Clover Health Q3 net loss narrows to $8.8M; raises FY 2024 Adj. EBITDA guidance to $55-65M

CLOVER HEALTH INVESTMENTS, CORP. /DE

GAAP net loss from continuing ops improved to $8.8M from $33.6M YoY; Adjusted EBITDA rose to $19.3M from $2.7M.
Total revenue $331M (+8.2% YoY); insurance revenue $322.6M (+7.1% YoY); Insurance MCR improved 50 bps to 78.0%.
Year-to-date GAAP net loss improved $117.4M and Adjusted EBITDA improved $87.2M vs 2023.
New FY 2024 guidance: Insurance BER 81-82%, Adj. EBITDA $55-65M (midpoint raised $5M), Adj. SG&A $290-295M.
Flagship PPO plan achieved 4.0 Stars for payment year 2026; management plans to invest in membership growth in 2025.

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