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CompaniesJuly 17 (Reuters) - Clover Health Investments (CLOV.O), opens new tab said in a regulatory filing on Friday that it detected unusual login activity ​on some of its information systems on ‌July 4 and later found a hacker had gained access to three employee accounts through social engineering.

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The ​health insurer said the affected accounts ​belonged to non-managerial health plan employees who ⁠handled member visit scheduling and broker-facing sales work.

These ​accounts could access some personal and protected health ​information, according to the company, but not corporate financial or claims systems.

Clover began an investigation with external cybersecurity experts, took steps ​to contain the activity and notified law ​enforcement, it said.

The investigation is ongoing and the company ‌is still ⁠reviewing what information may have been accessed or taken. Clover believes its response curbed and ended the unauthorized access.

It also said it does not believe ​the incident ​has had, ⁠or is likely to have, a material impact on its business, financial ​condition or results of operations.

Clover is ​reviewing ⁠legal and regulatory requirements and will notify affected members if needed, it added.

Clover Health Investments is ⁠a ​U.S. health insurer focused on ​providing Medicare Advantage plans and technology tools for doctors.

Reporting by ​Padmanabhan Ananthan in Bengaluru; Editing by Jonathan Ananda

Our Standards: The Thomson Reuters Trust Principles., opens new tab

SAN FRANCISCO, July 07, 2026 (GLOBE NEWSWIRE) -- Counterpart Health, Inc. (“Counterpart”), a wholly owned subsidiary of Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover” or “Clover Health”), and a leading AI-powered physician enablement platform, today released findings within the whitepaper “Clinical Excellence in Continuity of Care: A Real-World Analysis of Counterpart Assistant's Role in Post-Hospitalization Follow-up.”

The whitepaper examines the relationship between CA use by primary care physicians (“PCPs”) and performance on high-risk care transition outcomes, including two HEDIS®1 quality measures within Clover Health’s Medicare Advantage population: Transitions of Care (“TRC”) and Follow-Up After Emergency Department Visit for People with Multiple High-Risk Chronic Conditions (“FMC”).

Counterpart Health partners with payers and provider organizations to help primary care teams identify care gaps, manage risk, and improve quality and financial performance across populations with complex clinical needs. For transitions of care, CA helps turn acute utilization events into timely, trackable follow-up work by generating tasks after hospital discharge and surfacing available hospitalization information, including medication information, lab results, procedures, and discharge summaries, within clinicians’ existing workflows.

"Patients are at their most vulnerable when they are discharged from the hospital, where communication gaps and missed follow-ups with their PCP can lead to avoidable complications," said David Tsay, MD, PhD, Chief Medical Officer at Counterpart Health and co-author of the whitepaper. "CA is supporting PCPs in ensuring follow-up care happens, and that patients are getting the proactive and longitudinal care they need.”

Key highlights from the whitepaper include:

Stronger transitions of care performance: Members attributed to CA-enabled PCPs performed better across all HEDIS Transitions of Care measures reviewed, including notification of inpatient admission, patient engagement after discharge, receipt of discharge information, and medication reconciliation.More frequent post-discharge coordination: Members attributed to CA-enabled PCPs had a 33% higher rate of receipt of discharge information and an 11% higher rate of medication reconciliation post-discharge.More timely ED follow-up for high-risk members: Members attributed to CA-enabled PCPs had a 9% higher rate on the HEDIS FMC measure, which evaluates follow-up after emergency department visits for people with multiple high-risk chronic conditions. "Primary care providers are often best positioned to identify emerging risks and intervene before they escalate, but they need timely, actionable information to do so," said Conrad Wai, Chief Executive Officer of Counterpart Health. "This analysis highlights how Counterpart Assistant can help bridge the gap between hospital discharge and outpatient management. By equipping providers with insights that support timely follow-up and patient engagement, we believe CA can strengthen care coordination, reduce avoidable acute utilization, and contribute to lower total cost of care."

This whitepaper is Counterpart’s eighth retrospective data analysis measuring CA's clinical impact, building on the care model and data foundation that supported Clover's #1 HEDIS score nationwide for a PPO Medicare Advantage plan for the last two years2. By embedding post-acute needs into the existing clinical workflow, CA helps enable more timely follow-up during one of the most vulnerable periods in a patient’s care journey.

Counterpart Assistant is commercially available to interested plans and risk-bearing provider organizations looking to advance this work. To learn more about Counterpart Health, visit: www.counterparthealth.com.

About Counterpart Health

Counterpart Health, a subsidiary of Clover Health Investments, Corp., or Clover Health, is a leading AI-powered physician enablement platform transforming care delivery. Born out of Clover Health as Clover Assistant, Counterpart Health’s flagship software platform, Counterpart Assistant, provides clinically intuitive insights that help clinicians better manage chronic conditions and deliver high-quality care. Counterpart Health extends this powerful data-driven technology platform beyond Clover Health’s Medicare Advantage plan. Counterpart Assistant is now commercially available, bringing its benefits to a wider audience to improve patient outcomes and reduce healthcare costs nationwide. Several published studies document the technology’s ability to support better outcomes in areas such as Diabetes, Chronic Kidney Disease, Congestive Heart Failure, and Chronic Obstructive Pulmonary Disease management, as well as Clinical Quality and Underserved Patient Populations.

