Clover Health posts $75.3M loss in Q3

Insurtech company Clover Health posted a $75.3 million net loss in the third quarter of 2022, nearly double the $34.5 million loss it reported in the same period last year. The company reported total revenue of $856.8 million, up from $427 million in the same period last year.  

According to the earnings report, published Nov. 7, Clover Health improved its medical cost ratios in its insurance offerings. 

The company has also added members — according to the earnings report, its Medicare Advantage membership is up to 88,136, compared to 67,281 last year. Over 250,000 lives are under Clover Management, including its noninsurance platforms. 

Fellow insurtech company Oscar Health posted a $194 million net loss in the third quarter, an improvement of $18 million year over year.  Bright Health significantly reduced its operations, hoping to reach profitability in 2023. The payer reported a net loss of nearly $432 million in the first half of 2022.

Outgoing Clover Health CEO Vivek Garipalli told investors on a Nov. 7 call transcribed by Seeking Alpha there has yet to be a company to achieve large-scale disruption in the healthcare industry.

"Healthcare, education and energy production are three industries where positive disruptive impact at scale has not yet been proven out," Mr. Garipalli said. "Until that occurs, shareholders, current and future, should expect and embrace the skepticism that we face."

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