FRANKLIN, Tenn., May 29, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) ("Clover," "Clover Health" or the "Company"), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, is excited to announce that its flagship clinical decision support tool, Clover Assistant, is now generally available for external payors and providers under the brand name Counterpart Assistant ("CA"). This strategic move with Counterpart Health, a su ...

Financial Data and Key Metrics Changes - The company reported a significant year-over-year improvement in GAAP net loss from continuing operations, reducing it from $80 million to $23 million, and adjusted EBITDA improved from a loss of $38 million in Q1 2023 to a profit of $7 million in Q1 2024 [32][47][63] - Insurance revenue grew by 8% year-over-year to $342 million, with an improved medical care ratio (MCR) of 77.9%, down from 86.6% in Q1 of the previous year [20][33][59] - The company expects full-year 2024 adjusted EBITDA profitability between positive $10 million to $30 million and has raised its insurance revenue guidance to between $1.3 billion and $1.35 billion [48][54][76] Business Line Data and Key Metrics Changes - The company emphasized the performance of its insurance business, which saw an 8% revenue growth and improved MCR, indicating better operational efficiency [20][33] - Adjusted SG&A expenses decreased by 12% year-over-year to $75 million, reflecting effective cost management strategies [34][61] Market Data and Key Metrics Changes - The company is experiencing favorable trends in claims processing and management, with expectations for claims submissions to normalize following a cyber attack that impacted the industry [26][51][88] - The company is positioned to navigate industry headwinds, including changes in Medicare Advantage rates and the implementation of new HCC V28 coding rules [87] Company Strategy and Development Direction - The company is focusing on enhancing its Clover Assistant platform and Clover Home Care capabilities to improve care management and health outcomes [6][19][78] - A new affiliate entity has been established to unify nonclinical quality improvement services, starting in New Jersey, with plans to expand to third parties in the future [2][39][78] - The company aims to maintain a disciplined approach to benefit design and revenue growth, targeting high single-digit growth for 2025 [41][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year adjusted EBITDA profitability and highlighted the company's unique position to adapt to regulatory changes in the Medicare landscape [30][40][76] - The company is optimistic about its liquidity position, expecting to be breakeven or slightly positive in cash flow from operating activities for the full year 2024 [28][64] Other Important Information - The Board of Directors has authorized a share repurchase program of up to $20 million of the company's Class A common stock over the next two years [5][74] - The company has hired a new permanent CFO, Peter Kuipers, to strengthen its leadership team [57] Q&A Session Summary Question: Can you walk us through the progression of adjusted EBITDA through the rest of the year? - Management indicated that Q2 typically has more favorable seasonality, which would lead to better EBITDA progression in that quarter [69] Question: Will the new calculation be provided on a quarterly historical basis? - Management confirmed that the new calculation will be provided next quarter, aligning with how MCR has been reported historically [71][83] Question: Can you provide insight into the magnitude of changes expected over the next few quarters? - Management acknowledged the current visibility challenges but expressed confidence in the trend and expected improvements as the year progresses [82]

Clover Health Investments, Corp. (CLOV) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.07. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this company would post a loss of $0.18 per share when it actually produced a loss of $0.12, delivering a surprise of 33.33%.Over the last four quarters, the com ...

Financial Performance - Clover Health improved its 2024 guidance to target full-year Adjusted EBITDA profitability and believes it has sufficient capital for operating and growth needs[4] - The company's Q1 2024 Insurance MCR was 77.9% with 8% revenue growth[31] - Clover Health's Adjusted EBITDA improved year-over-year by $44.3 million to $6.8 million in Q1 2024, compared to ($37.5) million in Q1 2023[31] - Adjusted SG&A decreased 12% to $74.9 million in Q1 2024, compared to Q1 2023[31] - Net loss from continuing operations improved year-over-year by $56.5 million to ($23.2) million in Q1 2024, compared to ($79.7) million in Q1 2023[31] Outlook and Liquidity - Clover Health is targeting $1.30 billion - $1.35 billion in annual premiums and positive Adjusted EBITDA profitability of $10 million - $30 million for full-year 2024[26] - The company expects pro-forma year-end 2024 unregulated liquidity of between $145 million - $165 million[37] - Clover Health had unregulated liquidity of approximately $137 million at year-end 2023[37] Clover Assistant and Clover Home Care - Clover Health continues to focus and invest in its unique care management platform, Clover Assistant and Clover Home Care, to deliver an increasing impact and better care management for members[25] - Clover Assistant is designed to enable any provider to deliver consistent, high-quality care, allowing for wider network construction in a sustainable fashion[8] - Clover Home Care supplements community physicians to meet the needs of patients that are most at-risk[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ ________________________________________ FORM 10-Q ________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Registrant's telephone number, including area code: (201) 432-2133 Securities registered pursuant to Section 12(b) of the Act: OR o TRANSITION REPORT PURSUANT TO ...

