Clover Health Investments, Corp. (NASDAQ:CLOV) Q4 2023 Earnings Conference Call March 12, 2024 5:00 PM ET Company Participants Ryan Schmidt - IR Andrew Toy - CEO Terrence Ronan - Interim CFO Conference Call Participants Jason Cassorla - Citi Richard Close - Canaccord Genuity Operator Ladies and gentlemen, good afternoon and welcome to the Clover Health Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will foll ...

Clover Health Reports Fourth Quarter and Full Year 2023 Financial Results; Delivers Continued Momentum in Financial Performance and Provides Full-Year 2024 Guidance Full-year 2023 Insurance MCR improved to 81.2% and fourth quarter MCR to 82.4% Company improves full-year 2023 Net Loss by $126.2 million and full-year Adjusted EBITDA by $245.7 million year-over-year Issues 2024 guidance with Insurance MCR range of 79% - 83% and up to $20 million of Adjusted EBITDA profitability at the high end of the range FRA ...

FRANKLIN, Tenn., March 07, 2024 (GLOBE NEWSWIRE) -- Today Clover Health ("Clover" or "the Company") announced Clay Thornton as the newly appointed Chief Financial Officer of its Medicare Advantage (MA) division. Thornton, with an impressive track record spanning over a decade of healthcare financial management and operational leadership, joins as the Company enters the next phase of its lifecycle, targeting Adjusted EBITDA profitability for the full-year 20241, while emphasizing a differentiated PPO-first p ...

FRANKLIN, Tenn., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ:CLOV) ("Clover" or the "Company") announced today that effective February 16, 2024, the Talent and Compensation Committee of the Company's Board of Directors granted a restricted stock unit award (the "RSUs") to a newly hired employee. The RSUs were granted under the Company's 2022 Inducement Award Plan (the "Inducement Plan") and otherwise will be subject to the terms and conditions of restricted stock unit award ag ...

In the volatile space of penny stocks, three companies are emerging as powerhouses with breakout potential, poised for massive gains. To begin with, the first one’s organic growth, the second one’s data licensing prowess in liquor retail, and the third one’s strategic insurance advancements are captivating the market. Also, the first one leads the veterinary diagnostic space with a diverse product range; the second leverages proprietary data for liquor retail dominance; and the third thrives in the insuranc ...

FRANKLIN, Tenn., Jan. 10, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ:CLOV) ("Clover," "Clover Health" or the "Company"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, announced today that it is targeting Adjusted EBITDA profitability for the full-year 2024. (1) "I believe that we are at a critical inflection point in the trajectory of our business. Throughout 2023 our results, driven by strong Insurance performance, have prove ...

FRANKLIN, Tenn., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ:CLOV) ("Clover," "Clover Health" or the "Company"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today released research demonstrating Clover Assistant's impact on medication adherence. The paper, Clover Assistant Use and Medication Adherence for Common Chronic Conditions, examines the correlation between Primary Care Physician (PCP) use of Clover Assistant ...

The past three years of health crisis have led to exponential growth in the Medical Info Systems industry, thanks to the growing demand for contactless services. In the post-pandemic era, the popularity of remote healthcare and a paperless environment have increased further. In fact, in 2023, this industry witnessed massive adoption of artificial intelligence (AI) and the Internet of Medical Things in the form of digital healthcare options in hospitals and other healthcare settings. Apart from being used fo ...

FRANKLIN, Tenn., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ:CLOV) ("Clover" or the "Company") a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today announced that Scott J. Leffler, its Chief Financial Officer, will be leaving the Company on January 26, 2024 in order to pursue another professional opportunity. Mr. Leffler noted to the Company that his departure does not reflect any disagreement with the Company on any ma ...

Financial Data and Key Metrics Changes - The insurance segment revenue increased by 12% year-over-year to $301 million in Q3, with year-to-date revenue growing by 15% to $933 million [20][46] - The medical care ratio (MCR) improved to 78.5% in Q3 from 86.3% in the same quarter last year [20][46] - Adjusted EBITDA loss significantly improved from $56 million in Q3 of the previous year to $5 million in Q3 of this year [50][56] - The non-insurance segment revenue declined by 70% year-over-year to $176 million, with a non-insurance MCR of 104.1% [21][48] Business Line Data and Key Metrics Changes - The home care program contributed positively to the performance of the Medicare Advantage (MA) plan, focusing on in-home primary care for high-need members [10] - The company is targeting high single-digit to low double-digit revenue growth in the insurance segment for 2024 [7] - The non-insurance segment continues to face challenges, with a commitment to reduce exposure to value-based Original Medicare [48] Market Data and Key Metrics Changes - The company reported a year-to-date MCR of 80.8%, indicating stable performance despite some challenges [51] - The anticipated settlement amount owed to CMS is approximately $147 million, with $52 million related to shared losses [53] Company Strategy and Development Direction - The company is focused on achieving sustained profitability on an adjusted EBITDA basis in 2024 without needing to raise additional capital [45][56] - There is a strategic shift to increase investment in Medicare Advantage within the non-insurance segment, enabling physicians to use Clover Assistant across their entire MA panel [8] - The partnership with UST HealthProof is expected to enhance operational efficiencies and economies of scale starting in 2024 [24][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability next year, citing strong performance in the insurance segment and ongoing cost-saving initiatives [27][56] - The company anticipates improvements in Star performance in future measurement years, despite receiving a disappointing 3-star rating for 2022 [47][17] - Management noted that the utilization trends remain benign, with no significant changes observed compared to earlier in the year [78] Other Important Information - The company has over 100 machine learning models in active use, continuously improving the Clover Assistant platform [61] - The company is committed to optimizing MA plan operations and managing medical expenses through various initiatives [51] Q&A Session Summary Question: Clarification on CMS settlement and cash position - The anticipated settlement due in Q4 is $147 million, with $52 million related to shared losses and the remainder for working capital dynamics [35] Question: Commentary on annual enrollment period and retention - Management did not provide specific guidance on the annual enrollment period but emphasized a focus on growing insurance revenues [69] Question: Decision to reduce exposure in the non-insurance business - The company is right-sizing its non-insurance segment to focus on higher-performing physicians and increasing exposure to Medicare Advantage [44] Question: Utilization trends and adjusted EBITDA expectations for Q4 - Management indicated that Q4 typically sees elevated utilization due to seasonality risks, but overall trends remain stable [80]