Clover Health Investments Corp (NASDAQ:CLOV) is ripping higher in Wednesday's after-hours session after the company released its fourth-quarter financial results.
Clover Health said fourth-quarter revenue increased 160% year-over-year to $432 million. The company reported a quarterly net loss of $187.2 million, which was down from a loss of $136.4 million in the fourth quarter of 2020.
"This year, we are expecting significant growth in revenue and lives under management while at the same time we believe we are driving operating efficiencies and improved MCRs," said Vivek Garipalli, CEO of Clover Health.
Clover Health expects full-year 2022 revenue to be in the range of $3 billion to $3.4 billion. Medicare Advantage memberships are expected to grow by 26% to 27% year-over-year. Adjusted operating expenses are expected to be between $330 million and $345 million.
Clover Health is a healthcare technology company that uses its proprietary technology platform to collect, structure and analyze health and behavioral data to improve medical outcomes and lower costs for patients.
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CLOV Price Action: Clover Health has traded as low as $1.95 and as high as $28.85 over a 52-week period.
The stock was up 18.9% at $2.39 Wednesday afternoon.
Photo: jeonsango from Pixabay.
