Clover Health Q1 2024: first Adj. EBITDA profit $6.8M; guides to full-year profitability

CLOVER HEALTH INVESTMENTS, CORP. /DE

Insurance revenue $341.7M (+7.8% YoY); total revenue $346.9M.
GAAP net loss from continuing ops improved to $23.2M from $79.7M loss in Q1 2023.
Adjusted EBITDA profit $6.8M versus loss $37.5M a year ago; Insurance MCR improved 870 bps to 77.9%.
Raised 2024 guidance: Insurance revenue $1.30B-$1.35B; Adj. EBITDA profitability $10M-$30M.
Board authorized $20M share repurchase over two years.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CLOVER HEALTH INVESTMENTS, CORP. /DE reported the first quarter ended March 31, 2024 results: revenue $346.9 million, net income $23.2 million. Guidance raised.

Period: the first quarter ended March 31, 2024
Revenue: $346.9 million
Net income: $23.2 million
Guidance: raised
Result: reported results

Exact text from the filing

exceeding its expectations on several key operating metrics and highlighting significant progress on its path to profitability. For the first quarter 2024, total revenue was $346.9 million, with GAAP net loss from continuing operations improving to $23.2 million. Adjusted EBITDA improved to a profit of $6.8 million, as compared to the prior year period loss of

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Source: SEC EDGAR

accession 0001801170-24-000101

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