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Sep 30, 2024
Clover Health Q3 2024 Earnings Report
Reported strong financial results and highlighted differentiated market opportunity to grow membership.
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