About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale.
Visit: www.cloverhealth.com

Investor Relations:
Ryan Schmidt
[email protected]

Press Inquiries:
[email protected]

______________________

1 HEDIS® is a registered trademark of the National Committee for Quality Assurance (NCQA).
2 This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 and 2024 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023 and MY 2024 Star ratings, applying the measure ranges used by CMS.

On May 18, 2026, Board of Directors member Dr. Carladenise Armbrister Edwards reported a direct sale of 67,160 shares of Clover Health Investments (CLOV +3.55%) in an open-market transaction, according to the SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)67,160Transaction value~$230,000Post-transaction shares (direct)285,432Post-transaction value (direct ownership)~$968,000Transaction value based on SEC Form 4 weighted average reported price ($3.42); post-transaction value based on May 18, 2026 closing price.

Key questionsHow does this transaction compare to Edwards' historical trading activity?
This is Edwards' second direct sale in the past two years, with the previous transaction in March 2025 involving 200,000 shares; the latest sale of 67,160 shares is smaller in scale, reflecting reduced available holdings.What portion of Edwards' position was affected by this sale?
The transaction reduced Edwards' direct holdings by 19.05%, from 352,592 to 285,432 shares.Was this sale influenced by recent market performance or valuation?
The sale price of around $3.42 per share was modestly below the market close price during a period when the stock’s one-year total return was 8.23%, indicating the transaction occurred amid muted performance and may reflect routine portfolio management.What is the remaining ownership profile for Edwards after the transaction?
Following this sale, Edwards continues to hold 285,432 shares of Common Stock directly, with no indirect or derivative securities reported, representing a continuing material stake in Clover Health Investments.Company overviewMetricValueRevenue (TTM)$2.21 billionNet income (TTM)($56.94 million)Employees5701-year price change8.23%* 1-year price change calculated using May 18, 2026 as the reference date.

Company snapshotClover Health offers Medicare Advantage insurance plans and operates the Clover Assistant software platform, which supports healthcare providers in delivering care to Medicare-eligible individuals.It generates revenue primarily through insurance premiums, leveraging technology to improve care coordination and reduce medical costs.The company targets Medicare-eligible consumers in the United States, focusing on seniors and individuals seeking comprehensive healthcare coverage.Clover Health Investments is a healthcare company specializing in Medicare Advantage plans, supported by proprietary technology aimed at enhancing clinical outcomes and operational efficiency.

The company's strategy centers on integrating advanced analytics and provider support tools to differentiate its offerings within the competitive Medicare market. With a focus on technology-driven cost management and customer engagement, Clover Health Investments seeks to expand its presence among Medicare-eligible populations.

What this transaction means for investorsThe May 18 sale of Clover Health stock by Dr. Carladenise Armbrister Edwards came at a time when the share price was up thanks to an excellent first-quarter earnings report. Since then, the stock has skyrocketed, reaching a 52-week high of $5.49 on June 26 due to its victory in a court case that mandated Medicare upgrade Clover’s rating in the government program, which can unlock additional revenue.

Edwards' disposition is understandable given the stock was well above April’s 52-week low of $1.58, and as of June 26, she has not sold more shares despite the soaring price. Combined with her post-transaction holdings of more than 285,000 directly-held shares, this suggests she is not rushing to dispose of her equity stake, a sign that she has confidence the stock could rise higher.

Clover Health’s business is doing well. Its Q1 revenue rose 62% year over year to $749.2 million as Medicare Advantage memberships increased 51% year over year. The massive sales growth helped the company swing from a net loss of $1.3 million in Q1 of 2025 to net income of $27.3 million this year.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

SAN FRANCISCO, March 19, 2026 (GLOBE NEWSWIRE) -- Counterpart Health, Inc. (“Counterpart”), a wholly owned subsidiary of Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), and a leading AI-powered physician-enablement platform today released a whitepaper titled “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Flu Preventative Care.” The analysis examines the role of CA’s real-time clinical insights on immunization rates and flu-related acute care utilization within Clover Health’s Medicare Advantage (MA) population.

Influenza remains a major cause of morbidity among Medicare beneficiaries, with 90% to 95% of flu-related hospitalizations occurring in adults with underlying chronic conditions. For vulnerable populations, a single respiratory infection can lead to permanent functional decline. By fusing dozens of health-data streams with up-to-date clinical guidelines, CA delivers real-time recommendations that help Primary Care Physicians (PCPs) mitigate these risks.

