Here is the PR from earnings, Monday, and it was up at $11.00, see what I mean by unduly punished,
er Health Reports 46% Revenue Growth, Guidance Lower Than Originally Forecasted
4:44 pm ET March 1, 2021 (Benzinga) Print
A health care company that went public with a SPAC from Chamath Palihapitiya reported quarterly earnings for the first time as a public company Monday.
What Happened: Clover Health Investments (NASDAQ: CLOV) reported fourth-quarter revenue of $166.2 million, a year-over-year increase of 44%. Full fiscal year 2020 revenue of $673 million was up 46% year-over-year.
The revenue figure beat a projected fiscal 2020 estimate of $671 million from the company’s investor presentation. The company went public with a SPAC deal that was completed in January.
Clover Health Investments ended the last fiscal year with over 58,000 members. The company reported that 32,400 of its members were covered under the Clover Assistant Management program.
Related Link: Chamath Palihapitiya’s 12 SPAC, PIPE Deals: Tracking 2021 And Lifetime Performance
What’s Next: Clover Health will launch its direct contracting segment in April, providing a simpler way to increase the number of lives on the Clover platform. The company said the segment will drive value for consumers and physicians.
Clover Health sees fiscal 2021 revenue coming in a range of $820 million to $850 million. The figure includes $30 million to $50 million from the direct contracting business line.
The company is forecasting 68,000 to 70,000 Medicare Advantage members in fiscal 2021.
Clover Health guided for fiscal 2021 revenue of $880 million in its SPAC investor presentation. The presentation also guided for 73,477 members in fiscal 2021. Both new figures from the company are below original estimates.
CLOV Price Action: Clover Health shares are up 6.7% to $11.07 in after-hours trading after closing up 10% in the regular trading session Monday. The stock has traded between $9.16 and $17.45 over the last 52 weeks.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
