Clover Health has released its financial results for the third quarter of 2024, revealing a 7% increase in insurance revenue compared to the previous year, reaching $322.6 million.

The company has achieved a 9% growth in revenue year-to-date, totaling $1.0 billion. There has been a significant reduction in GAAP net loss from continuing operations, with the figure dropping to $8.8 million from $33.6 million in the same quarter of the previous year. Adjusted EBITDA has also seen a notable increase, rising to $19.3 million from $2.7 million in Q3 2023.

Clover Health has reported an improvement in its insurance benefit expense ratio, which stood at 82.8% for the quarter. As a result of these strong performance metrics, the company has raised its full-year 2024 Adjusted EBITDA guidance to a range of $55 million to $65 million, demonstrating confidence in its growth trajectory and market opportunities.