Summary by Moomoo AI
Clover Health delivered robust Q3 2024 financial results, with insurance revenue growing 7% YoY to $322.6 million and total revenue increasing 8.2% to $331 million. The company significantly improved its GAAP net loss from continuing operations to $8.8 million from $33.6 million in Q3 2023, while Adjusted EBITDA rose to $19.3 million from $2.7 million.The company demonstrated strong operational efficiency with Insurance BER improving to 82.8% in Q3 from 83.3% year-over-year. Year-to-date performance showed substantial improvement, with GAAP net loss from continuing operations reduced by $117.4 million and Adjusted EBITDA increased by $87.2 million compared to 2023.Based on the strong performance, Clover Health raised its full-year 2024 Adjusted EBITDA guidance to $55-65 million. The company's flagship PPO plan achieved a 4.0 Stars rating for payment year 2026, validating its care platform and positioning it for membership growth in both Insurance plans and Counterpart offering.
