Clover Health Investor Presentation Deck
Clover Is Growing Rapidly With An Attractive Underlying
Margin Profile
Clover is experiencing accelerated
growth above the industry average...
Revenue
($mm)
YoY growth
(1)
358/¹)
2018
29%
463(¹)
2019
46%
673
T
2020
(2)
1,040
YTD Q3
2021
...And we believe our MCR is
reverting back to the mean...
GAAP MA MCR
89.4%
109.3%
111.0%
102.5%
Source: Company filings and CMS.
(1) Includes ceded premiums.
(2)
Direct Contracting launched in April 2021. Q3 2021 (including the full impact of DC) was up 153% YoY.
Proven ability to achiev solid margins
despite implicit headwinds from best-in-
class plan designs and industry-leading
growth
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2020 2020 2020 2021 2021 2021
Illustrative
MCR
...with further upside from operating
initiatives and successes:
Operating efficiencies from the increase to 3.5
Stars in PPO from 3.0 Stars. Line of sight to
industry level MCRS at industry-leading growth
with 4.0 Stars
New Clover Assistant Features offer upside
beyond Stars
Other medical expense efficiencies such as
improvement in expediting recognizing
recoveries and utilization management process
changes
Lower operating expense as a percentage of
revenue due to efficiencies and scale
Clover's underlying fundamentals are becoming more clear. We expect to see a materially
more attractive cost structure over the next 18 months as COVID costs ultimately subside,
future CA features are rolled out, and operating synergies are realized.
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