Today Clover Health ("Clover" or "the Company") announced Clay
Thornton as the newly appointed Chief Financial Officer of its
Medicare Advantage (MA) division. Thornton, with an impressive
track record spanning over a decade of healthcare financial
management and operational leadership, joins as the Company enters
the next phase of its lifecycle, targeting Adjusted EBITDA
profitability for the full-year 20241, while emphasizing a
differentiated PPO-first product strategy supported by its
state-of-the-art technology and care management platform.
Thornton's expertise in
driving financial strategies that bolster quality outcomes, member
and provider satisfaction, and sustainable business expansion makes
him an ideal fit for Clover. His notable achievements include
leading a $3BN revenue business as Regional Chief Financial Officer
and Vice President of Operations for Humana Inc. He later
spearheaded Humana’s Medicare Advantage membership growth as the
company's Head of National Growth Strategy. These experiences have
sharpened his skills in managed care strategy and financial
operations, preparing him to lead Clover's MA financial
strategy.
"I am thrilled to join
the team at Clover Health and drive forward their PPO-first
approach in the Medicare Advantage space," said Thornton. "Clover's
innovative use of its proprietary Clover Assistant technology and
advanced care management systems sets a new standard in managed
care, offering an unparalleled opportunity to reshape healthcare
for the better. I am committed to leveraging my background to
enhance Clover's financial and operational performance, ensuring we
deliver on our promise of improved health outcomes and member
satisfaction."
Immediately prior to
joining Clover, Thornton's strategic acumen was further honed in
the venture capital and private equity sectors, where he provided
leadership and advisory services to startups and small-to-mid-sized
businesses. This blend of experience has equipped him with a unique
perspective on driving growth and operational excellence in dynamic
and competitive environments.
Andrew Toy, CEO of Clover
Health, commented on Thornton's appointment, stating, "Clay's
extensive background in healthcare finance and strategic growth,
combined with his innovative spirit, aligns perfectly with Clover's
mission. His leadership will be instrumental in advancing our
PPO-first approach, ensuring we continue to thrive in Medicare
Advantage through our technology-driven, patient-centered care
model."
About Clover HealthClover 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
through the early identification and management of chronic
disease.
About Non-GAAP Financial
Measures:We use non-GAAP measures including Adjusted
EBITDA. These non-GAAP financial measures are provided to enhance
the reader's understanding of Clover’s past financial performance
and our prospects for the future. Clover’s management team uses
these non-GAAP financial measures in assessing Clover’s
performance, as well as in planning and forecasting future periods.
These non-GAAP financial measures are not computed according to
GAAP, and the methods we use to compute them may differ from the
methods used by other companies. Non-GAAP financial measures are
supplemental to and should not be considered a substitute for
financial information presented in accordance with GAAP and should
be read only in conjunction with our consolidated financial
statements prepared in accordance with GAAP. Readers are encouraged
to review the reconciliations of these non-GAAP financial measures
to the comparable GAAP measures, together with other important
financial information, included in our filings with the Securities
and Exchange Commission (the “SEC”), on the Investor Relations page
of our website at investors.cloverhealth.com.
Adjusted EBITDA is a non-GAAP financial measure
defined by us as net loss before interest expense, amortization of
notes and securities discount, depreciation and amortization, gain
on investment, stock-based compensation expense, premium deficiency
reserve benefit, restructuring costs, non-recurring legal expenses
and settlements, and expenses attributable to Seek. Adjusted EBITDA
is a key measure used by our management team and the board of
directors to understand and evaluate our operating performance and
trends, to prepare and approve our annual budget and to develop
short and long-term operating plans. In particular, we believe that
the exclusion of the amounts eliminated in calculating Adjusted
EBITDA provide useful measures for period-to-period comparisons of
our business. Accordingly, we believe that Adjusted EBITDA provides
investors and others useful information to understand and evaluate
our operating results in the same manner as our management team and
our board of directors.
Forward-Looking Statements
Please 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 statements regarding future events and Clover’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 press release
include, but are not limited to, statements regarding expectations
related to Clover’s profitability, liquidity, future performance,
future operations and future results. These statements are subject
to known and unknown risks, uncertainties and other factors that
may cause Clover’s actual results, levels of activity, performance
or achievements to differ materially from results expressed or
implied in this report. Additional information concerning these and
other risk factors is contained in Clover’s most recent Annual
Report on Form 10-K, filed with the SEC on March 1, 2023 and in our
subsequent Quarterly Reports on Form 10-Q filed with the SEC on May
9, 2023, August 8, 2023 and November 6, 2023, in each case where
relevant, including the Risk Factors sections 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 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.
Press Contact:Andrew
Still-Baxterpress@cloverhealth.com
Investor Relations Contact:Ryan
Schmidtinvestors@cloverhealth.com
1 Adjusted EBITDA is a non-GAAP financial measure. Additional
information about the Company's non-GAAP financial measures can be
found under the caption “About Non-GAAP Financial Measures.”
Reconciliation of projected Adjusted EBITDA to Net loss, the most
directly comparable GAAP measure, is not provided because
Stock-based compensation expense, which is excluded from Adjusted
EBITDA (non-GAAP), cannot be reasonably calculated or predicted at
this time without unreasonable efforts.
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