Clover Health beats on revenue; issues guidance

May 17, 2021 7:43 AM ETClover Health Investments, Corp. (CLOV)CLOVBy: Meghavi Singh, SA News Editor
  • Clover Health (NASDAQ:CLOV): Q1 net loss of $48.42M
  • Revenue of $200.3M (+21.0% Y/Y) beats by $7.71M.
  • FY2021 guidance: Medicare Advantage membership is expected to be in the range of 68,000 - 70,000 by December 31, 2021, a growth rate of 17% - 21% as compared to year end 2020.
  • Total revenues are expected to be in the range of $810 - $830 million vs. consensus of $822.49M, inclusive of a preliminary estimate of approximately $20 - $30 million of revenue generated from Direct Contracting.
  • CMS benchmark expenditures under management for Direct Contracting are expected to be in the range of $700 - $800 million.
  • Total Medicare spend under management, which includes revenues from the Medicare Advantage program plus the estimated CMS benchmark expenditures for Direct Contracting, is expected to be in the range of $1.5 - $1.6 billion.
  • Normalized MCR (Non-GAAP) for Medicare Advantage is expected to be in the range of 94% - 97%.
  • MCR for Direct Contracting is expected to be approximately 100%, net of savings targets required by the Centers for Medicare & Medicaid Services (“CMS”).
  • Adjusted Operating Expenses (Non-GAAP) is expected to be between $250 and $270 million, reflecting the use of a portion of the proceeds from the Merger to make investments in marketing, network expansion and technology to support future growth.
  • Normalized Adjusted EBITDA loss (Non-GAAP) is expected to be in the range of $(240) - $(190) million.
  • Shares +3.75% PM.
  • Press Release

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