Clover Health Investments Reports Third Quarter Earnings Results for 2023
December 4, 2023
🌥️Earnings Overview
CLOVER ($NASDAQ:CLOV): The total revenue for the quarter was USD 482.1 million, a 43.7% decrease from the same period in the prior year. Additionally, net income for the quarter was reported to be USD -41.5 million, which is lower than last year’s loss of -75.3 million.
Stock Price
The stock opened and closed at $1.1, representing an increase of 3.7% from its last closing price of $1.1. The company also reported that it plans to expand its healthcare services across the country and increase its investments in digital technology initiatives. Clover Health Investments is focused on improving the healthcare experience for its customers, emphasizing digital technologies and expanding access to quality healthcare services. The company believes that this strategy will help reduce healthcare costs and improve patient outcomes in the long run. Investors should keep an eye on the company as it continues to expand its presence in the healthcare sector. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for CLOV. More…
| Total Revenues | Net Income | Net Margin |
| 2.42k | -226.39 | -10.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for CLOV. More…
| Operations | Investing | Financing |
| -95.94 | 69.01 | -4.19 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for CLOV. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.06k | 737.95 | 0.66 |
Key Ratios Snapshot
Some of the financial key ratios for CLOV are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 95.9% | – | -9.3% |
| FCF Margin | ROE | ROA |
| -4.2% | -43.3% | -13.3% |
Analysis
At GoodWhale, we analyze CLOVER HEALTH INVESTMENTS’s financials to determine how it compares to other companies in its industry. Through our star chart, we determine that CLOVER HEALTH INVESTMENTS is classified as a ‘cheetah’. This indicates that the company has achieved high revenue or earnings growth but is considered less stable due to lower profitability. This type of company may be of interest to investors who have a higher risk appetite and are seeking higher returns. Additionally, our analysis reveals that CLOVER HEALTH INVESTMENTS is strong in asset and growth, but weak in dividends and profitability. Although the company does have an intermediate health score of 4/10 considering its cashflows and debt, which suggests it may be able to safely ride out any crisis without the risk of bankruptcy. More…
Peers
Clover Health Investments Corp is in the business of providing health insurance and related services. Its competitors are UnitedHealth Group Inc, Alignment Healthcare Inc, and Humana Inc.
– UnitedHealth Group Inc ($NYSE:UNH)
UnitedHealth Group Inc. is an American diversified multi-national health care company, headquartered in Minnetonka, Minnesota. It offers a spectrum of health care products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services.
– Alignment Healthcare Inc ($NASDAQ:ALHC)
Alignment Healthcare is a healthcare services company that operates in the United States. The company offers a range of services, including healthcare benefits management, care coordination, and provider network management. It serves seniors, people with Medicare, and people with Medicaid. As of 2022, the company had a market cap of 2.41B and a ROE of -27.03%.
– Humana Inc ($NYSE:HUM)
Humana Inc is a for-profit American health insurance company. As of 2022, it had a market capitalization of $69.89 billion and a return on equity of 15.61%. The company offers health, dental, and vision insurance plans for individuals, families, and businesses in the United States. It also has a provider network of more than 1.2 million physicians and other healthcare professionals.
Summary
Clover Health Investments reported their earnings results for Q3FY2023, with total revenue falling 43.7% year-over-year to $482.1 million. Net income came in at -$41.5 million, significantly lower than the -$75.3 million reported in the same period last year. Despite the dismal financial results, investors reacted positively, sending Clover Health’s stock price up on the day of the announcement.
Investors should keep an eye on Clover Health’s future performance, as well as any news surrounding the company. With such weak financials, it is yet to be seen if Clover Health can revive its fortunes and turn itself into a viable investment.
Related Posts
Recent Posts
Investing Everyone Can Do.
Investing shouldn’t be exclusive to a select few. We believe everyone should have the opportunity to grow their wealth. That’s why our app is designed to be accessible and user-friendly, even for beginners.
