Clover Health Soars As Revenue, Memberships Double By

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© Reuters.

By Dhirendra Tripathi — Clover Health stock (NASDAQ:) climbed 18% in Thursday’s premarket trading as the company reported doubling of revenue and memberships in the second quarter.

Clover is on a $1.6 billion annual revenue run rate based on the second quarter results, Clover Health CFO Joe Wagner said.

The company benefited from the elderly looking to tend to their health issues that the pandemic had forced them to keep aside.

Clover Health, focused on the elderly, offers plans covering hospitalization, doctor visits, drugs, vision, dental, and hearing.

Its Clover Assistant ended the quarter with approximately 95,000 lives under management. Overall, total lives under Clover management were approximately 129,000, a 126% rise.

Second-quarter revenue grew 140% to $412.5 million. But the company made a loss as against a profit last time because of a higher salary bill and administrative expenses.

Adjusted EBITDA loss was $138.7 million.

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