Clover Health Investments Corp ( (CLOV) ) has released its Q3 earnings. Here is a breakdown of the information Clover Health Investments Corp presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Clover Health Investments Corp., a physician enablement technology company, focuses on providing access to quality healthcare for Medicare beneficiaries through its data-driven platform, Clover Assistant, while offering Medicare Advantage plans with a strong emphasis on equity and chronic disease management.
In its third-quarter 2024 earnings report, Clover Health announced a robust financial performance with a 9% year-to-date revenue growth compared to the previous year. The company also reported significant improvements in key financial metrics, including a better GAAP Net Loss from Continuing Operations and an increase in Adjusted EBITDA.
Key highlights from Clover Health’s financial performance include a reduction in GAAP Net Loss from $33.6 million in Q3 2023 to $8.8 million in Q3 2024, and an impressive increase in Adjusted EBITDA from $2.7 million to $19.3 million during the same period. Additionally, the company reported a 7% year-over-year growth in insurance revenue for the third quarter, reaching $322.6 million. Aided by strong member retention and growth, the company also improved its insurance Benefits Expense Ratio to 82.8% from 83.3% in the previous year.
Clover Health’s management remains optimistic about future growth, raising its full-year 2024 guidance for Adjusted EBITDA profitability to a range of $55 million – $65 million. The company’s strong financial performance and strategic focus on leveraging its technology platform position it well for continued membership growth and investment opportunities in 2025.
