Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Investor Presentation (August 2025)
31 slides from Clover Health Investments's investor presentation, August 2025
Slide 1: Investor Presentation
Investor Presentation August 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: Our Vision & Differentiated Approach
Our Vision & Differentiated Approach 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 4
Slide 5: 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 powered by AI / ML Enhanced care coordination 100+ AI / ML models powering treatment Generating millions of recommendations clinically orien
Slide 6: 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 7: COPD Hospitalization & 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 8: 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 9: 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 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: New Revenue Opportunity: Counterpart Health Brings Clover's Care Model to More Plans & Providers
New Revenue Opportunity: Counterpart Health Brings Clover’s Care Model to More Plans & Providers Health outcomes improved via earlier identification, management, & treatment of disease Complementary offering to growth & profitability beyond Clover’s core MA markets New SaaS & Tech-Enabled Services r
Slide 12: Our Opportunity
Our Opportunity
Slide 13: Our Focus for the Remainder of 2025
Our Focus for the Remainder of 2025 Continued Membership & Revenue Growth Take advantage of MA market opportunity & strong member retention Sustained Adj. EBITDA Profitability & Reinvestments Maintain strong Adjusted EBITDA(1) profitability, with strategic investments in growth, Clover Assistant tec
Slide 14: Clover is Well Positioned for Growth
Clover is Well Positioned for Growth Grow Membership & Clover Assistant Usage 1 Reinvest in Deliver Better ML & AI Driven Member Benefits 5 2 Clinical Recommendations Reduce the Improve Health Outcomes 4 3 Total Cost of Care & Quality of Life 14
Slide 15: 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 16: Appendix
Appendix
Slide 17: Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals
Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals Vivek Garipalli Andrew Toy Executive Chairman ______________________________________________________________________________________________ Chief Executive Officer ______________________________________________
Slide 18: A Different Approach to Empowering Accessible & Affordable Healthcare
A Different Approach to Empowering Accessible & Affordable Healthcare Technology-Centric Better Chronic Care Platform Disease Management Better care for chronic diseases. Physician enablement technology, Demonstrated by CA white papers on CHF, powered by AI CKD, Diabetes, and Medication Adherence(1)
Slide 19: Care Platform: Clover Assistant is the Leader in Clinical AI
Care Platform: Clover Assistant is the Leader in Clinical AI Synthesis of 100+ Insights from >100 Clinical Orientation, Data Sources Proprietary Models Dynamic Actions Millions of clinical Robust IP and patent Surfacing relevant clinical documents, collected & portfolio(1) suggestions at time of rec
Slide 20: Care Platform: Differentiated Home Care at Critical Moments
Care Platform: Differentiated Home Care at Critical Moments Longitudinal, MD-led, primary care in the home for highest acuity population Clover Home Care Cohort has Readmission prevention and Significantly Improved MCR post-acute Care from 2021 to 2024(1) Assessment visits for unknown / emerging ris
Slide 21: 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 22: 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 23: 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 24: 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 25: CHF Hospitalization & 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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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