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Sep 30, 2023
Clover Health Q3 2023 Earnings Report
Clover Health's Q3 2023 results reflected improved financial performance with a focus on Insurance MCR and Adjusted EBITDA.
Key Takeaways
Clover Health reported Q3 2023 revenue of $482.1 million and a net loss of $41.5 million. The company's Insurance MCR improved to 78.5%, and Adjusted EBITDA significantly improved to a loss of $5.1 million compared to the prior year period loss of $55.5 million.
Insurance MCR improved to 78.5% in Q3 2023, bringing the year-to-date MCR to 80.8%.
Insurance revenue grew 12% compared to Q3 2022, reaching $301.2 million.
Net loss for Q3 2023 was $41.5 million, and Adjusted EBITDA loss was $5.1 million.
Full-year 2023 guidance was revised to reflect an Insurance MCR of 81% - 82% and Adjusted EBITDA of ($55) million - ($80) million.
Forward Guidance
Clover Health updated its full-year 2023 guidance, anticipating improvements in Insurance MCR and Adjusted EBITDA.
Positive Outlook
- Insurance Revenue between $1.21 billion and $1.23 billion
- Non-Insurance Revenue between $0.75 billion and $0.80 billion
- Insurance MCR between 81% and 82%
- Non-Insurance MCR between 98% and 100%
- Adjusted SG&A between $310 million and $315 million
Challenges Ahead
- Adjusted EBITDA loss between ($55) million and ($80) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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