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What is the revenue and EPS growth rate for Clover Health year over year?

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What were the key takeaways from Clover Health's earnings call?

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What factors drove the changes in Clover Health's revenue and profit?

- **2025 Execution Success**: Achieved $22M adjusted EBITDA profitability with 38% membership growth, 5% medical cost trend, and 95%+ retention.
- **2026 GAAP Net Income Guidance**: $0-$20M net income, driven by 4-star year, $470M+ gross profit, and 15-16% SG&A leverage.
- **Structural Strength**: 2/3 of members use Clover Assistant, with 2026 new member unit economics improving as cohorts mature.
- **Counterpart Expansion**: Targeting equal lives under Counterpart Assistant, with AI-powered care management as long-term growth engine.

**【CEO Summary Section】**
- Achieved full year 2025 adjusted EBITDA profitability of $22 million, despite 38% Medicare Advantage membership growth to 140,000 members.
- Delivered 5% medical cost trend (excluding pharmacy) and 95%+ AEP retention, reestablishing market-leading growth of 53% YoY in Q4 2025 AEP.
- Projected first full year of GAAP net income profitability in 2026, driven by 4-star payment year, improving cohort economics, and Clover Assistant-powered care engagement (>2/3 of members in 2025).
- Long-term confidence in New Jersey market leadership (largest non-SNPs PPO plan) and Counterpart Health expansion (targeting equal lives under Counterpart Assistant as Clover MA plan).

**【CFO Financial Commentary】**
- 2025 total revenue: $1.9 billion (40% YoY growth); 2026 guidance: $2.810-$2.920 billion (49% YoY growth).
- 2025 consolidated gross profit: $356 million; 2026 guidance: $470-$510 million.
- 2025 adjusted EBITDA: $22 million; 2026 guidance: $50-$70 million.
- 2026 GAAP net income breakeven to $20 million, supported by 4-star payment year, Part D optimization, and SG&A leverage (17% of revenue in 2025 → 15-16% in 2026).
- New member contribution profit improved to $145 PMPM in 2025, with expectation of further improvement in 2026 as cohorts mature.

**【Q&A Highlights】**
- **Gross Profit Margin Decline**: 150bps YoY decline driven by 53% AEP growth and new member dilution, but improving as cohorts mature (year 2+ contribution profit $200 PMPM).
- **2027 Rate Update**: Flat benchmark rate (+0.0%) reflects CMS focus on cost control; Clover's model not reliant on rate increases, with 2026 Part C final rate notice providing $10 million tailwind.
- **Counterpart Progress**: Targeting equal lives under Counterpart Assistant as Clover MA plan, with focus on clinical integration and AI-powered care management.

Clover Health Investments, Corp. (CLOV) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: 35% membership growth to 109,000, revenue up 49% YoY to $479M.
- **Profitability Challenges**: $45M adjusted EBITDA (down $17M YoY) due to 44,000 new members and 4% medical cost trend.
- **Star Rating Update**: 3.5-star for 2026,4-star target with CMS rate benefits.
- **2026 Outlook**: 90-91% BER, $15-30M EBITDA,2026, 17-18% SG&A leverage.

**【CEO Summary Section】**
- **Revenue Growth**: 35% year-over-year membership growth to 109,000 members, with insurance revenue up 49% YoY to $479 million.
- **Adjusted EBITDA Pressure**: Missed 2025 targets due to higher-than-expected new member growth (44,000 gross new members) and utilization challenges, resulting in $45 million year-to-date adjusted EBITDA (down $17 million YoY).
- **Clover Assistant Impact**: Returning members generate $217/month contribution profit, while new members incur $110/month loss. Year 3+ cohorts show 1,400 basis point MCR improvement.
- **Star Ratings**: 3.5-star rating for 2026, aiming for 4-star in 2026 with CMS rate updates and Part D subsidies.

**【CFO Financial Commentary】**
- **Medical Cost Trends**: 4% YoY increase (excluding pharmacy), with elevated inpatient, oncology, and DME claims.
- **Profitability**: Positive adjusted EBITDA and net income ($45M and $44M YoY), despite $12 million operating cash flow.
- **2025 Guidance**: Updated to $1.85-1.88 billion revenue, $15-30 million adjusted EBITDA, and 90-91% BER.
- **2026 Outlook**: Stronger returning member cohorts, 4-star payment year, and $325-335 million SG&A (17-18% of revenue).

