Clover Health Reports First Quarter 2025 Results and Improves Full Year 2025 Guidance

Core Insights - Clover Health reported strong financial results for Q1 2025, with significant growth in membership and profitability, reflecting the effectiveness of its strategic plan [2][3][5] - The company has improved its full-year 2025 guidance, maintaining expectations for insurance revenue and adjusted EBITDA while increasing projected adjusted net income [6][5] Financial Performance - Insurance revenue for Q1 2025 reached $456.9 million, a 33.7% increase from $341.7 million in Q1 2024 [3][5] - Total revenues for Q1 2025 were $462.3 million, up 33.3% year-over-year [3][5] - Adjusted net income from continuing operations was $25.3 million, a 321.7% increase compared to $6.0 million in Q1 2024 [3][5] - Adjusted EBITDA for Q1 2025 was $25.8 million, reflecting a 279.4% increase from $6.8 million in the same quarter last year [3][5] Membership Growth - Average Medicare Advantage membership increased to 101,959 in Q1 2025, representing a 28.6% growth from 79,265 in Q1 2024 [3][5] - The company expects average Medicare Advantage membership to be between 103,000 and 107,000 for the full year 2025, indicating a 30% growth year-over-year at the midpoint [5][6] Cost Management - Medical costs for Q1 2025 were in line with expectations, demonstrating the strength of Clover's technology-driven care management model [5] - Adjusted SG&A as a percentage of total revenues improved to 18.0% in Q1 2025 from 21.6% in Q1 2024, indicating better operational efficiency [3][5] Future Outlook - Clover Health's updated guidance for full-year 2025 includes insurance revenue between $1.800 billion and $1.875 billion, with adjusted EBITDA profitability projected between $50 million and $70 million [6][5] - The company aims to continue strategic investments in its growth model and expand the reach of Clover Assistant to enhance competitive positioning [3][5]