Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — J.P. Morgan Healthcare Conference 2025
28 slides from Clover Health Investments's conference presentation, January 2025
Slide 1: JP Morgan Presentation 2025
JP Morgan Presentation 2025 January 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 profitabilit
Slide 3: Our Goals: 12 Month Lookback
Our Goals: 12 Month Lookback Investor Presentation from ~1 Year Ago(1) Material Adj. EBITDA Profitability(2) PPO Plan PY25: 3.5 Stars / PY26: 4.0 Stars(3) Top-Line Growth; ~27% January YoY Membership Growth(4) Counterpart Health Launch (1) The slide screenshot of the page titled “Goals for 2024 and
Slide 4: Clover's Next Phase: Growth
Clover’s Next Phase: Growth 2018 2022 2025 & Beyond Growth Profitability Innovation 4
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: A Different Approach to Empowering Accessible & Affordable Healthcare
A Different Approach to Empowering Accessible & Affordable Healthcare Technology-Centric Better Chronic Disease Care Platform Management Physician enablement technology, Built for an aging population and the powered by AI future of Medicare Longitudinal care for highest risk via Clinical outcomes im
Slide 7: 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 8: 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 9: 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 10: Quality: Leader in Readmission Prevention Measures
Quality: Leader in Readmission Prevention Measures Follow-up after Medication Plan All-Cause Transitions Emergency Department Reconciliation Readmissions of Care Visit for People with Post-Discharge Multiple High-Risk Chronic Conditions ~1,900 bps Better ~300 bps Better ~2,800 bps Better ~1,600 bps
Slide 11: 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 11
Slide 12: Our Opportunity
Our Opportunity
Slide 13: This Year: ~27% MA Membership Growth
This Year: ~27% MA Membership Growth(1) Medicare Advantage Membership(1) Positioned Well to Manage 2025 Membership ~95% of members enrolled in Clover 4-Star plan(2) Majority of new members switching from other MA plans Over 2/3s of net member growth in core NJ markets Expanded Home Care footprint in
Slide 14: Meaningful Runway for MA Expansion
Meaningful Runway for MA Expansion MA Market Growth Significant NJ Opportunity Consumers Prefer PPO Plans(1) Medicare 63M 65M 68M 71M 75M Enrollment: (1) (1) Source: CMS, Kaiser Family Foundation. Note: Medicare and Medicare Advantage Enrollment in millions. (1) National market data from CMS CPSC da
Slide 15: 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 drive growth & profitability beyond Clover’s core MA markets New SaaS & Tech-Enabled Serv
Slide 16: Looking Ahead
Looking Ahead
Slide 17: Our Focus for 2025
Our Focus for 2025 Membership & Revenue Growth: Take advantage of MA market opportunity due to competitor pullback Balance Profitability & Reinvestments: Continue to maintain Adjusted EBITDA(1) profitability, with thoughtful investment for growth into 2026 (including 4 Star benchmark tailwind)(2) Be
Slide 18: Appendix
Appendix
Slide 19: 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 20: 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 21: 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 22: Earlier Diagnosis Leads to Earlier Treatment: Chronic Kidney Disease
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 years Non-CA Patients Time
Slide 23: Earlier Diagnosis Leads to Earlier Treatment: Diabetes
Earlier Diagnosis Leads to Earlier Treatment Patients started on oral diabetic medications Members Newly Diagnosed with Diabetes (1) after Clover Assistant Example: Diabetes raised potential diabetes diagnosis for physician consideration(2) Diabetes Medication Fills Days Since Clover Assistant Visit
Slide 24: Earlier Diabetes Treatment Leads to Better Outcomes
Earlier Diabetes Treatment Leads to: Blood Sugar Indicator Oral Meds Started Non-CA Patients (HbA1c) Better Management of Blood Sugar(1) Oral Meds Started CA Patients Time (Years) Percentage Taking Non-CA Patients Insulin Lower Use of Insulin(1) CA Patients Days Since Oral Meds Started Hypoglycemia
Slide 25: Clover Assistant Correlated with Improved Medication Adherence
Clover Assistant Correlated with Improved Medication 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 Adherence their medications for diabetes, high blood pressure, and high cholesterol(1)
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO, NET (NON-GAAP) RECONCILIATION (in thousands)(1) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be
Slide 27: 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) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered
Slide 28: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We use non-GAAP measures in this presentation, including Adjusted EBITDA, Adjusted SG&A, and Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding of Clover Health’s past financial performance and our prospects for the f
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