CLOV Stock Declines Despite Q3 Earnings Beat, FY24 View Revised

Zacks11-08

Clover Health Investments, Corp. CLOV delivered a loss per share of 2 cents in the third quarter of 2024, narrower than the year-ago period’s loss of 7 cents per share and the Zacks Consensus Estimate...

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CLOV delivered a loss per share of 2 cents in the third quarter of 2024, narrower than the year-ago period’s loss of 7 cents per share and the Zacks Consensus Estimate...</p>\n\n<a href=\"https://finance.yahoo.com/news/clov-stock-declines-despite-q3-161800250.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CLOV Stock Declines Despite Q3 Earnings Beat, FY24 View Revised</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCLOV Stock Declines Despite Q3 Earnings Beat, FY24 View Revised\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-08 00:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/clov-stock-declines-despite-q3-161800250.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Clover Health Investments, Corp. CLOV delivered a loss per share of 2 cents in the third quarter of 2024, narrower than the year-ago period’s loss of 7 cents per share and the Zacks Consensus Estimate...</p>\n\n<a href=\"https://finance.yahoo.com/news/clov-stock-declines-despite-q3-161800250.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RMD","symbol_name":"瑞思迈","start_time":0,"source_url":"https://finance.yahoo.com/news/clov-stock-declines-despite-q3-161800250.html","article_id":"2481160875","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Fs.zEOIhxGf7t8eaUSmjWw--~B/aD02MjA7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/f4f040597ee01c61420a977a95c5b391"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481160875","pubTimestamp":1730996280,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Clover Health Investments, Corp. CLOV delivered a loss per share of 2 cents in the third quarter of 2024, narrower than the year-ago period’s loss of 7 cents per share and the Zacks Consensus Estimate of a loss of 3 cents per share.Clover Health registered revenues of $330.9 million in the third quarter, up 8.2% year over year. However, the figure missed the Zacks Consensus Estimate by 4.8%.The top line was aided by robust Insurance revenues and Other income.Shares of this company plunged nearly 12.7% in yesterday’s after-hours trading.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Clover Health derives its revenues from two business sources — Insurance and Other income.Clover Health’s Insurance members were 81,110 as of Sept. 30, 2024, down 0.2% year over year.Clover Health Investments, Corp. price-consensus-eps-surprise-chart | Clover Health Investments, Corp. Quote. For 2024, Insurance MCR is now expected to be in the range of 76-77%, lowered from the previou","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"RMD":"瑞思迈","RMD.AU":"Resmed DRC","CLOV":"Clover Health Corp","BSX":"波士顿科学","DGX":"奎斯特诊疗"},"translate_title":"尽管第三季度盈利超出预期，2024财年观点修正，CLOV股价仍下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CLOV":1,"BSX":0.9,"DGX":0.9,"RMD":0.9,"RMD.AU":0.9},"content_text":"Clover Health Investments, Corp. CLOV delivered a loss per share of 2 cents in the third quarter of 2024, narrower than the year-ago period’s loss of 7 cents per share and the Zacks Consensus Estimate of a loss of 3 cents per share.\nCLOV’s Revenues in Detail\nClover Health registered revenues of $330.9 million in the third quarter, up 8.2% year over year. However, the figure missed the Zacks Consensus Estimate by 4.8%.\nThe top line was aided by robust Insurance revenues and Other income.\nShares of this company plunged nearly 12.7% in yesterday’s after-hours trading.\nFind the latest EPS estimates and surprises on Zacks Earnings Calendar.\nClover Health’s Segmental Details\nClover Health derives its revenues from two business sources — Insurance and Other income.\nInsurance revenues in the third quarter totaled $322.6 million, indicating an uptick of 7.1% year over year. Per management, this was primarily driven by strong member retention and continued intra-year growth.\nWithin CLOV’s Insurance segment, the Insurance Benefits Expense Ratio (BER) was 82.8% in the third quarter of 2024, which contracted 50 basis points (bps) year over year. Insurance medical care ratios (MCR) was 78% in the third quarter of 2024, which also contracted 50 bps year over year.\nClover Health’s Insurance members were 81,110 as of Sept. 30, 2024, down 0.2% year over year.\nOther income generated revenues of $8.4 million in the third quarter, implying an improvement of 75.2% year over year.\n\nClover Health Investments, Corp. Price, Consensus and EPS Surprise\n  \nClover Health Investments, Corp. price-consensus-eps-surprise-chart | Clover Health Investments, Corp. Quote\n\nCLOV’s Operational Update\nIn the quarter under review, Clover Health’s net medical claims incurred increased 5.9% year over year to $249.8 million. Salaries and benefits expenses decreased 9.2% year over year to $54.9 million, while general and administrative expenses declined 14.2% year over year to $35.2 million. Total adjusted operating expenses of $339.9 million increased 0.8% on a year-over-year basis.\nTotal adjusted operating loss in the third quarter was $8.9 million compared with the prior-year quarter’s adjusted operating loss of $31.4 million.\nClover Health’s Financial Position\nClover Health exited third-quarter 2024 with cash and cash equivalents and short-term investments of $289.7 million compared with $264.4 million at the end of the second quarter.\nCumulative net cash provided by operating activities from continuing operations at the end of third-quarter 2024 was $129.5 million compared with $79.4 million a year ago.\nCLOV’s Guidance\nClover Health has revised its outlook for 2024.\nFor 2024, Insurance revenues are continued to be estimated in the range of $1.35 billion-$1.375 billion.\nFor 2024, Insurance MCR is now expected to be in the range of 76-77%, lowered from the previous outlook of 77-79%. Insurance BER is now expected to be in the range of 81-82%, narrowed from the previous outlook of 81-83%.\nOur Take\nClover Health exited the third quarter of 2024 with a narrower-than-expected loss per share. The uptick in consolidated revenues and both segments’ revenues was encouraging. The contraction in the Insurance BER and MCR was promising as well.\nOn the flip side, lower-than-expected revenues and continued dismal bottom-line performance was disappointing. CLOV incurred adjusted operating loss during the quarter, which did not bode well either.\nClover Health’s Zacks Rank & Key Picks\nCLOV currently carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks in the broader medical space that have announced quarterly results are Quest Diagnostics Incorporated DGX, ResMed Inc. RMD and Boston Scientific Corporation BSX.\nQuest Diagnostics, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2024 adjusted earnings per share (EPS) of $2.30, beating the Zacks Consensus Estimate by 1.8%. Revenues of $2.49 billion outpaced the consensus mark by 3.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nQuest Diagnostics has a long-term estimated growth rate of 6.5%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.4%.\nResMed reported first-quarter fiscal 2025 adjusted EPS of $2.20, beating the Zacks Consensus Estimate by 8.4%. Revenues of $1.22 billion surpassed the Zacks Consensus Estimate by 2.9%. It currently carries a Zacks Rank #2.\nResMed has a long-term estimated growth rate of 14.8%. RMD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.4%.\nBoston Scientific reported third-quarter 2024 adjusted EPS of 63 cents, beating the Zacks Consensus Estimate by 8.6%. Revenues of $4.21 billion surpassed the Zacks Consensus Estimate by 4.4%. It currently carries a Zacks Rank #2.\nBoston Scientific has a long-term estimated growth rate of 13.8%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.3%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBoston Scientific Corporation (BSX) : Free Stock Analysis Report\nQuest Diagnostics Incorporated (DGX) : Free Stock Analysis Report\nResMed Inc. (RMD) : Free Stock Analysis Report\nClover Health Investments, Corp. (CLOV) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481160875"}