The earnings call highlighted significant improvements in profitability, star ratings, and cash position, with strong revenue growth and industry-leading loss ratios. However, the increased SG&A expenses and potential for revenue guidance to hit the lower end due to member mix shifts slightly tempered the positive outcomes.

Company Guidance

During the Clover Health Q3 2024 earnings call, Andrew Toy, CEO, highlighted key metrics reflecting strong company performance. Clover achieved a notable adjusted EBITDA profitability of over $62 million year-to-date with a membership base of 81,000 lives. The company improved its full-year adjusted EBITDA guidance and maintained industry-leading insurance benefit and medical cost ratios, with the benefit expense ratio (BER) at 82.8% and medical cost ratio (MCR) at 78% for the quarter. Insurance revenues reached $323 million, marking a 7% year-over-year growth, contributing to a year-to-date revenue of $1.040 billion. Additionally, Clover's flagship PPO plan received a four-star rating, covering over 95% of its members, and achieved the highest score in the country on core HEDIS measures for plans with over 2,000 members. These achievements position Clover well for continued growth and investment in membership expansion for 2025.

Improved Adjusted EBITDA and Profitability

Achieved meaningful adjusted EBITDA profitability of $90 million in Q3 2024, a significant improvement from $3 million in Q3 2023, and year-to-date adjusted EBITDA of $62 million.

Upgraded Star Ratings

Received a four-star rating for the flagship PPO plan for plan year 2025, impacting payment year 2026, with over 95% of members in this four-star plan.

Insurance Revenue Growth

Achieved insurance revenues of $323 million in Q3, representing a year-to-year growth of 7%, and year-to-date revenue growth of 9%.

Industry-Leading Loss Ratios

Insurance benefits expense ratio (BER) improved to 82.8% in Q3 2024 from 82.2% in the same period of 2023, and insurance MCR improved to 78% from 78.5%.

Strong Cash Position

Ended Q3 2024 with $531 million in restricted and unrestricted cash, with $306 million at the parent entity and unregulated subsidiary level.

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Clover Health Investments (CLOV) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CLOV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 04, 2025	2024 (Q4)	-0.07 / -	-0.146	―	―	―
Nov 06, 2024	2024 (Q3)	-0.04 / -0.02	-0.086	76.74% (+0.07)
Aug 05, 2024	2024 (Q2)	-0.05 / 0.01	-0.06	116.67% (+0.07)
May 07, 2024	2024 (Q1)	-0.07 / -0.05	-0.152	67.11% (+0.10)
Mar 12, 2024	2023 (Q4)	-0.14 / -0.15	-0.176	17.05% (+0.03)
Nov 06, 2023	2023 (Q3)	-0.11 / -0.09	-0.158	45.57% (+0.07)
Aug 08, 2023	2023 (Q2)	-0.14 / -0.06	-0.219	72.60% (+0.16)
May 09, 2023	2023 (Q1)	-0.17 / -0.15	-0.16	5.00% (<+0.01)
Feb 28, 2023	2022 (Q4)	-0.24 / -0.18	-0.34	48.24% (+0.16)
Nov 07, 2022	2022 (Q3)	-0.22 / -0.16	-0.08	-97.50% (-0.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CLOV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 06, 2024	$4.35	$3.67	-15.63%
Aug 05, 2024	$1.88	$1.83	-2.66%
May 07, 2024	$0.74	$0.87	+17.57%
Mar 12, 2024	$0.77	$0.80	+3.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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