Clover Health Q3 revenue $856.8M, Insurance MCR improves to 86.3%; updates 2022 guidance

CLOVER HEALTH INVESTMENTS, CORP. /DE

2022-Q3 EPS reported -$0.54 revenue$2,577,896,000

Total revenue $856.8M more than doubled vs $427.2M YoY; net loss widened to $75.3M from $34.5M.
Insurance MCR improved to 86.3% in Q3 (vs 102.5% YoY); YTD Insurance MCR 91.7% vs 120.4% YoY.
Updated 2022 guidance: Insurance MCR range narrowed to 93%-94% (from prior 102%-106%).
Plans to moderate 2023 Insurance growth to prioritize profitability; reduce ACO REACH physician count.
Adjusted EBITDA loss narrowed to $58.3M from $79.7M YoY; strong liquidity, no capital need through 2023.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CLOVER HEALTH INVESTMENTS, CORP. /DE reported third quarter of 2022 results: revenue $ 856.8, net income (75.3).

Period: third quarter of 2022
Revenue: $ 856.8
Net income: (75.3)
Result: reported results

Exact text from the filing

Dollars in Millions Q3'22 Q3'21 Total revenue $ 856.8 $ 427.2

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Source: SEC EDGAR

accession 0001801170-22-000082

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