Clover Health Investments reported quarterly sales of $482.07 million which missed the analyst consensus estimate of $494.60 million by 2.53 percent. This is a 43.74 percent decrease over sales of $856.82 million the same period last year.
Clover Health shares tanked 12% in premarket trading Tuesday.
Clover Health, a renowned healthcare provider, has recently made a significant revision to its projected 2023 Adjusted EBITDA outlook. As of November 6, 2023, the company has adjusted its estimated earnings before interest, taxes, depreciation, and amortization to a range of ($55) million – ($80) million. This revision comes as a surprise, as it signifies a potential decrease in expected profitability for Clover Health in the upcoming year.
The revised outlook highlights the challenges that Clover Health may face in achieving its financial goals for 2023. While the previous range had projected earnings between ($70) million – ($120) million, the revised figures indicate a potential decline in profitability. This adjustment serves as a cautionary signal for investors and stakeholders, urging them to reassess their expectations for the company’s financial performance.