Loading...
•
Mar 31, 2024
Clover Health Q1 2024 Earnings Report
Clover Health reported strong financial results for the first quarter of 2024, with improved guidance targeting full-year Adjusted EBITDA profitability.
Key Takeaways
Clover Health reported a strong start to 2024, exceeding expectations with total revenue of $346.9 million and a GAAP net loss from continuing operations of $23.2 million. The company achieved Adjusted EBITDA profitability of $6.8 million, and insurance revenue grew by 8% year-over-year to $341.7 million. Improved full-year 2024 guidance was issued, and a share repurchase program of up to $20 million was authorized.
Clover Health achieved Adjusted EBITDA profitability for the first quarter of 2024.
Insurance revenue grew by 8% year-over-year.
GAAP net loss from continuing operations improved to $23.2 million.
The company improved its full-year 2024 guidance, targeting Adjusted EBITDA profitability.
Forward Guidance
Clover Health is updating its full-year 2024 guidance to reflect expectations of higher insurance revenue and Adjusted EBITDA profitability.
Positive Outlook
- Insurance revenue is expected to be between $1.30 billion and $1.35 billion.
- Insurance MCR is projected to be between 79% and 81%.
- Adjusted SG&A is anticipated to be between $270 million and $280 million.
- Adjusted EBITDA is expected to be between $10 million and $30 million.
- The company maintains a strong liquidity position and believes it has sufficient capital for operating and growth needs.
Challenges Ahead
- Stock-based compensation expense cannot be reasonably calculated or predicted at this time.
- Guidance is subject to known and unknown risks and uncertainties.
- The forward-looking statements are made as of the date of the press release, and the company undertakes no obligation to update them.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...