Clover Health posts first quarterly Adjusted EBITDA profit of $10M; insurance MCR improves to 77.2%

CLOVER HEALTH INVESTMENTS, CORP. /DE

2023-Q2 EPS reported -$0.21 revenue$1,041,403,000

Q2 revenue $513.6M; insurance revenue up 17% YoY to $314.4M; net loss $28.8M vs $104.4M loss YoY.
Insurance MCR improved to 77.2% from 92.1% YoY; non-insurance MCR 99.6% vs 106.0%.
Adjusted EBITDA profit $10.0M compared to loss of $83.9M in Q2 2022; first quarterly positive.
FY 2023 guidance improved: insurance MCR 83%-85%, Adjusted EBITDA ($70M)-($120M).
CEO Andrew Toy cites operational efficiencies and Clover Assistant R&D; CFO confident in FY 2024 EBITDA profitability without new capital.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CLOVER HEALTH INVESTMENTS, CORP. /DE reported the quarter ended June 30, 2023 results: revenue $513.6 million, net income $28.8 million. Guidance reaffirmed.

Period: the quarter ended June 30, 2023
Revenue: $513.6 million
Net income: $28.8 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

For the second quarter 2023, the Company reported revenue of $513.6 million and net loss of $28.8 million.

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accession 0001801170-23-000059

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