Clover Health, a Medicare Advantage insurtech company, has reported strong financial results for the third quarter of 2024.
The company's total revenue increased to $331 million, up from $306 million in the same period last year. Adjusted EBITDA also saw a significant increase, reaching $19.3 million compared to $2.7 million in Q3 2023.
Year-to-date figures show improvement as well, with a narrowing GAAP net loss from continuing operations of $24.8 million, compared to a loss of $142.2 million in the same timeframe last year. The adjusted EBITDA for the year-to-date period reached $62.3 million, a stark contrast to the loss of $24.9 million reported in 2023.
Insurance revenue for Clover Health rose by 7% year-over-year to $322.6 million in Q3, and by 9% to $1.0 billion year-to-date. The company attributes this growth to strong member retention and intra-year growth, highlighting the strength of their operational model amidst challenging market conditions.
Clover Health's CEO, Andrew Toy, emphasized the role of technology in empowering physicians and positioning the company for continued membership growth and robust financial performance.