gross Profit: Gross Profit: ● 2Q & YTD 2025 revenue and BER performance driven by strong MA membership growth and retention, clinic
Slide 17: 2Q25 Financial Performance: Profitability Metrics
2Q25 Financial Performance: Profitability Metrics In millions, except MA membership Adjusted Net Income(1) Avg. MA: 80,016 105,494 79,641 103,727 Membership: ● Strong 2Q & YTD 2025 Adjusted Net Income a result of strong MA new membership growth and cohort management, partially offset by elevated uti
Slide 18: 2Q25 Financial Performance: Profitability Metrics
2Q25 Financial Performance: Profitability Metrics In millions, except MA membership Adjusted EBITDA(1) Avg. MA: 80,016 105,494 79,641 103,727 Membership: ● Strong 2Q & YTD 2025 Adjusted EBITDA a result of strong MA new membership growth and cohort management, partially offset by elevated utilization
Slide 19: 2Q25 Financial Performance: Adjusted SG&A
2Q25 Financial Performance: Adjusted SG&A(1) In millions, except % Adjusted SG&A as % of Total Revenue (3%) (3%) Adj. SG&A: $72M $82M $147M $166M ● 2Q & YTD 2025 Adjusted SG&A reflects our ability to gain operating leverage amidst increased variable & growth SG&A to support new membership growth and
Slide 20: Appendix
Appendix
Slide 21: Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software
Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software Clover’s Approach Traditional MA Approaches Clinical, physician enablement, Technology InsurTech, back-office & administrative AI-Powered technology Earlier disease identification & management Delayed / react
Slide 22: Having Supported Clinical Decision-Making for Thousands of Practitioners
Having Supported Clinical Decision-Making for Thousands of Practitioners Captures & synthesizes Novel clinical insights data from 100+ sources at point-of-care Enhanced care coordination 100+ AI / ML models powering treatment Generating millions of recommendations clinically oriented and personalize
Slide 23: Our Technology-Driven Approach is Working
Our Technology-Driven Approach is Working Grow Membership & Clover Assistant Usage 1 Reinvest in Deliver Better AI Driven Member Benefits 5 2 Clinical Recommendations Reduce the Improve Health Outcomes 4 3 Total Cost of Care & Quality of Life 23
Slide 24: Quality: Clover Leads the Nation on HEDIS Measures
Quality: Clover Leads the Nation on HEDIS Measures(1) Top 10 HEDIS-Scoring Plans Life-Weighted Average HEDIS Raw Score(3) HEDIS Weighted Rank Plan(2) Contract Plan Type Raw Score Clover Health rated 4.94 / 5 Stars on HEDIS Measures for Star Rating Year 2025 (1) (1) Clover Health’s Medicare Advantage
Slide 25: Kidney Function (GFR)
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment CKD is diagnosed earlier and disease trajectory improves in patients seen by providers using Clover Assistant(1) Example: Chronic Kidney Disease Kidney Function (GFR) Diagnosed CKD Stage 3 CA Patients Diagnosed CKD Stage 3 ~1.5 ye
Slide 26: Diabetes Medication Fills Members Newly Diagnosed with Diabetes
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment Patients started on oral diabetic medications Members Newly Diagnosed with Diabetes (1) after Clover Assistant raised potential diabetes diagnosis for physician Example: Diabetes consideration(2) Diabetes Medication Fills Days Sin
Slide 27: Hypoglycemia Event
Clover Health Whitepaper Earlier Diabetes Treatment Leads to: Oral Meds Started Blood Sugar Indicator Non-CA Patients (HbA1c) Diabetes Diagnosed & Managed ~3 Years Earlier(1) Oral Meds Started CA Patients Time (Years) Percentage Taking Non-CA Patients Insulin Lower Use of Insulin(1) CA Patients Hypo
Slide 28: Congestive Heart Failure Hospitalizations and Readmissions
Clover Health Whitepaper Non-CA CHF Cohort CA CHF Cohort Clover Assistant Clover Assistant PCP relationship associated with Supports Better better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day Clinical Outcomes readmissions for members with CHF(1) (18%)
Slide 29: Percent with Medication Fill
Clover Health Whitepaper Clover Assistant Correlated with Medication fills increased by ~5% on the day of the Clover Assistant visit and remained ~3% higher 90 days post-visit among patients previously non-adherent to Improved Medication their medications for diabetes, high blood pressure, and high
Slide 30: Financial Statements: Condensed Consolidated Balance Sheets
Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited) 30
Slide 31: Financial Statements: Statements of Operations and Comprehensive Income (Loss)
Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Dollars in thousands, except per share and share amounts) (unaudited) 31
Slide 32: Financial Statements: Statements of Cash Flows
Financial Statements Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited) 32
Slide 33: Financial Statements: Operating Segments
Financial Statements Operating Segments (Dollars in thousands) (unaudited) 33
Slide 34: Non-GAAP Financial Measures
Non-GAAP Financial Measures CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED SG&A (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a
Slide 35: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not b
Slide 36: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET INCOME FROM CONTINUING OPERATIONS (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP measures. Non-GAAP financial measures ar
Slide 37: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental
Slide 38: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We use non-GAAP measures in this presentation, including Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, and Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding of Clover Health’s past f
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