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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.
Clover Health
Clover Health
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.
- The achievement of Adjusted EBITDA profitability is based on current targets which are preliminary.
- General economic conditions and geopolitical uncertainty could impact results.