Clover Health saw explosive growth in revenue and managed lives, but posted a net loss of over $75 million in the first quarter, according to the company's earnings report published May 9.
The Franklin, Tenn.-based insurtech company was founded in 2014 and provides Medicare Advantage plans through federal contracts.
"2022 is off to a strong start, led by significant year-over-year revenue growth and quarter-over-quarter margin improvements in insurance (Medicare Advantage) and non-insurance (direct contracting)," CEO Vivek Garipalli said. "We believe our focus on balancing this strong growth with ongoing action to further reduce medical cost ratios and increase operational efficiencies is powering our progress towards profitability."
Six things to know:
- Total revenue was $874.4 million in 2022 compared to $200.3 million year over year, a nearly 337 percent increase.
- Total revenue at year end is expected to be in the range of $3 billion to $3.4 billion.
- Total operating expenses in 2022 were $961.7 million, rising over 201 percent from $319.4 million in the first quarter of 2021.
- The company's net loss in the first quarter was $75.3 million, increasing from $48.4 million year over year.
- Insured members grew 28.2 percent, rising from 66,348 in 2021 to 85,026 in 2022.
- Total lives under Clover management in 2022 were 257,442, a 288 percent increase year over year.