Clover Health Investments, Corp. (NASDAQ: CLOV), a medicare advantage insurer, recently reported total revenue of $427.0M in the third quarter of 2021, a 153% increase compared to $169.0M in the third quarter of 2020. This consisted of $204.0M in Medicare Advantage premiums and $223.0M in Direct Contracting revenue.
Lives under Clover Management at quarter-end were approximately 129.10K, an increase of 125% compared to September 30, 2020. Medicare Advantage membership and Direct Contracting lives were 67.281K and 61.818K, respectively, as of September 30, 2021.
Salaries and benefits plus General and administrative expenses for the quarter were $119.10M, compared to $46.50M for the third quarter of 2020, an increase of $72.60M. The largest component of this increase was non-cash, stock-based compensation expense.
Premium deficiency reserve expense was $20.80M for the third quarter, in anticipation of a reserve deemed necessary for the remainder of 2021. This compared to a $0.80M benefit in the third quarter of 2020.
GAAP net (loss) income for the quarter was $34.50M million, compared to net income of $12.80M for third quarter of 2020. The company’s third-quarter 2021 results reflect a non-cash benefit of $115.20M relating to the change in the fair value of their public and private placement warrant liabilities.
Adjusted EBITDA loss (Non-GAAP) for the quarter was $102.30M million, and Normalized Adjusted EBITDA loss (Non-GAAP), which excludes Direct Contracting gross profit or loss, the estimated impact of the COVID-19 pandemic on their MA results, and certain other items, was $61.10M.
Cash, cash equivalents, and investments totaled $588.70M million as of September 30, 2021.
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