Clover Health Investments Corp (NASDAQ:CLOV) shares are trading lower Wednesday on the heels of the company’s first-quarter report.
What Happened: Clover Health reported revenues of $527.77 million, which beat consensus estimates of $498.74 million, per Benzinga Pro. Insurance revenue grew 14% year-over-year, while non-insurance revenue declined 65%.
Insurance MCR improves to 86.6% from 96.4%. Non-insurance MCR improved to 96.1% from 99.8%.
“Clover Assistant continues to drive value across our entire organization through its ability to help physicians with the early identification and care management of chronic diseases. I am also especially pleased that, based on our strong start to 2023, we are already able to improve our full year 2023 guidance for both the Insurance segment and consolidated Clover Health,” said Andrew Toy, CEO of Clover Health.
Full-year 2023 revenue is expected to be between $1.18 billion and $1.23 billion. Insurance MCR is expected to be between 87% and 89%.
Clover anticipates an adjusted EBITDA loss between $125 million and $175 million in full-year 2023.
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CLOV Price Action: Clover Health shares were down 2.74% at 91 cents at the time of writing, according to Benzinga Pro.
Photo: Bruno from Pixabay.
