Benzinga - by Adam Eckert, Benzinga Staff Writer.
Clover Health Investments Corp (NASDAQ: CLOV) shares are trading lower Tuesday on the heels of the company's third-quarter financial results. Here's a look at the key metrics from the quarter.
What Happened: Clover Health reported third-quarter revenue of $482.07 million, which missed the consensus estimate of $494.6 million, according to Benzinga Pro.
Insurance revenues were up 12% year-over-year to $301.2 million. 2023 Insurance MCR improved to 78.5% in the quarter. The company reported an adjusted EBITDA loss of $5.1 million, improved from a loss of $55.5 million year-over-year.
"We are proud to report another quarter of significantly improved Adjusted EBITDA driven by strong Insurance MCR performance," said Andrew Toy, CEO of Clover Health.
Clover Health revised its 2023 adjusted EBITDA outlook from a loss of $70 million to $120 million to a loss of $55 million to $80 million. The company updated its full-year 2023 insurance revenue outlook from a range of $1.2 to $1.23 billion to a new range of $1.21 to $1.23 billion.
CLOV Price Action: Clover Health shares were down 9.73% at $1.01 at the time of publication, according to Benzinga Pro.
Photo: Bruno from Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.