Clover Health Net loss of $187.2M, revenue of $432.04M beats by $23.9M
Feb. 23, 2022 4:37 PM ETClover Health Investments, Corp. (CLOV)By: Pranav Ghumatkar, SA News Editor5 Comments
- Clover Health press release (NASDAQ:CLOV): Q4 Net loss of $187.2M.
- Revenue of $432.04M (+159.9% Y/Y) beats by $23.9M.
- Shares +6.97%.
- Outlook: Total revenues are expected to be in the range of $3.0 billion to $3.4 billion. This includes projected MA revenue of $1.0 billion to $1.1 billion and Direct Contracting revenue of $2.0 billion to $2.3 billion.
- Medicare Advantage membership is expected to average 84,000 - 85,000, a growth rate of 26% - 27% as compared to the 2021 average. For the Direct Contracting program, the Company expects the average number of aligned beneficiaries to be 160,000 - 165,000, compared to an average of 62,125 in 2021 and our prior guidance of 125,000.
- GAAP MA MCR is expected to be in the range of 95% - 99%. This improvement versus 2021 is driven by a combination of expected operational efficiencies, increased risk scores and slightly lower COVID-19 costs. Direct Contracting Margin is also expected to improve versus 2021 levels. Any significant developments related to COVID-19 and/or historical utilization trends could impact these expectations.
- Adjusted Operating Expenses are expected to be between $330 million and $345 million.
- Adjusted Operating Expenses as a percentage of revenue is expected to be 10% - 12% compared to 18% in 2021.