Clover Health Investments, Corp. (CLOV) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced earnings of $0.01, delivering a surprise of 125%.Over the last four quarters, the com ...

Third Quarter 2024 Earnings Conference Call November 6, 2024 LGTMs: Date: | --- | --- | |--------------------------|----------| | | | | Andrew T. ("I" in RAPID) | Input | | | provided | | | 11/4 | Peter K. Legal (Karen / Peter R.) Accounting (#s check) Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.'s ("Clover Health," "we," "our," or "us") expectatio ...

Financial Data and Key Metrics Changes - The GAAP net loss in continuing operations for Q3 2024 improved significantly by $25 million to a loss of $9 million compared to the same quarter last year [19] - Adjusted EBITDA improved to a profit of $19 million this quarter, compared to $3 million in Q3 2023 [19] - Year-to-date adjusted EBITDA profitability increased by $87 million, delivering $62 million so far this year [20] - Insurance revenue for Q3 2024 was $323 million, representing year-to-year growth of 7% [22] - Year-to-date revenue was $1.14 billion, reflecting a 9% growth year-to-year [23] Business Line Data and Key Metrics Changes - The Insurance Benefits Expense Ratio (BER) improved to 82.8% in Q3 2024, compared to 82.2% in the same period of 2023 [21] - The Medical Care Ratio (MCR) improved to 78% in Q3 2024 from 78.5% last year [21] - The company achieved industry-leading loss ratios driven by strong performance in PMPM revenue and medical expense management [7] Market Data and Key Metrics Changes - The company received upgraded Star Ratings, notably a 4-Star Rating for its flagship PPO for plan year 2025, impacting payment year 2026 [8] - Over 95% of members are in the 4-Star plan, which received the highest score in the country on core HEDIS measures [8] Company Strategy and Development Direction - The company plans to focus on growth while maintaining consolidated profitability through strong management of returning member cohorts [14] - Investments will be made to support membership growth opportunities for 2025 and beyond, leveraging improved Star Ratings and strong performance [27][28] - The company aims to expand its Medicare Advantage plan significantly and profitably within current markets and new geographies [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunity due to competitors struggling with Star Ratings and cost management [13] - The company is positioned well for growth in 2025, supported by strong performance in 2024 [15] - Management highlighted the importance of maintaining a strong balance sheet and operational efficiencies to support future growth [31][34] Other Important Information - The company ended Q3 2024 with cash and investments totaling $531 million [30] - Cash flow from operating activities for Q3 was $50 million, bringing year-to-date cash flow to $130 million [31] - The company plans to increase its full year 2024 adjusted EBITDA guidance to between $55 million and $65 million [33] Q&A Session Summary Question: Insights on AEP for 2025 and impact of STARS rating - Management noted that the 4-Star Rating affects plan year 2025 and positions the company well against competitors [46][48] Question: Details on fourth quarter investments and PPD benefit - Investments will focus on marketing and quality initiatives, with PPD having a smaller impact than in prior quarters [50][51] Question: Impact of IRA on drug costs and bids - Management indicated that they are adjusting bids in response to IRA changes and feel confident about their position in the market [55][57]

Clover Health Reports Strong Third Quarter 2024 Financial Results; Highlights Differentiated Market Opportunity to Grow Membership Delivers 9% Total Revenue growth year-to-date compared to prior year period Company improves 2024 year-to-date GAAP Net Loss from Continuing Operations by $117.4 million year-over-year and year-to-date Adjusted EBITDA by $87.2 million year-over-year Increases Full-Year 2024 guidance midpoint to target updated range of Adjusted EBITDA profitability of $55 million - $65 million, s ...

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Clover Health Investments, Corp. (CLOV) is scheduled to report third-quarter 2024 results on Nov. 6, after the closing bell.In the last reported quarter, the company delivered earnings per share of a penny against the Zacks Consensus Estimate of a loss of 4 cents. Over the trailing four quarters, its earnings outperformed the Zacks Consensus Estimate on each of the four occasions, delivering an earnings surprise of 49.2%, on average.For third-quarter 2024, the Zacks Consensus Estimate for revenues is pegged ...

FRANKLIN, Tenn., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover Health”), today announced that it will report third quarter 2024 financial results after market close on Wednesday, November 6, 2024. Management will host a conference call and webcast at 5:00 p.m. Eastern Time on November 6, 2024, to discuss Clover Health’s third quarter 2024 business and financial results. Third Quarter 2024 Conference Call and Webcast Details: What: Clover Health’s Third Quarter 20 ...

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Have you been paying attention to shares of Clover Health Investments, Corp. (CLOV) ? Shares have been on the move with the stock up 50.4% over the past month. The stock hit a new 52-week high of $4.03 in the previous session. Clover Health Investments, Corp. has gained 320.1% since the start of the year compared to the 7.2% move for the Zacks Medical sector and the -9% return for the Zacks Medical Info Systems industry. What's Driving the Outperformance? The stock has an impressive record of positive earni ...

FRANKLIN, Tenn., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) ("Clover Health" or "Clover"), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, today announced the appointment of Joseph Brand as Chief Operating Officer (COO) for its Medicare Advantage (MA) plan. Mr. Brand will oversee core MA operations and drive performance improvements, with a focus on improving healthcare delivery in New Jersey by lever ...