Clover Health Provides Business Update and Issues Partial Guidance for Full-Year 2023
10 Janeiro 2023 - 11:15AM
Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover
Health” or the “Company”), a physician enablement company committed
to bringing access to great healthcare to everyone on Medicare,
today provides a business update and announces partial guidance for
full-year 2023.
“2023 will be a pivotal year for Clover Health and I believe we
will prove out the strength of our approach to managing care for
Medicare beneficiaries. It’s an exciting time for me to transition
into the role of Chief Executive Officer, working with our team to
deliver results for our members, our physician network partners,
and our shareholders”, said Andrew Toy, Chief Executive Officer of
Clover Health.
“We expect to build upon our positive momentum from 2022 to
deliver continued improvement in our financial performance across
both our Insurance and Non-Insurance lines. During the most recent
Medicare Advantage Annual Enrollment Period, we intentionally
priced our Insurance plans with profitability in mind as opposed to
growth. Due to this strategic shift, we expect to start 2023 with
Insurance membership approximately in line with our Insurance
membership as of January 1, 2022, and we expect favorability in
2023 MCR and growth in 2023 Insurance top-line revenue. On our
Non-Insurance business, we are continuing with our previously
disclosed strategic shift to reduce the number of participant
providers we accept into the program in connection with an
increased prioritization of profitability”, said Mr. Toy.
“The resulting improvement in the returning member mix for both
lines of business is expected to further improve our financial
profile. We intend to issue additional guidance for full-year 2023
at a later date. However, the partial guidance for full-year 2023
we are issuing today highlights the anticipated favorable impact of
our ongoing strategy to prioritize profitability”, said Mr.
Toy.
“We continue to prioritize operating efficiencies to reduce
adjusted SG&A and optimize liquidity. We also continue to feel
comfortable with the Company’s current liquidity position, which
helps to insulate us against a challenging market environment”,
said Scott Leffler, Chief Financial Officer of Clover Health.
For full-year 2023, Clover Health issues its partial guidance as
follows:
Insurance Segment:
- Insurance revenues are expected to be in the range of $1.15
billion to $1.20 billion in 2023, as compared to our most recently
issued 2022 guidance range(1) of $1.0 billion to $1.1 billion.
- Insurance MCR is expected to be in the range of 89% - 91% in
2023.
Non-Insurance Segment:
- Non-Insurance revenues are expected to be in the range of $0.75
billion to $0.80 billion in 2023.
- Non-Insurance MCR is expected to be in the range of 98% - 100%
in 2023.
(1) For comparison purposes, we have included the 2022 projected
financial metrics based on guidance provided in the Company’s
November 7, 2022 press release, which has not been updated since
issued.
Forward-Looking StatementsPlease note that this
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include Clover Health’s partial guidance
for full-year 2023 and any other statements regarding future events
and Clover Health’s future results of operations, financial
position, business strategy and future plans. Forward-looking
statements are not guarantees of future performance, and you are
cautioned not to place undue reliance on such statements. In some
cases, you can identify forward looking statements because they
contain words such as "may," "will," "should," "expects," "plans,"
"anticipates," "going to," "can," "could," "should," "would,"
"intends," "target," "projects," "contemplates," "believes,"
"estimates," "predicts," "potential," "outlook," "forecast,"
"guidance," "objective," "plan," "seek," "grow," "target," "if,"
"continue," or the negative of these words or other similar terms
or expressions that concern Clover Health's expectations, strategy,
priorities, plans or intentions. Forward-looking statements in this
release include, but are not limited to, statements regarding
expectations relating to Insurance Revenues, Non-Insurance
Revenues, Insurance MCR, Non-Insurance MCR, as well as the
statements contained in the quotations of our executive officers,
including expectations related to Clover Health's liquidity, future
performance, future operations and future results. These statements
are subject to known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance or achievements to differ materially from results
expressed or implied in this press release. Additional information
concerning these and other risk factors is contained in Clover
Health’s latest Annual Report on Form 10-K filed with the
Securities and Exchange Commission (the “SEC”) on February 28,
2022, including the Risk Factors section therein, and in its other
filings with the SEC. The forward-looking statements included in
this press release are made as of the date hereof. Except as
required by law, Clover Health undertakes no obligation to update
any of these forward-looking statements after the date of this
press release or to conform these statements to actual results or
revised expectations.
About Clover Health:Clover Health (Nasdaq:
CLOV) is a physician enablement company committed to bringing
access to great healthcare to everyone on Medicare. This includes a
health equity-based focus on seniors who have historically lacked
access to affordable, high-quality healthcare. Our strategy is
powered by our software platform, Clover Assistant, which is
designed to aggregate patient data from across the healthcare
ecosystem to support clinical decision-making and improve health
outcomes. We operate two distinct lines of business: Insurance and
Non-Insurance. Through our Insurance line of business, we provide
PPO and HMO Medicare Advantage plans in several states, with a
differentiated focus on our flagship wide-network, high-choice PPO
plans. Our Non-Insurance line of business similarly aims to reduce
cost-of-care while enhancing the quality of care for patients
enrolled in Original Medicare.
Press Contact:Andrew Still-BaxterEmma
Baronpress@cloverhealth.com
Investor Relations Contact:Ryan
Schmidtinvestors@cloverhealth.com
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