By Senad Karaahmetovic
Clover Health (NASDAQ:CLOV) delivered stronger-than-expected results for the fourth quarter to see its shares move higher in premarket Tuesday.
Clover Health reported a net loss of $84 million for the fourth quarter while the adjusted EBITDA loss was $81.1M, better than the expected $108.3M. Revenue more than doubled year-over-year (YoY) to $898.8M, beating the $789.8M consensus.
"Fourth quarter and full year 2022 financial highlights include significantly improved Insurance MCR, strong Insurance revenue growth, and continued moderation of growth in SG&A," said Clover Health CFO Scott Leffler.
On the guidance front, Clover Health said it expects insurance revenue to be between $1.15 billion and $1.20 billion. The company also expects to report an adjusted EBITDA loss of $205M to $155M.
"In 2023, accelerating our path to profitability is our top priority,” said CEO Andrew Toy.
Heading into the Q4 earnings report, Clover Health stock was down 54.8% in the past year, significantly underperforming the S&P 500 (-9%). This year, Clover Health shares are up nearly 23%.
As of 07:40 ET (12:40 GMT), Clover Health stock is up 6% in pre-open Tuesday.