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) Clover Health reported strong Q1 2024 financial results, exceeding expectations, and updated its full-year guidance towards profitability, while also authorizing a share repurchase program [First Quarter 2024 Performance Overview](index=1&type=section&id=First%20Quarter%202024%20Performance%20Overview) Clover Health reported strong financial results for Q1 2024, exceeding expectations and demonstrating significant progress towards profitability, with key improvements including a reduced GAAP net loss, positive Adjusted EBITDA, and improved Insurance MCR | Metric | Q1'24 | Q1'23 | Change (%) | | :------------------------------------------------------------------ | :--------- | :--------- | :----------- | | Total revenue | $346.9M | $322.0M | 7.7% | | GAAP Net loss from continuing operations | ($23.2M) | ($79.7M) | (70.9%) | | Adjusted EBITDA (non-GAAP) | $6.8M | ($37.5M) | Favorable* | | Insurance revenue | $341.7M | $317.1M | 7.8% | | Insurance MCR | 77.9% | 86.6% | (870 bps) | | SG&A | $103.8M | $126.6M | (18.0%) | | Adjusted SG&A (non-GAAP) | $74.9M | $84.8M | (11.7%) | [Updated Full-Year 2024 Financial Guidance](index=1&type=section&id=Updated%20Full-Year%202024%20Financial%20Guidance) The company has improved its full-year 2024 financial guidance, now targeting Adjusted EBITDA profitability and higher insurance revenue, while also narrowing the Insurance MCR range | Metric | Previous Guidance | Current Guidance | | :------------------------- | :---------------------------- | :---------------------------- | | Insurance revenue | $1.25 billion - $1.30 billion | $1.30 billion - $1.35 billion | | Insurance MCR | 79% - 83% | 79% - 81% | | Adjusted SG&A (Non-GAAP) | $270 million - $280 million | $270 million - $280 million | | Adjusted EBITDA (Non-GAAP) | ($20) million - $20 million | $10 million - $30 million | [Strategic Initiatives & Share Repurchase Program](index=1&type=section&id=Strategic%20Initiatives%20%26%20Share%20Repurchase%20Program) Clover Health is focused on leveraging its AI-driven care management platform, Clover Assistant, to thrive in the Medicare Advantage PPO market, and the Board of Directors has also authorized a new share repurchase program - The Board of Directors authorized a share repurchase program of up to **$20 million** of Class A Common Stock over the next two years[12](index=12&type=chunk) - Clover's strategy is built on its care management platform, Clover Assistant, which uses differentiated AI technology and asset-light wraparound care services (Clover Home Care) to power a unique PPO-first offering[13](index=13&type=chunk) - The company aims to empower physicians with software to deliver better care at lower costs through earlier identification and management of disease[13](index=13&type=chunk) [Lives Under Clover Management](index=2&type=section&id=Lives%20under%20Clover%20Management) The number of insurance members under Clover Management decreased slightly year-over-year as of March 31, 2024 | Metric | March 31, 2024 | March 31, 2023 | | :---------------- | :------------- | :------------- | | Insurance members | 79,527 | 83,794 | [First Quarter 2024 Financial Statements](index=5&type=section&id=First%20Quarter%202024%20Financial%20Statements) This section presents Clover Health's consolidated statements of operations, balance sheets, and operating segment data for the first quarter of 2024 [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show a significant reduction in net loss from continuing operations for Q1 2024 compared to Q1 2023, driven by increased revenues and decreased operating expenses, particularly in net medical claims and SG&A | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :-------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Premiums earned, net | $341,722 | $317,086 | | Other income | $5,200 | $4,906 | | **Total revenues** | **$346,922** | **$321,992** | | Net medical claims incurred | $265,162 | $274,789 | | Salaries and benefits | $59,223 | $68,981 | | General and administrative expenses | $44,569 | $57,644 | | **Total operating expenses** | **$369,625** | **$401,690** | | Loss from continuing operations | ($22,703) | ($79,698) | | Net loss from continuing operations | ($23,170) | ($79,698) | | Net income from discontinued operations | $4,000 | $7,092 | | **Net loss** | **($19,170)** | **($72,606)** | | Basic and diluted net loss per share | ($0.05) | ($0.17) | [Consolidated Balance Sheets: Selected Metrics](index=5&type=section&id=Consolidated%20Balance%20Sheets%3A%20Selected%20Metrics) Clover Health maintained a strong liquidity position, with an increase in cash and investments from December 31, 2023, to March 31, 2024, alongside growth in total assets and stockholders' equity | Selected Balance Sheet Data (in thousands) | March 31, 2024 | December 31, 2023 | | :--------------------------------------------------- | :------------- | :---------------- | | Cash, cash equivalents, restricted cash, and investments | $440,279 | $417,317 | | Total assets | $671,770 | $570,671 | | Unpaid claims | $238,602 | $138,593 | | Total liabilities | $379,296 | $284,277 | | Total stockholders' equity | $292,474 | $286,394 | [Operating Segments](index=7&type=section&id=Operating%20Segments) The Insurance segment generated the majority of premiums earned and contributed significantly to gross profit, while the Corporate/Other segment also showed a positive gross profit contribution | Metric (Three Months Ended March 31, 2024, in thousands) | Insurance | Corporate/Other | Eliminations | Consolidated Total | | :------------------------------------------------------- | :--------- | :-------------- | :----------- | :----------------- | | Premiums