Clover Health Investments Corp CLOV shares are up after the company reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details.
The Details: Clover Health Investments reported quarterly sales of $510.3 million which beat the analyst consensus estimate of $480.25 million by 6.26% and represents a 43.22% decrease over sales of $898.79 million the same period last year.
“We delivered remarkable progress in 2023 on our path to profitability, highlighted by an extraordinary improvement in Adjusted EBITDA since this time last year,” said Clover Health CEO Andrew Toy.
“Driving this result is the strength and maturation of the core of our business, where we have been able to improve our Insurance MCR by more than 10 percentage points year-over-year.”
Outlook: The company sees fiscal year 2024 insurance revenue of between $1.25 billion and $1.3 billion.
“I believe that our ability to achieve industry-leading unit economics in 2023, within the context of a benefit-rich, PPO-first model, validates our differentiated approach, and positions our business to uniquely thrive in what we believe will be the future of the Medicare Advantage program,” said Toy.
Related News: Asana Reports Q4 Results: EPS Beat, Revenue Beat
CLOV Price Action: Clover Health shares were trading down 2.66% at $0.77 at market close Tuesday, but are now rallying after-hours and up 9.19% at $0.84, according to Benzinga Pro.
Image: Gerd Altmann from Pixabay
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