Clover Health reported strong Q2 2024 results, with total revenue growing 11% YoY to $356.3M. The company achieved its first quarter of GAAP net income as a public company, reporting $7.2M compared to a $28.9M loss in Q2 2023. Adjusted EBITDA improved to $36.2M from $9.9M YoY.Insurance revenue rose 11% YoY to $349.9M, driven by strong member retention and growth. Insurance MCR improved to 71.3% from 77.2% YoY. The company's balance sheet strengthened, with $482.8M in cash and investments as of June 30, 2024.Based on strong performance, Clover Health raised its full-year 2024 guidance. It now expects Insurance revenue of $1.35B-$1.375B and Adjusted EBITDA of $50M-$65M. The company's recent Star Rating increase to 3.5 for the 2025 payment year is expected to improve long-term profitability.

Clover Health reported strong Q2 2024 results, with total revenue growing 11% YoY to $356.3M. The company achieved its first quarter of GAAP net income as a public company, reporting $7.2M compared to a $28.9M loss in Q2 2023. Adjusted EBITDA improved to $36.2M from $9.9M YoY.Insurance revenue rose 11% YoY to $349.9M, driven by strong member retention and growth. Insurance MCR improved to 71.3% from 77.2% YoY. The company's balance sheet strengthened, with $482.8M in cash and investments as of June 30, 2024.Based on strong performance, Clover Health raised its full-year 2024 guidance. It now expects Insurance revenue of $1.35B-$1.375B and Adjusted EBITDA of $50M-$65M. The company's recent Star Rating increase to 3.5 for the 2025 payment year is expected to improve long-term profitability.