Clover Health Investments(US:CLOV)2024-08-05 21:24Financial 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]