Fierce Healthcare May 7, 2024
Clover Health is raising its full-year adjusted EBITDA guidance and announced a share repurchase program of up to $20 million over the next two years, the insurtech said ahead of its first quarter earnings call.
The company’s net loss from continuing operations improved to $23.2 million, compared to a nearly $80 million loss in the first quarter of 2023. However, adjusted EBITDA profit for the quarter was $6.8 million and insurance revenue grew 8% year-over-year to $341 million.
Its medical cost ratio (MCR) improved to 77.9%, and the company boasted step change improvements to adjusted selling, general and administrative expenses.
“We have intentionally built Clover’s foundation to flourish in the future of the Medicare Advantage program,” said CEO Andrew Toy...
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