Clover Health Q3 2024 Earnings Report
Key Takeaways
Clover Health reported strong third quarter 2024 financial results, with significant improvements in GAAP Net Loss and Adjusted EBITDA. The company delivered 9% total revenue growth year-to-date compared to the prior year period. Increased full-year 2024 guidance midpoint to target updated range of Adjusted EBITDA profitability of $55 million - $65 million.
GAAP Net loss from continuing operations improved to $8.8 million from $33.6 million in the third quarter of 2023.
Adjusted EBITDA increased to $19.3 million from $2.7 million in the third quarter of 2023.
Insurance revenue grew by 7% year-over-year to $322.6 million.
Insurance BER in 2024 improved to 82.8%.
Clover Health
Clover Health
Forward Guidance
For full-year 2024, Clover Health is updating its guidance as follows: Adjusted EBITDA is expected to be in the range of $55 million - $65 million.
Positive Outlook
- Insurance revenue: $1.35 billion - $1.375 billion
- Insurance MCR: 76% - 77%
- Insurance BER: 81% - 82%
- Adjusted SG&A: $290 million - $295 million
- Adjusted EBITDA: $55 million - $65 million