On February 23, Clover Health Investments Corp. (CLOV) declared its financial results for Q4 and fiscal 2021. Consequently, the stock recovered in the after-hours and became bullish.
During the regular session, the stock plunged down to its new 52-week low of $1.95. With a loss of 1.47%, CLOV closed the session in the red at $2.01. The day saw a heavy volume of 33.92 million which was 233% of its usual. Following the announcement, the stock rebounded to gain 14.93% in the after-hours session. Hence, the stock was trading at $2.31 per share at an after-hours volume of 13.9 million on Wednesday.
The healthcare insurance services provider, Clover Health Investments Corp. was founded in 2014. As of now, the company’s 330.48 million outstanding shares trade at a market capitalization of $964.52 million. In the past five days, CLOV stock has lost 18,29% while losing 45.97% year to date. Moreover, the stock subtracted a huge value of 80.56% last year.
CLOV’s 2021 Financial Report
In Q4 2021, the company had total revenue of $432.0 million which marked a huge increase of 160% YOY. This compares to $166.2 million in Q4 2020.
Furthermore, the company reported a net loss of $187.2 million for Q4 2021, against $126.4 million in the year-ago period.
Additionally, the non-GAAP normalized adjusted EBITDA was a loss of $68.5 million in Q4 2021 against $41.5 million in the prior-year period.
Liver under Clover Assistant Management delivered a 223% YOY growth on December 31, 2021.
2022 Guidance
For fiscal 2022, CLOV expected total revenues of $3.0-$3.4 billion with adjusted operating expenses of $330 to $345 million.
The company expects Medicare Advantage membership to increase by 26-27% in fiscal 2022.
CLOV Company News
On February 10, the company announced that it will be participating in Citi’s 2022 Virtual Healthcare Conference in February. The company’s CEO, Vivek Garipalli, and President, Andrew Toy would be presenting at the conference on February 24, 2022.
On January 10, the company provided updates on its Medicare Advantage (MA) membership growth. According to the company, MA membership has increased by 25% as compared to the beginning of 2021. Thus, it has outpaced the overall industry growth average of 10% YOY approx. In addition, CLOV had entered 2022 above its previous guidance of 82,000 lives for MA memberships.
Conclusion
CLOV stock had been falling down severely as it reached a new 52-week low on Wednesday. But the after-hours session brought good news in the form of beat earnings. Finally giving a breathing chance to the stock. Therefore, the stock made a comeback in the after-hours on Wednesday.
