May 08, 2024 (24/7 Market News via COMTEX) --
DENVER, Colo., May 08, 2024 (247marketnews.com)- Clover Health Investments, Corp. (NASDAQ:CLOV) reported its first quarter 2024 financial results.
Clover's financial results for the first quarter exceeded its expectations, including total revenue of $346.9 million and GAAP net loss from continuing operations improving from a loss of $79.7 million, for the first quarter of 2023, to a loss of $23.2 million, and adjusted EBITDA improved to a profit of $6.8 million, as compared to the prior year period loss of $37.5 million.
Clover is now projecting improved 2024 guidance, with insurance revenue of $1.30-$1.35 billion and adjusted EBITDA profitability of $10-$30 million
Andrew Toy, Clover Health's CEO, commented, "I am incredibly proud of our results this quarter for several notable reasons. First, Clover was profitable on an Adjusted EBITDA basis for the first quarter, and we have high confidence in achieving full year 2024 Adjusted EBITDA profitability. Second, we have grown revenues in our Insurance business by 8% year-over-year. Based on these results, we are delighted to improve our full-year 2024 guidance. In addition, we are pleased to announce that our Board of Directors has authorized a share repurchase program of up to $20 million dollars of the Company's Class A Common Stock over the next two years," said Clover Health CEO Andrew Toy.
The post Clover Health Reports Improved Q1 2024 Financial Results and FY 2024 Guidance appeared first on 24/7 MarketNews.
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