Clover Health Q2 2024 Earnings Report
Key Takeaways
Clover Health reported an 11% year-over-year increase in total revenue for Q2 2024. GAAP Net Income improved to $7.2 million, compared to a $28.9 million loss in Q2 2023. Adjusted EBITDA increased to $36.2 million, up from $9.9 million in the same period last year. The company has also increased its full-year 2024 guidance for Insurance Revenue to $1.35 billion - $1.375 billion and Adjusted EBITDA profitability to $50 million - $65 million.
Total revenue grew by 11% year-over-year in Q2 2024.
GAAP Net Income from Continuing Operations was $7.2 million, a significant improvement from the $28.9 million loss in Q2 2023.
Adjusted EBITDA was $36.2 million, compared to $9.9 million in Q2 2023.
Full-year 2024 guidance increased for Insurance Revenue to $1.35 billion - $1.375 billion and Adjusted EBITDA profitability to $50 million - $65 million.
Clover Health
Clover Health
Forward Guidance
Clover Health is updating its full-year 2024 guidance, projecting Insurance Revenue between $1.35 billion and $1.375 billion and Adjusted EBITDA between $50 million and $65 million.
Positive Outlook
- Insurance revenue is projected to be $1.35 billion - $1.375 billion.
- Insurance MCR is expected to be 77% - 79%.
- Insurance BER is anticipated to be 81% - 83%.
- Adjusted SG&A is projected to be $270 million - $280 million.
- Adjusted EBITDA is expected to be $50 million - $65 million.