earned, net | $341,722 | — | — | $341,722 | | Other income | $3,727 | $15,681 | ($14,208) | $5,200 | | Net medical claims incurred | $266,076 | $4,938 | ($5,852) | $265,162 | | Gross profit (loss) | $79,373 | $59,208 | ($56,821) | $81,760 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations and explanations for Clover Health's non-GAAP financial measures, including Adjusted EBITDA and Adjusted SG&A [Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20EBITDA%20Reconciliation) Clover Health's Adjusted EBITDA significantly improved to a positive $6.8 million in Q1 2024 from a loss of $37.5 million in Q1 2023, after adjusting for non-cash and non-recurring items from GAAP net loss | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss from continuing operations (GAAP) | ($23,170) | ($79,698) | | Adjustments: | | | | Depreciation and amortization | $318 | $279 | | Loss (gain) on investment | $467 | — | | Stock-based compensation expense | $28,798 | $38,617 | | Premium deficiency reserve benefit | — | ($1,810) | | Restructuring costs | $353 | $1,807 | | Non-recurring legal expenses and settlements | $54 | $3,258 | | **Adjusted EBITDA (non-GAAP)** | **$6,820** | **($37,547)** | [Adjusted SG&A Reconciliation](index=9&type=section&id=Adjusted%20SG%26A%20Reconciliation) Adjusted SG&A decreased by 11.7% year-over-year, reaching $74.9 million in Q1 2024, and improved as a percentage of total revenues, reflecting better operational leverage after excluding stock-based compensation and non-recurring legal expenses | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Salaries and benefits | $59,223 | $68,981 | | General and administrative expenses | $44,569 | $57,644 | | **Total SG&A (GAAP)** | **$103,792** | **$126,625** | | Adjustments: | | | | Stock-based compensation expense | ($28,798) | ($38,617) | | Non-recurring legal expenses and settlements | ($54) | ($3,258) | | **Adjusted SG&A (non-GAAP)** | **$74,940** | **$84,750** | | Total revenues | $346,922 | $321,992 | | Adjusted SG&A (non-GAAP) as a percentage of revenue | 22% | 26% | [Explanation of Non-GAAP Financial Measures](index=10&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) Clover Health uses non-GAAP financial measures like Adjusted EBITDA and Adjusted SG&A to provide a clearer view of its core operating performance, excluding non-cash and non-recurring items that management believes do not reflect ongoing business expenses - Adjusted EBITDA is defined as net loss from continuing operations before depreciation and amortization, loss (gain) on investment, stock-based compensation expense, premium deficiency reserve benefit, restructuring costs, and non-recurring legal expenses and settlements[30](index=30&type=chunk) - Adjusted SG&A is defined as total SG&A less stock-based compensation expense and non-recurring legal expenses and settlements[47](index=47&type=chunk) - These non-GAAP measures are used by management and the board to evaluate operating performance, prepare budgets, and develop operating plans, providing useful information for period-to-period comparisons[30](index=30&type=chunk)[47](index=47&type=chunk) [Company Information & Events](index=3&type=section&id=Company%20Information%20%26%20Events) This section provides an overview of Clover Health, details on investor events, forward-looking statement disclaimers, and contact information [About Clover Health](index=4&type=section&id=About%20Clover%20Health) Clover Health is a physician enablement technology company focused on providing access to quality healthcare for Medicare beneficiaries, particularly those historically underserved, through its AI-powered Clover Assistant platform - Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare[9](index=9&type=chunk)[34](index=34&type=chunk) - The company's strategy is powered by its software platform, Clover Assistant, designed to aggregate patient data to support clinical decision-making and improve health outcomes[34](index=34&type=chunk) [Earnings Conference Call & Investor Events](index=3&type=section&id=Earnings%20Conference%20Call%20%26%20Investor%20Events) Clover Health hosted an earnings conference call on May 7, 2024, to discuss Q1 2024 results and will participate in upcoming investor conferences in May 2024 - A conference call to discuss Q1 2024 financial results was held on Tuesday, May 7, at 5:00 PM Eastern Time[17](index=17&type=chunk) - Upcoming investor events include the Bank of America 2024 Healthcare Conference (May 15, 2024) and the 2024 Leerink Partners Healthcare Crossroads Conference (May 29, 2024)[32](index=32&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding future performance, financial condition, and business plans, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially - Forward-looking statements include expectations regarding future events, results of operations, financial condition, market size, business strategy, and plans, including updated 2024 guidance and the share repurchase program[32](index=32&type=chunk) - These statements are not guarantees of future performance and are subject to various risks and uncertainties, including those detailed in the company's SEC filings[32](index=32&type=chunk) [Investor Relations & Press Contacts](index=4&type=section&id=Investor%20Relations%20%26%20Press%20Contacts) Contact information is provided for investor relations and press inquiries - Investor Relations Contact: Ryan Schmidt, investors@cloverhealth.com[20](index=20&type=chunk)[35](index=35&type=chunk) - Press Contact: Andrew Still-Baxter, press@cloverhealth.com[20](index=20&type=chunk)[35](index=35&type=chunk)

