Clover Health Q2 2024: first GAAP net income of $7.2M, raises FY2024 guidance

CLOVER HEALTH INVESTMENTS, CORP. /DE

Q2 GAAP net income from continuing operations $7.2M vs. loss of $28.9M in Q2 2023; first positive quarter.
Total revenue $356.3M, up 11% YoY; Insurance revenue $349.9M, also up 11%.
Insurance MCR improved to 71.3% from 77.2% (590 bps improvement); Insurance BER improved to 76.1%.
Adjusted EBITDA $36.2M vs. $9.9M in Q2 2023.
FY2024 guidance raised: Insurance revenue $1.35B-$1.375B, Adjusted EBITDA $50M-$65M (from $10M-$30M).

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