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Clover Health Investments Corp. (CLOV-1.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $330,986,000 for the quarter, an increase from $306,028,000 in the same quarter the previous year. This increase was primarily driven by higher risk adjustment revenue.
Net medical claims incurred rose to $249,774,000 from $235,785,000 in the prior year, with the increase attributed to higher Part D related costs.
Salaries and benefits expenses decreased to $54,995,000 from $60,567,000, primarily due to a reduction in share-based compensation-related costs.
General and administrative expenses also decreased to $35,201,000 from $41,030,000, attributed to a decline in professional fees.
The company reported a net loss from continuing operations of $8,785,000, an improvement from the $33,616,000 loss in the same quarter of the previous year.
Net income from discontinued operations was $3,868,000, compared to a loss of $686,000 in the previous year.
Cash provided by operating activities was $129,539,000, while cash used in investing and financing activities was $2,004,000 and $11,220,000, respectively.
Clover Health's regulated insurance subsidiaries held $239,300,000 in available-for-sale and held-to-maturity investment securities as of September 30, 2024.
The filing also discusses the company's exit from the ACO REACH Program, effective at the end of the 2023 performance year.
The company launched Counterpart Health, Inc., a new SaaS and tech-enabled services solution, during the second quarter of 2024.
The report highlights that Clover Health's PPO Medicare Advantage plans received a 4-star rating for 2025, impacting the 2026 payment year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clover Health Investments Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.