Clover Health Investment Corp.'s (NASDAQ:CLOV) 2022 revenue estimate of $3.2B-$3.4B includes the consensus estimate of $3.31B.
The health insurer added that its projected full-year insurance medical cost ratio (MCR) of 93%-94% would be an improvement over 2021's level.
In its Q3 2022 financial results, Clover Health's (CLOV) net loss more than doubled to $75.3M from $34.5M in the year-ago period.
Revenue of ~$857M, a 101% year-over-year increase, was a beat.
Clover Health (CLOV) was hurt in the quarter by a dramatic increase of ~92% in net medical claims incurred to ~$839.8M.
The company ended the quarter with cash and cash equivalents of $782.7M, a 1% decline from Dec. 31, 2021.
Seeking Alpha's Quant Rating views Clover Health (CLOV) as a sell.
Clover Health shares climbed 2.2% in extended trading.