Clover Health Q4 2022 Earnings Report
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.
Clover Health
Clover Health
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).