Clover Health Shares Are Up After Q2 Results

Clover Health Investments Corp. CLOV shares are up after the company reported its second-quarter financial results Monday. Here's a look at the details from the report. 

The Details: Clover Health reported quarterly earnings of 1 cent per share, beating the analyst consensus estimate of losses of 5 cents. Quarterly sales came in at $356.26 million, beating the $338.76 million estimate.

The company said insurance revenue during the second quarter grew by 11% year-over-year to $349.9 million, driven by strong member retention and intra-year growth, and insurance MCR improved to 71.3% in the second quarter 2024, as compared to 77.2% in the second quarter 2023.

“I am delighted that our performance continues to validate Clover’s differentiated, technology-centric approach to healthcare, driven by our Insurance offering and its ability to generate meaningful returns while leading with physician-choice for our members,” said Clover Health CEO Andrew Toy.

“Through our Clover Assistant technology and integrated care management platform, we aim to empower physicians to improve clinical outcomes and lower the total cost of care for people with chronic diseases.

Outlook: Clover Health raised its full-year insurance revenue guidance from between $1.3 billion and $1.35 billion to between $1.35 billion and $1.375 billion, versus the $1.34 billion consensus estimate.

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CLOV Price Action: According to Benzinga Pro, Clover Health shares are up 3.19% after-hours at $1.94 after gaining 12.57% during regular trading Monday.

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Image: Courtesy of Clover Health Investments, Corp.