Markets tanked on Monday because the Japanese central bank raised its interest rate to 0.25%. Interest rates were originally at a benchmark between 0 and 0.1, meaning a minor 15- to 25-basis-point increase had significant consequences for investors who were making margin calls with Yen. Investors raced to sell off their stock and repay their loans, causing markets to crash. A weaker market allows investors to purchase stock at discounted prices. Indeed, the Healthcare sector is positioned to grow to $819 bi ...

Clover Health Investments, Corp. (NASDAQ:CLOV) Q2 2024 Earnings Conference Call August 5, 2024 5:00 PM ET Company Participants Ryan Schmidt - IR Andrew Toy - CEO Peter Kuipers - CFO Conference Call Participants Richard Close - Canaccord Genuity Inc. Jason Cassorla - Citigroup Whit Mayo - Leerink Partners Operator Ladies and gentlemen good afternoon, and welcome to the Clover Health Second Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer se ...

Financial Performance Highlights - Clover Health achieved its first-ever GAAP Net Income as a public company in Q2 2024[9] - Adjusted EBITDA significantly improved, reaching $36.2 million in 2Q24, a $26.3 million increase compared to $9.9 million in 2Q23[23] - The company is targeting meaningful Adjusted EBITDA profitability for the full year 2024[23] - Insurance MCR was 71.3% and BER was 76.1% in 2Q24, driven by 11% revenue growth compared to 2Q23[23] - Adjusted SG&A increased 9% to $71.7 million in 2Q24 compared to 2Q23, while total SG&A decreased 4% to $99.9 million[23] Guidance and Outlook - Clover Health updated its full-year 2024 Insurance Revenue guidance to $1.35 billion - $1.375 billion[31] - The company expects an Insurance MCR of 77% - 79% for full-year 2024[31] - Adjusted SG&A is projected to be $270 million - $280 million for the year[31] - Adjusted EBITDA is guided to be $50 million - $65 million for full-year 2024[31] Strategic Positioning - Approximately 95% of Clover Health's Insurance members are in a PPO plan, reflecting consumer preference[16] - Payment year 2025 PPO Star Rating upgraded to 3.5 Stars from CMS recalculation[23] - Clover Health is positioned to self-fund future business growth[23]

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 ...

FRANKLIN, Tenn., June 14, 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 the Centers for Medicare and Medicaid Services ("CMS") has recalculated the 2024 Star Ratings of Clover Health's PPO Medicare Advantage ("MA") plans for the 2025 payment year, and has increased the rating by 0.5 Stars, to a revise ...

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 ...