Financial Performance - Total revenue for Q2 2024 increased by 11% year-over-year to $356.3 million, driven by strong member retention and intra-year growth[1][3][4] - GAAP net income from continuing operations improved to $7.2 million in Q2 2024, compared to a net loss of $28.9 million in Q2 2023[1][3][4] - Adjusted EBITDA for Q2 2024 was $36.2 million, a significant increase of 265.7% from $9.9 million in Q2 2023[1][3][4] - Insurance revenue for Q2 2024 was $349.9 million, reflecting an 11.3% increase from $314.4 million in Q2 2023[3][4] - Total revenues for Q2 2024 reached $356.3 million, a 11.3% increase from $320.1 million in Q2 2023[17] - Net income from continuing operations for Q2 2024 was $7.2 million, compared to a loss of $28.9 million in Q2 2023[17] - Adjusted EBITDA for the three months ended June 30, 2024, was $36,192 thousand, significantly up from $9,945 thousand in the same period last year[21] Guidance and Projections - The company has raised its full-year 2024 guidance for insurance revenue to between $1.35 billion and $1.375 billion, up from the previous range of $1.30 billion to $1.35 billion[1][5] - Adjusted EBITDA guidance for full-year 2024 has been increased to between $50 million and $65 million, compared to the previous guidance of $10 million to $30 million[1][5] Cost Management - Insurance Medical Care Ratio (MCR) improved to 71.3% in Q2 2024, down from 77.2% in Q2 2023, indicating better cost management[3][4] - Insurance benefits expense ratio for the three months ended June 30, 2024, improved to 76.1%, compared to 82.1% for the same period in 2023[24] - Adjusted SG&A as a percentage of revenue decreased to 20% for the three months ended June 30, 2024, from 21% in the same period last year[23] Cash and Investments - The company reported a decrease in total cash and investments to $482.8 million, down 30% from $689.8 million in the previous year[4] - Cash and cash equivalents increased to $254.8 million as of June 30, 2024, up from $116.4 million at the end of 2023[14] - Cash, cash equivalents, and restricted cash at the end of the period for discontinued and continuing operations totaled $254,771 thousand, down from $392,809 thousand in the previous year[20] - Net cash provided by operating activities from continuing operations was $79,697 thousand, down from $111,677 thousand in the previous year[20] - Net cash provided by investing activities was $14,139 thousand, a decrease from $76,672 thousand in the same period last year[20] - Net cash used in financing activities was $6,554 thousand, compared to $2,281 thousand in the previous year[20] Membership and Operations - Clover Health's insurance members decreased to 80,261 as of June 30, 2024, from 82,526 a year earlier[6] - The company reported net medical claims incurred of $248.3 million for Q2 2024, slightly up from $244.3 million in Q2 2023[17] - Net medical claims incurred for the three months ended June 30, 2024, were $249,406 thousand, compared to $242,839 thousand for the same period in 2023[24] Assets and Liabilities - Total current liabilities rose to $324.5 million as of June 30, 2024, compared to $261.1 million at the end of 2023, primarily due to unpaid claims increasing by 46.8%[15] - Total assets increased to $674.2 million as of June 30, 2024, compared to $570.7 million at the end of 2023, marking a growth of 18.2%[14] - Stockholders' equity rose to $324.9 million as of June 30, 2024, compared to $286.4 million at the end of 2023, an increase of 13.4%[16] Earnings Per Share - The company reported a basic earnings per share of $0.01 for Q2 2024, compared to a loss of $0.06 per share in Q2 2023[18] Operating Expenses - Total operating expenses for the first half of 2024 were $718.7 million, a decrease from $750.7 million in the same period of 2023[17] - Net loss for the six months ended June 30, 2024, was $11,762 thousand, compared to a loss of $101,420 thousand for the same period in 2023[20]

FRANKLIN, Tenn., July 24, 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, today announced its participation in the following investor conferences: About Clover Health: Investor Relations Contact: Ryan Schmidt investors@cloverhealth.com A live webcast and reply of the fireside chat presentations will be accessible from Clove ...

FRANKLIN, Tenn., July 22, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) ("Clover Health"), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, today announced that it will report second quarter 2024 financial results after market close on Monday, August 5, 2024. Management will host a conference call and webcast at 5:00 p.m. Eastern Time on August 5, 2024, to discuss Clover Health's business and financial results. Sec ...

FRANKLIN, Tenn., June 26, 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, today announced that it has received formal notice from The Nasdaq Stock Market, LLC ("Nasdaq") stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1). As previously disclose ...

FRANKLIN, Tenn., June 26, 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, today announced that it has received formal notice from The Nasdaq Stock Market, LLC ("Nasdaq") stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1). As previously disclose ...

Core Viewpoint - Clover Health Investments, Corp. has received an increase in its Star Rating for its PPO Medicare Advantage plans from 3 Stars to 3.5 Stars for the 2025 payment year, which is expected to enhance its financial outlook and membership growth potential [1][2][7]. Company Overview - Clover Health is a physician enablement technology company focused on providing access to quality healthcare for Medicare beneficiaries, particularly targeting seniors who have historically faced barriers to affordable healthcare [4]. - The company's strategy is supported by its software platform, Clover Assistant, which aggregates patient data to aid clinical decision-making and improve health outcomes [4]. Financial Implications - The recalculated Star Rating significantly improves Clover Health's financial outlook for the upcoming year, allowing for accelerated membership growth while maintaining profitability [2][7]. - Over 95% of Clover's Medicare Advantage membership is currently served through its PPO plans, indicating a strong reliance on this segment for future growth [1]. Regulatory Context - The announcement pertains to the 2022 measurement year, which corresponds to the 2025 payment year, highlighting the annual evaluation process by Medicare based on a 5-star rating system [3].

Business Overview Clover Health is a Medicare Advantage plan provider that combines technology, data analytics, and preventative care to lower costs and increase the quality of health and life of Medicare beneficiaries. The company's technology platform, Clover Assistant, utilizes AI and machine learning to deliver data and insights to physicians that help with early diagnosis and management of chronic diseases. While Clover Health remains unprofitable, the company has made significant strides regarding tha ...

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 ...