Clover Health Investments (NASDAQ: CLOV) reported Q4 revenue of $432 million versus the consensus estimate of $408.14 million.

GUIDANCE:

• Clover Health Investments sees FY2022 revenue of $3-3.4 billion, versus the consensus of $2.62 billion.
• Total revenues are expected to be in the range of $3.0 billion to $3.4 billion. This includes projected MA revenue of $1.0 billion to $1.1 billion and Direct Contracting revenue of $2.0 billion to $2.3 billion.
• •Medicare Advantage membership is expected to average 84,000 - 85,000, a growth rate of 26% - 27% as compared to the 2021 average. For the Direct Contracting program, the Company expects the average number of aligned beneficiaries to be 160,000 - 165,000, compared to an average of 62,125 in 2021 and our prior guidance of 125,000.
• •GAAP MA MCR is expected to be in the range of 95% - 99%. This improvement versus 2021 is driven by a combination of expected operational efficiencies, increased risk scores and slightly lower COVID-19 costs. Direct Contracting Margin is also expected to improve versus 2021 levels. Any significant developments related to COVID-19 and/or historical utilization trends could impact these expectations.
• •Adjusted Operating Expenses (Non-GAAP) (1) are expected to be between $330 million and $345 million.
• •Adjusted Operating Expenses as a percentage of revenue (Non-GAAP)(1) is expected to be 10% - 12% compared to 18% in 2021.
  

For earnings history and earnings-related data on Clover Health Investments (CLOV) click here.