The following is a summary of the Clover Health Investments, Corp. (CLOV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Clover Health reported an 8% YoY growth in Q1 insurance revenue, exceeding predictions.

• Achieved Q1 adjusted EBITDA profitability of $7 million and forecast a full year adjusted EBITDA profitability of $10 million to $30 million.

• The 2024 MCR guidance has been revised to between 79% and 81%, with an adjusted SG&A of $270 million to $280 million.

• Clover Health's Board has authorized a share repurchase program of up to $20 million over two years.

Business Progress:

• Clover continues to prioritize the use of its Clover Assistant technology for early illness diagnosis and treatment.

• The company continues to release features for the Clover Assistant, aiming to improve HCC V28 impact mitigation.

• A new affiliate entity is being established to enhance member health outcomes and deepen partnerships with local doctors.

• Plans are underway to boost operational efficiency and cut costs through AI applications in customer service, care coordination, and claims processing.

• Their Clover Home Care platform is gaining interest from providers for its ability to deliver better care.

• The company is contemplating offering its quality and technological capabilities in New Jersey to third parties.

• From the next quarter, updates on the new Benefit Expense Ratio (BER) calculation will be shared for more reliable comparisons with industry competitors.

More details: Clover Health IR

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