Clover Health Investments, Corp. (CLOV) Q3 2025 Earnings Call Transcript

- **Record Growth with Profitability**: 32% Medicare Advantage membership growth to 106,000 members in Q2, with $70 million adjusted EBITDA maintained despite new member costs.
- **AI-Driven Cost Savings**: Clover Assistant reduces COPD hospitalizations by 15%, exemplifying technology's ability to bend the cost curve.
- **2026 Tailwinds**: Transition to 4-star payment year in 2026, with 97% of members in wide network PPO plans, positions Clover for accelerated growth and profitability.
- **Part D Challenges**: Elevated costs from IRA changes in 2025 expected to ease in 2026 as industry models adjust to higher Part D direct subsidy rates.
- **Competitive Advantage**: National players retreating from PPO plans, creating opportunity for Clover to expand market share with differentiated tech-first model.

**【CEO Summary Section】**
- **Revenue and Membership Growth**: Medicare Advantage membership grew 32% YoY to 106,000 members, with 34% YoY increase in insurance revenue to $470 million in Q2. 2025 guidance projects 32% membership growth, ending the year with over 108,000 members.
- **Profitability Amid Growth**: Maintained adjusted EBITDA profitability of $70 million in Q2, despite new member headwinds. Year-to-date adjusted EBITDA remains steady at $43 million.
- **Tech-Driven Differentiation**: Clover Assistant AI platform correlated with 15% fewer hospitalizations for COPD patients. Expansion of CA into independent pharmacies and third-party partnerships (e.g., ACOs, hospitals) drives cost management and quality scores.
- **2026 Outlook**: Transition to 4-star payment year in 2026, with 97% of members in wide network PPO plans. Anticipates financial tailwinds from CMS rate changes and reduced Part D pressure.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net loss improved to $11 million in Q2 (vs. $15 million in Q1), with year-to-date GAAP net loss of $12 million. Insurance BER rose to 88.4% in Q2 (vs. 76.1% in Q2 2024), driven by CA-enabled care coordination.
- **Cost Management**: Adjusted SG&A as a percentage of revenue improved to 17% in Q2 (down 280 bps YoY). Operating leverage from renegotiated partner contracts and CA efficiency gains.
- **Updated Guidance**: Increased Medicare Advantage membership guidance to 104,000-108,000 members. Insurance revenue guidance raised to $1.80-1.875 billion. BER guidance updated to 88.5%-89.5% to reflect Part D and supplemental benefit trends.

**【Q&A Key Highlights】**
- **Part D Challenges**: Elevated Part D costs due to IRA changes are industry-wide. 2026 Part D direct subsidy rate increase signals higher costs, but Clover expects relief from 4-star payment year benefits.
- **Competitive Positioning**: National players retreating from wide network PPO plans, creating opportunity for Clover to grow market share. 2026 4-star rating provides financial tailwind and stronger product differentiation.
- **SG&A Efficiency**: Cost initiatives with partners (e.g., term renegotiations) and CA-driven care management reduce per-member costs. Returning member cohorts improve economics as they mature.
- **White Paper Impact**: COPD clinical study showing 15% lower hospitalizations highlights CA's value. Additional studies on CHF, CKD, and HEDIS scores reinforce technology's effectiveness in reducing costs and improving outcomes.

Clover Health Investments, Corp. (CLOV) Q2 2025 Earnings Call Transcript

- **Record Growth**: Q1 2025 saw 30% MA membership, 33% revenue, and 279% EBITDA growth, driven by Clover Assistant adoption.
- **Clinical Success**: Clover Assistant reduced CHF hospitalizations by 27% and improved chronic disease diagnosis timing.
- **Profitability Leap**: Adjusted EBITDA rose to $26M (+279% YoY), with 1,500+ bps loss ratio improvement over 3 years.
- **2026 Vision**: 4-star rating, CMS rate adjustments, and maturing member cohorts set stage for $50-70M 2026 EBITDA.

**【CEO Key Highlights】**
- **MA Growth Momentum**: Q1 2025 saw 30% MA membership growth, 33% revenue increase, and 279% adjusted EBITDA rise, driven by Clover Assistant adoption and home care services.
- **Clinical Impact**: Clover Assistant reduced CHF-related hospitalizations by 27% and improved chronic disease diagnosis timing, showcasing technology-driven care efficiency.
- **2025 Guidance Confidence**: Reaffirmed full-year goals with 30% membership growth and 37% revenue expansion, supported by 4-star rating and CMS rate adjustments.
- **Counterpart Expansion**: Partnering with third-party MA plans to extend Clover Assistant, with early metrics mirroring internal care improvements (e.g., HEDIS scores, disease management).

**【CFO Financial Breakdown】**
- **Revenue Performance**: Insurance revenue reached $457M (+34% YoY), driven by 30% MA growth and strong retention in New Jersey.
- **Cost Efficiency**: Adjusted SG&A as % of revenue dropped to 18% (vs. 21.6% YoY), reflecting operational leverage and member cohort maturation.
- **Profitability Surge**: Adjusted EBITDA jumped to $26M (+279% YoY), with unit economics improving 700+ bps annually due to early care intervention.
- **BER Management**: Q1 Insurance BER at 86.1%, in-line with expectations, with CA-enabled affiliate entity reducing claims complexity.

