Clover Health reports Q4 revenue $898.8M, consensus $785.38M

"Our achievements in 2022, including a material improvement in our full year Insurance MCR by over 1,400 basis points, are reflective of the continued maturation of our business and further demonstrate Clover Assistant’s ability to enable and manage a wide network of physicians to participate in value-based Medicare," said CEO Andrew Toy. "In 2023, accelerating our path to profitability is our top priority, and I am excited by Clover Assistant’s role in helping physicians identify and manage chronic diseases earlier, which improves care for Medicare beneficiaries". "Q4 and full year 2022 financial highlights include significantly improved Insurance MCR, strong Insurance revenue growth, and continued moderation of growth in SG&A," said CFO Scott Leffler. "Full year Insurance MCR significantly improved year-over-year to 91.8%, and Q4 Insurance MCR improved to 92.4%. The improved MCR compared to the prior year period was driven by continued favorability in underlying operational trends. Non-Insurance MCR for the full year and fourth quarter was 103.4% and 103.6%, respectively. We also finished the year with restricted and unrestricted cash, cash equivalents, and investments of $555.3 million on a consolidated basis and $331.7 million at the parent entity and unregulated subsidiary level, both of which we expect to be sufficient for our 2023 operating needs."