Clover Health Soars As Revenue, Memberships Double By Investing.com

0 1



© Reuters.

By Dhirendra Tripathi

Investing.com — 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave A Reply

Your email address will not be published.