Clover Health reported a major boost in profitability and overall membership in its first quarter earnings published May 6.
The company’s Medicare Advantage membership stands at 103,418, up 30% year-over-year from just under 80,000. MA membership may hit up to 107,000 by the end of 2025.
Total revenues in Q1 were $462 million, up 33%. Clover’s adjusted net income in Q1 was $25.3 million, up 322%. Adjusted net income is expected to fall between $50 million and $70 million by the end of the year. The company’s GAAP net loss was $1.3 million, compared to $19.2 million during the same period last year.
Clover’s medical loss ratio was 86.1% in Q1, compared to 83.2% one year ago. By the end of the year, the MLR could rise to 88%.
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