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Clover Health Clover Health Reports First Quarter 2021 Financial Results May 17 , 2021 Record Revenue of Over $ 200 million Lives Under Management Nearly Doubles Following The Launch of Direct Contracting NASHVILLE , Tenn . , May 17 , 2021 ( GLOBE NEWSWIRE ) -- Clover Health ( Nasdaq : CLOV ) ( " Clover " or the " Company " ) , an innovative technology company improving health outcomes for America's seniors , today reported financial results for the first quarter of 2021. Management will host a conference call today at 8:30 a.m. ET to discuss its operating results and other business highlights . " Clover's mission is to use our technology platform to improve every life , and every day that passes brings us one step closer to that goal . I am excited that we have reached our strategic milestone of moving beyond Medicare Advantage into the largest segment of Medicare - Original Medicare - by launching Direct Contracting . This has led to our lives under management nearly doubling to over 130,000 Americans , " said Clover Health CEO Vivek Garipalli . " We're also proud of the progress we're making on providing high - quality care to members disproportionately affected by social risk factors and the preliminary evidence showing our plan's strong performance on a prototype of the Medicare Advantage ( MA ) Health Equity Summary Score ( HESS ) , which we plan to discuss further in a white paper summarizing our efforts around Health Equity . " Andrew Toy , President and CTO of Clover Health added , " Adoption and iteration of the Clover Assistant is critical to our mission to improve every life , and it directly ties back to our financials , supporting the positive alignment between our business and the health of our members . Strategically , growing lives under management through Direct Contracting feeds our virtuous cycle : we believe that as more physicians use the Clover Assistant , the software will get smarter and outcomes will improve , which will then reduce the cost of care . We are also excited about the way we are integrating data from our platform into our work with Walgreens - Walgreens Health advisors will now be able to offer enhanced , personalized services to Clover members based on Clover Assistant data . The Walgreens partnership is off to a great start . Currently , over 30 Health Corners are open to Clover members , and almost 50 % of our New Jersey members live within 1 mile of a Walgreens Health Corner where they can receive personalized care based on Clover Assistant data . Since we began a trial of the program in the second half of 2020 , over 1,100 care gaps have been closed . " Management Commentary on Financial Highlights Clover Health's CFO , Joe Wagner , commented , " In the first quarter we delivered a record - setting $ 200 million in revenue , which was quickly followed by the launch of our Direct Contracting Entity . Notably , the Clover Assistant continues to power improved financial outcomes , demonstrated by a MCR differential of more than 1,000 basis points in the first quarter for returning members who see a PCP that uses the Clover Assistant versus the MCR of those who don't . This past quarter , the positive traction we saw across our business was partially offset by elevated COVID - related costs . While we expect to continue to experience heightened levels of utilization in the near - term , we couldn't be more excited about the long - term potential to drive strong outcomes for both our members and investors . " Key Company highlights are as follows ( 1 ) : Dollars in Millions Total Revenue GAAP Medical Care Ratio ( " MCR " ) Normalized MCR ( Non - GAAP ) ( 2 ) Salaries and benefits plus General and administrative expenses Adjusted Operating Expenses ( Non - GAAP ) ( 2 ) Net Loss Adjusted EBITDA ( Non - GAAP ) ( 2 ) Normalized Adjusted EBITDA ( Non - GAAP ) ( 2 ) Q1'21 $ 200.3 107.6 % 95.4 % $ 104.6 $ 61.9 $ ( 48.4 ) $ ( 76.2 ) $ ( 52.1 ) ( 1 ) A " Budgeted MCR " metric was included in our Full Year 2020 Earnings Release as a one - time disclosure to help explain the Company's expectations for financial results prior to the COVID - 19 pandemic , and is no longer being disclosed . Q1'20 $ 165.5 89.4 % N / A $ 50.0 $ 48.0 $ ( 28.2 ) $ ( 21.7 ) N / A ( 2 ) Reconciliations of Normalized MCR ( Non - GAAP ) to GAAP MCR , Adjusted Operating Expenses ( Non - GAAP ) to the sum of Salaries and benefits plus General and administrative expenses , Adjusted EBITDA ( Non - GAAP ) to Net Income ( Loss ) , and Normalized Adjusted EBITDA ( Non - GAAP ) to Net Income ( Loss ) , respectively , are provided in the tables immediately following the consolidated financial statements below . Additional information about the Company's non - GAAP financial measures can be found under the caption " About Non - GAAP Financial Measures " below and in Appendix A. First Quarter 2021 Financial Highlights • Medicare Advantage membership was approximately 66,300 as of March 31 , 2021 , an 18 % increase from March 31 , 2020 . • Total revenue was $ 200.3 million in the first quarter of 2021 , a 21 % increase compared to $ 165.5 million in the first quarter of 2020. This growth was primarily due to an increase in membership . • Our consolidated GAAP MCR for the quarter was 107.6 % , compared to 89.4 % for Q1 2020. Normalized MCR