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Mar 31, 2023
Clover Health Q1 2023 Earnings Report
Reported revenue of $527.8 million and a net loss of $72.6 million.
Key Takeaways
Clover Health reported strong Q1 2023 results with insurance revenue growth of 14% year-over-year and significant improvements in both Insurance and Non-Insurance MCR. The company also improved its full year 2023 guidance for the Insurance segment and consolidated Clover Health.
Insurance revenue grew by 14% over Q1'22.
Insurance MCR improved to 86.6% from 96.4% year-over-year.
Non-Insurance MCR improved to 96.1% from 99.8% year-over-year.
Adjusted EBITDA improved by $40.4 million to $(30.5) million compared to Q1 2022.
Forward Guidance
Clover Health provided full-year 2023 guidance, including insurance revenue between $1.18 billion and $1.23 billion, insurance MCR between 87% and 89%, non-insurance revenue between $0.75 billion and $0.80 billion, non-insurance MCR between 98% and 100%, adjusted SG&A between $315 million and $325 million, and adjusted EBITDA between ($125 million) and ($175 million).
Positive Outlook
- Insurance revenue is expected to be in the range of $1.18 billion to $1.23 billion in 2023, a growth rate of 9% - 13% as compared to full year 2022 Insurance revenue.
- Insurance MCR is expected to be in the range of 87% - 89% in 2023.
- Non-Insurance revenue is expected to be in the range of $0.75 billion to $0.80 billion in 2023.
- Non-Insurance MCR is expected to be in the range of 98% - 100% in 2023.
- Adjusted SG&A (non-GAAP) is expected to be between $315 million and $325 million.
Challenges Ahead
- Adjusted EBITDA (non-GAAP) is expected to be between ($125 million) and ($175 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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