NASDAQ$CLOV
Clover Health Investments Corp. · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Reported financial results for the second quarter of 2021.
Clover Health's Q2 2021 revenue increased by 140% year-over-year to $412 million, driven by the launch of Direct Contracting. Lives under Clover Management nearly doubled to approximately 129,000. The Clover Assistant is on track to manage over $1 billion of annualized revenue.
- Total revenue was $412.5 million, up 140% year-over-year.
- Lives under Clover Management nearly doubled from the first quarter to approximately 129,000.
- Clover Assistant has approximately 95,000 lives under management and is on pace to manage over $1 billion of annualized revenue.
- GAAP net loss was $(317.6) million, impacted by a non-cash loss of $134.5 million relating to the change in the fair value of public and private placement warrants.
Headline financials
Revenue & EPS history
Clover Health · Revenue · Quarterly
$412M
Revenue by segment
Clover Health · $301M total across 1 segment · Q3 2023
- Insurance Revenue$301M+12.4%100.0%
Forward guidance
For full year 2021, Clover Health expects total revenues to be in the range of $1.4 billion to $1.5 billion, Medicare Advantage membership to be in the range of 68,000 - 70,000 by December 31, 2021, Normalized MCR for Medicare Advantage to be in the range of 94% - 97%, Adjusted Operating Expenses to be between $250 and $270 million, Adjusted Operating Expenses as a percentage of revenue to be 16% in the second half of 2021, and Normalized Adjusted EBITDA loss to be in the range of $(250) - $(210) million.
Tailwinds
- Total revenues are expected to be in the range of $1.4 billion to $1.5 billion.
- MA revenue of $760 million to $790 million
- Medicare Direct Contracting revenue of $650 million to $700 million.
- 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.
- Normalized MCR (Non-GAAP) for Medicare Advantage is expected to be in the range of 94% - 97%.
Headwinds
- Adjusted Operating Expenses (Non-GAAP) is expected to be between $250 and $270 million.
- Adjusted Operating Expenses (Non-GAAP) as a percentage of revenue is expected to be 16% in the second half of 2021 compared to 21% in the first half of 2021 and 22% in full year 2020.
- Normalized Adjusted EBITDA loss (Non-GAAP) is expected to be in the range of $(250) - $(210) million.
- The Company expects the number of aligned beneficiaries to remain roughly flat for the remainder of 2021.
- Excludes gross profit or loss from Direct Contracting, reflecting the fact that we do not yet have sufficient claims data to prepare a “normalized” result for the Direct Contracting segment.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2021
-0.1%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+5.7%
Avg return
30 days after
46%
11 / 24 earnings
Positive
+20.9%
Q1 2024
Best reaction
-15.4%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +11.0% | +26.3% | +36.3% | |
| Q4 2025 | -3.2% | +0.5% | -18.6% | |
| Q3 2025 | -15.4% | -26.1% | -26.7% | |
| Q1 2025 | +11.9% | +3.6% | -8.8% | |
| Q4 2024 | -4.1% | -7.5% | -13.3% | |
| Q3 2024 | -15.0% | -22.9% | -22.2% | |
| Q2 2024 | +9.6% | +11.4% | +71.6% | |
| Q1 2024 | +20.9% | +13.9% | +52.8% | |
| Q4 2023 | +2.2% | +1.1% | -9.8% | |
| Q3 2023 | -15.2% | -17.2% | -13.0% | |
| Q2 2023 | +10.3% | +19.0% | +4.0% | |
| Q1 2023 | +4.7% | +11.2% | +10.1% | |
| Q4 2022 | -2.2% | -5.2% | -28.3% | |
| Q3 2022 | -5.8% | +11.7% | -13.1% | |
| Q2 2022 | -14.4% | +1.2% | -23.6% | |
| Q1 2022 | -11.9% | -3.0% | -5.2% | |
| Q4 2021 | +20.1% | +33.3% | +72.5% | |
| Q3 2021 | -4.3% | -9.0% | -40.9% | |
| Q2 2021 | +7.1% | +1.0% | +2.1% | |
| Q1 2021 | -6.7% | -7.2% | +73.4% | |
| Q2 2020 | +2.6% | +4.3% | +37.0% | |
| Q4 2020 | -3.8% | -16.6% | -19.6% | |
| Q3 2020 | +0.3% | +0.7% | +9.1% | |
| Q4 2019 | -0.1% | -0.2% | +10.2% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro