Clover Health Q1 2023 Insurance MCR improves to 86.6%, raises FY guidance

CLOVER HEALTH INVESTMENTS, CORP. /DE

2023-Q1 EPS reported -$0.15 revenue$527,775,000

Insurance revenue $317.1M (+14% YoY); Insurance MCR improved 980 bps to 86.6% from 96.4%.
Net loss $72.6M vs $75.5M Q1 2022; Adjusted EBITDA $(30.5)M, improvement of $40.4M YoY.
FY 2023 guidance raised: Insurance MCR 87%-89% (prior 88%-91%), revenue $1.18B-$1.23B, Adj. EBITDA ($125M)-($175M).
Non-Insurance revenue $205.8M (-65% as planned); Non-Insurance MCR improved to 96.1% from 99.8%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CLOVER HEALTH INVESTMENTS, CORP. /DE reported the first quarter 2023 results: revenue $527.8 million, net income net loss of $72.6 million. Guidance raised.

Period: the first quarter 2023
Revenue: $527.8 million
Net income: net loss of $72.6 million
Guidance: raised
Result: reported results

Exact text from the filing

For the first quarter 2023, the Company reported revenue of $527.8 million and net loss of $72.6 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CLOVER HEALTH INVESTMENTS, CORP. /DE reported full year 2023 results: revenue Insurance revenue of $1.18 billion - $1.23 billion. Guidance raised.

Period: full year 2023
Revenue: Insurance revenue of $1.18 billion - $1.23 billion
Guidance: raised
Result: guidance update

Exact text from the filing

Improved 2023 guidance includes Insurance MCR of 87% - 89%, Insurance revenue of $1.18 billion - $1.23 billion, and Adjusted EBITDA of ($125) million - ($175) million

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Source: SEC EDGAR

accession 0001801170-23-000037

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