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Dec 31, 2024
Clover Health Q4 2024 Earnings Report
Clover Health reported its financial results for the fourth quarter and full year 2024, showing improvements in GAAP Net loss and Adjusted EBITDA, and provided full year 2025 guidance.
Key Takeaways
Clover Health demonstrated differentiated clinical and financial results in 2024, driven by its technology-first physician empowerment model and home care arm. The company achieved strong Adjusted EBITDA profitability and positive cash flow from operations, positioning it for investment in membership growth and Clover Assistant technology in 2025.
Full year 2024 GAAP Net loss from continuing operations improved by $164 million year-over-year.
Full year 2024 Adjusted EBITDA reached $70 million, an increase of $112 million year-over-year.
Insurance revenue for Q4 2024 grew by 9% year-over-year to $331 million.
The company issued full year 2025 guidance, projecting average Medicare Advantage membership of 103,000 - 107,000 and Adjusted EBITDA profitability between $45 million and $70 million.
Forward Guidance
Clover Health provided guidance for the full year 2025, anticipating continued growth in Medicare Advantage membership and insurance revenue, alongside strong Adjusted EBITDA and Adjusted Net income profitability.
Positive Outlook
- Average Medicare Advantage membership projected to grow by 30% year-over-year at the midpoint (103,000 - 107,000 members).
- Insurance revenue expected to be between $1.800 billion and $1.875 billion, representing 37% growth year-over-year at the midpoint.
- Adjusted EBITDA profitability projected between $45 million and $70 million.
- Adjusted Net income expected to be between $45 million and $70 million.
- Insurance BER (Non-GAAP) projected to be between 87% and 88%.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- No specific negative forward guidance points were explicitly stated in the provided text.
- No specific negative forward guidance points were explicitly stated in the provided text.
Historical Earnings Impact
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