KJAX
9 months ago
"We’re delighted to have delivered our first quarterly Adjusted EBITDA profit as a public company,” said Clover Health CEO Andrew
Toy.
Clover Health Reports Strong Second Quarter 2023 Results; Highlights Improved Financial Performance and Guidance
Ranges
Insurance revenue grew 17% compared to Q2'22, and second quarter Insurance MCR improved to 77.2%, bringing first half MCR to
81.9%
Company reports Q2 Net Loss of $28.8 million, and Adjusted EBITDA profit of $10.0 million
Improved 2023 guidance includes Insurance MCR of 83% - 85%, and Adjusted EBITDA of ($70) million - ($120) million
FRANKLIN, Tenn. - August 8, 2023 – Clover Health Investments, Corp. (NASDAQ: CLOV) ("Clover," "Clover Health" or the
"Company"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today
reported financial results for the second quarter 2023. Management will host a conference call today at 5:00 p.m. ET to discuss its
operating results and other business highlights.
For the second quarter 2023, the Company reported revenue of $513.6 million and net loss of $28.8 million. Adjusted EBITDA in the
second quarter 2023 improved to a gain of $10.0 million compared to the second quarter 2022 loss of $83.9 million. Compared to the
second quarter 2022, Insurance revenue grew by 17% to $314.4 million, and MCR improved to 77.2% from 92.1%. As contemplated
in the Company's previously disclosed strategic shift for the Non-Insurance segment, Non-Insurance revenue declined by 67% to $193.5
million, and MCR improved to 99.6% from 106.0%.
"We’re delighted to have delivered our first quarterly Adjusted EBITDA profit as a public company,” said Clover Health CEO Andrew
Toy. “We have been strategically focused on demonstrating the strength of our model by maturing operations, driving efficiencies, and
continuing to invest in Clover Assistant R&D and our home care capabilities. We have multiple exciting initiatives in each of these
areas that we expect will allow us to maintain our momentum through the second half of the year and into 2024. We are reflecting that
expectation via significantly improved full year 2023 guidance for the Insurance segment and on a consolidated basis."
"Insurance MCR improved by more than 1,400 basis points and Non-Insurance MCR improved by more than 600 basis points,
demonstrating the strength of our strategy and our ability to make strides towards sustainable profitability,” said Clover Health CFO
Scott Leffler. “We are excited about our improved outlook for 2023, the favorable impact on our liquidity position, and are also
increasingly confident in the Company’s potential to deliver profitability on an Adjusted EBITDA basis for full year 2024 without the
necessity of raising additional capital."
https://investors.cloverhealth.com/static-files/3731b516-6961-45d8-aba6-7509a4b31791
KJAX
9 months ago
So many incorrect shit posting.
1) It was for tax obligations like an other stock RSU's
2) NASDAQ compliant today (10 days over $1)
3) there is no R/S, but there is a vote for one (NASDAQ compliant might make that useless now)
4) settled lawsuit = great
5) share dilution at $5.75 was the right call considering this dropped below a $1 and would have had to dilute more if they waited
1. Represents shares of Class A Common Stock that were automatically withheld to cover tax obligations upon the vesting, on July 25, 2023, of 25% of the original number of time-based restricted stock units ("RSUs") granted to the Reporting Person on July 25, 2022, and timely reported on a Form 4 filed on July 25, 2022. The remaining RSUs vest in twelve equal quarterly installments beginning on the date that is three months after July 25, 2023, in each case subject to the continued service of the Reporting Person on such vesting date.
https://www.sec.gov/Archives/edgar/data/1801170/000089534523000420/xslF345X05/form4.xml
StockLogistics
2 years ago
“6:40p ET 6/24/2022 - Globe Newswire
Clover Health Set to Join Russell 3000(R) Index
EQNX::TICKER_START (NASDAQ:CLOV), EQNX::TICKER_END Clover Health Investments, Corp. (NASDAQ: CLOV) ("Clover," "Clover Health" or the "Company"), a physician enablement company committed to improving health equity for seniors, is set to be added as a member of the broad-market Russell 3000(R) Index, effective after the US market opens on June 27, 2022 as part of the 2022 Russell indexes reconstitution, according to a preliminary list of additions posted on June 3, 2022.
Annual reconstitution of the Russell indexes captures the 4,000 largest US stocks as of May 6, 2022, ranking them by total market capitalization. Membership in the Russell 3000(R) Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000(R) Index or small-cap Russell 2000(R) Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
"This is another significant milestone for Clover Health as a public company on our mission to improve every life," said Vivek Garipalli, CEO of Clover. "We welcome the enhanced exposure and visibility provided by our inclusion in the index as a way to broaden awareness and engagement within the investment community as we execute upon our strategy."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell's US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000(R) Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.
”