Clover Health posts $72.6M loss in Q1

Clover Health boosted its insurance segment revenue and slightly improved on its losses in the first three months of 2023. 

According to its first quarter earnings release posted May 9, the company brought in $527.8 million in revenue in the first quarter of 2023, compared to $874.4 million in the same time period last year. 

Clover Health posted a $72.6 million loss in the first quarter, down from $75.5 million in the first quarter of 2022. 

According to the earnings release, the decline in year-over-year revenue was expected. In 2022, the company reduced its participation in CMS' ACO Reach model by two-thirds. 

The model generated $1.8 billion in revenue for Clover Health in 2022. 

Revenue in Clover Health's insurance segment was up year over year. The company reported $317.1 million in revenue in the first quarter of 2023, up from $278.2 million in the first quarter of 2022. 

Clover Health had 83,794 insurance members at the end of the first quarter, and 53,616 non-insurance beneficiaries. 

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