Clover Health Q4 2023 Earnings Report
Key Takeaways
Clover Health reported Q4 2023 revenue of $510.3 million and a net loss of $70.5 million. The company's full-year revenue was $2,033.7 million, with a net loss of $213.4 million. Adjusted EBITDA for Q4 improved to a loss of $19.1 million compared to the prior year, with a full-year loss of $44.7 million, significantly better than the previous year's $290.4 million loss. Insurance MCR improved to 82.4% in Q4 and 81.2% for the full year.
Insurance MCR improved to 82.4% for the fourth quarter and 81.2% for the full year 2023.
Company improved full-year 2023 Net Loss by $126.2 million and full-year Adjusted EBITDA by $245.7 million year-over-year.
Adjusted EBITDA during 2023 improved to a loss of $19.1 million in the fourth quarter compared to the prior year period loss of $80.0 million.
Issued 2024 guidance with Insurance MCR range of 79% - 83% and up to $20 million of Adjusted EBITDA profitability at the high end of the range.
Clover Health
Clover Health
Forward Guidance
For full-year 2024, Clover Health is providing its guidance as follows: Insurance revenue $1.25 billion - $1.30 billion, Insurance MCR 79% - 83%, Adjusted SG&A (Non-GAAP) $270 million - $280 million, Adjusted EBITDA (Non-GAAP) ($20) million - $20 million
Positive Outlook
- Insurance revenue $1.25 billion - $1.30 billion
- Insurance MCR 79% - 83%
- Adjusted SG&A (Non-GAAP) $270 million - $280 million
- Adjusted EBITDA (Non-GAAP) ($20) million - $20 million