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Mar 31, 2022
Clover Health Q1 2022 Earnings Report
Clover Health reported strong revenue growth and margin improvements.
Key Takeaways
Clover Health's Q1 2022 results showed significant year-over-year revenue growth, driven by increases in both Insurance and Non-Insurance segments. The company is focused on balancing growth with MCR reduction and operational efficiencies to drive towards profitability. Total revenue was $874.4 million, compared to $200.3 million in Q1 2021. Lives under Clover Management grew to approximately 257,000 from approximately 66,000 year-over-year.
Total revenue reached $874.4 million, a substantial increase from $200.3 million in the first quarter of 2021.
Lives under Clover Management grew to approximately 257,000, up from approximately 66,000 year-over-year.
Insurance (Medicare Advantage) Medical Care Ratio (MCR) was 96.4%, showing significant improvement.
Non-Insurance (Direct Contracting) MCR was 99.8%, also indicating quarter-over-quarter improvement.
Forward Guidance
Clover Health reaffirms its full-year 2022 guidance, expecting total revenues between $3.0 billion and $3.4 billion and an Insurance MCR between 95% and 99%.
Positive Outlook
- Total revenues are expected to be in the range of $3.0 billion to $3.4 billion.
- Insurance revenue is projected to be $1.0 billion to $1.1 billion.
- Non-Insurance revenue is projected to be $2.0 billion to $2.3 billion.
- Insurance membership is expected to average 84,000 - 85,000, a growth rate of 26% - 27% as compared to the 2021 average.
- Insurance MCR is expected to be in the range of 95% - 99%.
Challenges Ahead
- Significant developments related to COVID-19 and/or historical utilization trends could impact expectations.
- Stock-based compensation expense cannot be reasonably calculated or predicted at this time without unreasonable efforts.
- Challenges in expanding member and beneficiary base or into new markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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