Clover Health Investments improves 2023 guidance

• Clover Health Investments (NASDAQ:CLOV) says that based on its Q1 2023 results, it is updating parts of its 2023 guidance.
• Insurance revenue is expected between $1.18B and $1.23B, representing growth rate of 9%-13% as compared to 2022.
• Non-insurance revenue is projected at between $0.75B to $0.80B.
• The insurance medical care ratio is expected at 87%-89%. Non-insurance MCR, 98%-100%.
• In the quarter, Clover Health (CLOV) saw its net loss narrow ~4% to $72.6M.
• The company saw its cash, cash equivalents, restricted cash and investments increase ~14% in the quarter to $635.2M compared to Dec. 31, 2022.

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