Clover Health Investments Corp CLOV shares are trading lower in Monday's after-hours session after the company reported financial results and reaffirmed full-year guidance.
Clover Health said second-quarter revenue more than doubled year-over-year to $846.7 million, which beat the estimate of $814.62 million, according to data from Benzinga Pro. The company reported a net loss of $(104.2) million.
Lives under management climbed to approximately 255,000 during the second quarter, up from about 129,000 year-over-year. The company highlighted its insurance medical care ratio of 92.1%, showing significant improvement year-over-year.
"Our focus on building a sustainable, intelligent growth engine has led to a reduction in MCRs and improvement in operational efficiencies, which we believe is the foundation of our progress toward profitability," said Vivek Garipalli, CEO of Clover Health.
Full-year revenue is expected to be between $3 billion and $3.4 billion versus the estimate of $3.31 billion. Insurance memberships are expected to average between 84,000 and 85,000. Insurance MCR is expected to be in a range of 95% to 99%.
CLOV Price Action: Clover Health has a 52-week high of $4.11 and a 52-week low of $1.95.
The stock was down 8.82% in after-hours at $3.10 at press time.
Photo: fernando zhiminaicela from Pixabay.
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