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Jun 30, 2023
Clover Health Q2 2023 Earnings Report
Reported improved financial performance and guidance ranges.
Key Takeaways
Clover Health reported revenue of $513.6 million and a net loss of $28.8 million. Adjusted EBITDA improved to a profit of $10.0 million, and insurance revenue grew by 17% compared to Q2'22.
Insurance revenue grew 17% compared to Q2'22.
Second quarter Insurance MCR improved to 77.2%, bringing first half MCR to 81.9%.
Company reports Q2 Net Loss of $28.8 million.
Adjusted EBITDA profit of $10.0 million.
Clover Health
Clover Health
Forward Guidance
Clover Health is providing its guidance for full-year 2023.
Positive Outlook
- Insurance revenue is expected to be in the range of $1.20 billion to $1.23 billion in 2023, a growth rate of 11% - 13% as compared to full year 2022 Insurance revenue.
- Insurance MCR is expected to be in the range of 83% - 85% 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 ($70 million) and ($120 million).