Overall, the firm reported revenue of $200.3 million for the quarter. This looks much better next to analysts’ estimates for revenue of $166.23 million. Additionally, Clover Health also said its medical care ratio (MCR) for the period was 107.6%.
Here are a few other important things to know about the CLOV stock earnings report:
- Revenue for the quarter comes in 21% higher than the $165.5 million during the same time last year.
- MCR of 107.6% for the period compares to 89.4% from the first quarter of 2020. Lower ratios typically indicate higher profitability for the insurer.
- Operating loss of $119.09 million is worse year-over-year from a loss of $26.63 million.
- The Clover Health earnings report also includes a net loss of $48.42 million.
- That’s 72% lower than a loss of $28.16 million from Q1 of FY2020.
The Bottom Line on CLOV Stock Today
Vivek Garipalli, CEO of Clover Health, said this about the CLOV stock earnings report:
“Clover’s mission is to use our technology platform to improve every life, and every day that passes brings us one step closer to that goal. I am excited that we have reached our strategic milestone of moving beyond Medicare Advantage into the largest segment of Medicare — Original Medicare — by launching Direct Contracting. This has led to our lives under management nearly doubling to over 130,000 Americans.”
The Clover Health earnings report also includes some guidance for FY2021. This mentions total revenues coming in between $810 million and $830 million, “inclusive of a preliminary estimate of approximately $20 [million] – $30 million of revenue generated from Direct Contracting.”
CLOV stock was down 9% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.