For many investors, the concept of putting money into healthcare stocks to sell them at a future date might seem like a safe investment. After all, almost every person in the United States is dependent upon the corporatized healthcare system in some way or another. The only real exception to this paradigm is the U.S. military and its TRICARE insurance program for all of its servicemembers and their families.As such, the common perception in the investment world is that healthcare stocks tend to represent mo ...

FRANKLIN, Tenn., April 22, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ:CLOV) ("Clover," "Clover Health" or the "Company"), a physician enablement technology company, today announced the appointment of Peter Kuipers as Chief Financial Officer ("CFO"), effective as of the day after the filing of the Company's Quarterly Report on Form 10-Q for the quarter-ended March 31, 2024. With a wealth of experience and a proven track record in financial management, Mr. Kuipers will drive strategic f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ FORM 10-K ________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Class A Common Stock, par value $0.0001 per share CLOV The NASDAQ Stock Market LLC OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39252 ________________________________________ ...

Clover Health Fourth Quarter and Full Year 2023 - Earnings Results Disclaimer | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------|-------|-------|-----------------------------|-------|-------|-------|-----------------------------|-------| | | | | | | | | | | | | | In millions, except MCR | | | | | | | | | | | Revenue | | | | | | | | | | | Gross Profit | | | Fourth Quarter | | | | Full-Year | | | | | | | Revenue +12% MCR -1,000 bps | | | | Revenue +14% MCR -1,060 ...