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Dec 31, 2022
Clover Health Q4 2022 Earnings Report
Reported financial results for the fourth quarter and full year, highlighting improvements in Insurance MCR and revenue growth.
Key Takeaways
Clover Health reported significantly improved Insurance MCR, strong Insurance revenue growth, and continued moderation of growth in SG&A for Q4 2022. The company's Insurance MCR improved to 92.4%, driven by continued favorability in underlying operational trends. Clover Health finished the year with $555.3 million in restricted and unrestricted cash, cash equivalents, and investments.
Q4 2022 Insurance MCR was 92.4%.
Full year Insurance MCR significantly improved year-over-year to 91.8%.
Total revenue reached $898.8 million for the quarter.
Net loss was $(84.0) million for the quarter.
Forward Guidance
Clover Health provided its guidance for full-year 2023. Insurance revenue is expected to be in the range of $1.15 billion to $1.20 billion. Insurance MCR is expected to be in the range of 89% - 91%. Non-Insurance revenue is expected to be in the range of $0.75 billion to $0.80 billion. Non-Insurance MCR is expected to be in the range of 98% - 100%. Adjusted SG&A (non-GAAP) is expected to be between $315 million and $325 million. Adjusted EBITDA (non-GAAP) is expected to be between ($155 million) and ($205 million).
Positive Outlook
- Insurance revenue is expected to be in the range of $1.15 billion to $1.20 billion in 2023, a growth rate of 6% - 11% as compared to full year 2022 Insurance revenue.
- Insurance MCR is expected to be in the range of 89% - 91% 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 ($155 million) and ($205 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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