NASDAQ$CLOV
Clover Health Investments Corp. · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Reported financial results for the third quarter of 2021.
Clover Health's total revenue reached $427.2 million, a 153% increase year-over-year, with Lives under Clover Management growing by 125%. The GAAP Medicare Advantage (MA) Medical Care Ratio (MCR) improved by 850 basis points compared to the prior quarter. The company provides preliminary 2022 MA guidance, including average MA Lives of 82,000 and an MA MCR in the range of 95% to 99%.
- Total revenue was $427.2 million, up 153% year-over-year.
- Lives under Clover Management increased 125% year-over-year.
- GAAP Medicare Advantage (MA) Medical Care Ratio (MCR) improved by 850 basis points compared to the prior quarter.
- MA PPO plan was upgraded to 3.5 stars.
Headline financials
Revenue & EPS history
Clover Health · Revenue · Quarterly
$427M
Revenue by segment
Clover Health · $301M total across 1 segment · Q3 2023
- Insurance Revenue$301M+12.4%100.0%
Forward guidance
Clover Health provided financial outlook for full-year 2021 and preliminary directional commentary for full-year 2022.
Tailwinds
- Medicare Advantage membership is expected to average 82,000 for the full year 2022, representing an acceleration in year-over-year growth to more than 20%.
- GAAP MA MCR is expected to be in the range of 95% - 99% for 2022.
- Improvement is expected to be driven by continued clinical program enhancements, increased risk scores and lower COVID-19 costs.
- Direct Contracting Margin is also expected to improve versus 2021 levels.
- Adjusted Operating Expenses (Non-GAAP) are expected to grow at a significantly lower rate than in 2021 due to operational efficiencies.
Headwinds
- This guidance assumes current COVID-19 trends continue, and any significant developments related to COVID-19 could impact expectations.
- Clover expects to provide guidance for 2022 Direct Contracting lives and consolidated revenue at a later date after expected Direct Contracting lives are finalized.
- Total revenues are expected to be in the range of $1.42 billion to $1.47 billion for 2021.
- Medicare Advantage membership is expected to be in the range of 67,300 - 68,000 by December 31, 2021, a growth rate of 16% - 17% as compared to year-end 2020.
- Normalized Adjusted EBITDA loss (Non-GAAP) is expected to be in the range of ($250) - ($230) million for 2021.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2021
-0.1%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+4.3%
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 | +10.6% | +25.9% | — | |
| 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 | — | — | — |
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