**【Q&A Key Takeaways】**
- **Cost Trends**: New member cohorts track as expected, with 1,500+ bps loss ratio improvement over 3 years, offsetting short-term inpatient utilization spikes.
- **Market Expansion**: New Jersey still offers 20%+ non-snip market share growth, while Counterpart partnerships will contribute to top-line without disclosed deal specifics.
- **Competitive Edge**: Differentiated PPO model with CA-driven care management outperforms competitors' value-based programs, attracting CMS rate tailwinds.
- **2026 Outlook**: 4-star rating boost, CMS rate adjustments, and maturing member cohorts position for 2026 EBITDA of $50-70M, up from $26M in Q1 2025.

Clover Health Investments (CLOV)-6 May 25-2025 Q1 Earnings call transcript

- **2024 Milestone**: Achieved first-ever full-year adjusted EBITDA profitability with 9% revenue growth and 27% MA membership expansion.
- **Star Performances**: 95% of members in four-star plans, driving 2026 revenue upside and better care outcomes.
- **2025 Growth Engine**: $1.8B+ revenue target, 30% MA growth, and $45-70M EBITDA, fueled by home care scaling and Counterpart partnerships.
- **Efficiency Focus**: 200+ basis point SG&A margin improvement in 2025, setting stage for 2026 profitability acceleration.


**【CEO Summary Section】**
- Achieved full-year 2024 adjusted EBITDA profitability, with Medicare Advantage (MA) membership surpassing 100,000, reflecting a 27% year-over-year growth and 95% AEP retention rate.
- 95% of members are in four-star rated PPOs, with clinical outcomes improving due to Clover Assistant's AI-driven care management.
- Launched Counterpart Health, signing first external partners and establishing a scalable cloud platform for third-party care management.
- Home care program reduced medical cost ratio (MCR) for high-acuity members, with plans to scale services in 2025.

**【CFO Financial Commentary】**
- 2024 revenue grew 9% to $1.345 billion, with adjusted EBITDA profit of $8 million in Q4 and $70 million for the full year.
- 2025 guidance: $1.8-1.875 billion in revenue (37% YoY growth), 30% MA membership growth, and adjusted EBITDA of $45-70 million.
- SG&A expenses optimized, with adjusted SG&A as a percentage of revenue improving 200 basis points to 19-20% in 2025.
- BER improved to 81.2% in 2024, driven by returning member cohorts and Clover Assistant's impact.

**【Q&A Key Takeaways】**
- Counterpart Health revenue contribution is not yet material, with focus on scaling Clover Assistant reach and partnerships (e.g., Southern Illinois Healthcare).
- SG&A growth in 2024 was driven by AEP season investments, with 2025 efficiency initiatives targeting 200 basis points improvement in SG&A margin.
- 2026 outlook includes higher four-star payment rates, maturing member cohorts (700+ basis point MCR improvement), and cost optimization benefits.


Actual		-0.1127	-0.63	-0.08	-0.34	-0.16	-0.2194	-0.1577	-0.1759	-0.1516	-0.0601	-0.0863	-0.1463	-0.05	0.01	-0.02	-0.04	0.0535	-0.02	-0.05	-0.0506
Forecast	-0.855	-0.1093	-0.1367	-0.2287	-0.2585	-0.2684	-0.197	-0.2243	-0.2394	-0.1665	-0.1387	-0.1056	-0.1394	-0.0723	-0.0485	-0.0409	-0.0659	-0.0409	-0.0092	-0.03	-0.1021
Surprise	0.00%	-3.11%	-360.86%	+65.02%	-31.53%	+40.39%	-11.37%	+29.69%	+26.52%	+8.95%	+56.67%	+18.28%	-4.95%	+30.84%	+120.62%	+51.10%	+39.30%	+230.81%	-117.39%	-66.67%	+50.44%

CLOV

CLOV fundamentals

CLOV Q4 2025 Earnings

Earnings Call

You can ask Aime

CLOV

CLOV fundamentals

CLOV Q4 2025 Earnings

Earnings Call

CLOV Earnings Call Summary for Q4/20255:00 PM on Feb 26, 2026

CLOV Earnings Call Summary for Q3/20255:00 PM on Nov 4, 2025

CLOV Earnings Call Summary for Q2/20255:00 PM on Aug 5, 2025

CLOV Earnings Call Summary for Q1/20255:00 PM on May 6, 2025

CLOV Earnings Call Summary for Q4/20245:00 PM on Feb 27, 2025

You can ask Aime