Key highlights from the whitepaper:

CA promotes preventive care insights at the point of care by identifying patients eligible for flu vaccination and providing clinical recommendations to the provider. Analysis indicates that patients having a relationship with a PCP that uses CA (CA PCPs) were 1.39 times more likely to be vaccinated than those in the Non-CA cohort. Furthermore, patients whose providers completed the in-platform flu insight were 1.89 times more likely to be vaccinated than those in the CA cohort whose providers did not engage with the task.A relationship with a CA PCP was also associated with a lower rate of flu-related acute care utilization (inpatient hospitalizations and ED visits) for patients with certain high-risk chronic diseases. For patients with chronic obstructive pulmonary disease (COPD), such a relationship was associated with a 17% lower incidence rate of a patient experiencing at least one flu-related acute care event. Similarly, for patients with congestive heart failure (CHF), such a relationship was associated with an 11% lower incidence rate.A relationship with a CA PCP was also associated with a lower total volume of flu-related acute care encounters across these high-risk groups. For COPD patients, such a relationship was associated with 22% fewer flu-related acute care encounters. Similarly, for congestive heart failure patients, such a relationship was associated with 18% fewer flu-related encounters. “This analysis shows what happens when primary care physicians have timely, actionable information at the point of care,” said Dr. David Tsay, MD, PhD, Chief Medical Officer at Counterpart Health and co-author of the whitepaper. “By prompting preventive action during the visit, CA helps clinicians increase immunization rates and reduce avoidable acute events, particularly for patients with complex chronic conditions.”

The data also reflects a lower incidence rate and lower total volume of flu-related acute care utilization among COPD and CHF patients attributed to a PCP who utilizes CA. This notable difference in hospitalizations and emergency department visits strongly suggests that CA helps support a crucial shift toward proactive and longitudinal care strategies. By helping PCPs reduce the incidence rate of acute events, CA enables lower clinical risk for adverse outcomes in vulnerable populations where a single respiratory infection can lead to permanent functional decline.

“The reductions in flu-related hospitalizations and emergency visits among high-risk patients reflect what we’ve seen within Clover Health’s Medicare Advantage population,” said Conrad Wai, CEO of Counterpart Health. “Equipping primary care with timely, actionable insights enables earlier intervention, fewer avoidable acute events, and lower total cost of care. It’s not plan-specific. It’s a scalable model enabling effective value-based care."

Counterpart Health continues to expand CA’s capabilities to support preventive care, chronic disease management, and value-based performance across Medicare populations. By embedding actionable intelligence directly into the clinical workflow, CA enables plans and providers to shift from reactive treatment to proactive care.

To learn more about Counterpart Health, visit: www.counterparthealth.com.

About Counterpart Health

Counterpart Health, a subsidiary of Clover Health Investments, Corp., or Clover Health, is a leading AI-powered physician enablement platform transforming care delivery. Born out of Clover Health as Clover Assistant, Counterpart Health’s flagship software platform, Counterpart Assistant, provides clinically intuitive insights that help clinicians better manage chronic conditions and deliver high-quality care. Counterpart Health extends this powerful data-driven technology platform beyond Clover Health’s Medicare Advantage plan, bringing its benefits to a wider audience to improve patient outcomes and reduce healthcare costs nationwide. Several published studies demonstrate the technology’s impact on Diabetes, Chronic Kidney Disease, Congestive Heart Failure, and Chronic Obstructive Pulmonary Disease management, as well as Clinical Quality and Underserved Patient Populations.

About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale.
Visit: www.cloverhealth.com

Investor Relations:
Ryan Schmidt
[email protected]

Press Inquiries:
[email protected]

WILMINGTON, Del., April 01, 2026 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover” or the “Company”), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today announced that Peter Kuipers is stepping down as the Chief Financial Officer of the Company, effective March 30, 2026. Mr. Kuipers will remain with the Company in an advisory capacity through April 24, 2026 to support a smooth transition and handoff. Mr. Kuipers and the Company noted that his departure does not reflect any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

The Board of Directors has appointed Clay Thornton, the current Chief Financial Officer of Clover’s insurance plan, as Interim Chief Financial Officer, effective immediately. In addition, the Company reiterates its most recently issued financial guidance for the full fiscal year 2026, which was updated as part of its earnings release on February 26, 2026.

“I am honored to have served Clover and proud of what our team has accomplished during my tenure,” said Mr. Kuipers. “Together, we built a strong financial and operating foundation for the company, with a focus on execution, operational efficiency, disciplined capital allocation, and long-term value creation. I have great confidence in Clover’s future and in the leadership team, and I am committed to ensuring a smooth transition. I look forward to seeing the company continue to build on this foundation and achieve even more in the years ahead.”

Andrew Toy, Clover’s Chief Executive Officer, said, “I want to thank Peter for his contributions to Clover and for the role he has played in helping position the Company for this next chapter. He has been instrumental in helping Clover achieve sustainable profitability while achieving above market growth. He has helped lay the foundation that positions Clover well for the next phase of the Company’s development, and we are grateful for his leadership and commitment. We also appreciate his support in ensuring a seamless transition.”

Mr. Toy continued, “I am very excited to have Clay take on this new role. He is a trusted partner to me and to our leadership team. As Divisional CFO of our insurance plan, he’s already deeply involved in the day to day finances of the business and knows both Medicare Advantage, and Clover's unique approach to it, very well. He brings the judgment, operating discipline, and industry experience that give us real confidence in this transition.”

Mr. Thornton brings deep experience across Medicare Advantage, value-based care, and healthcare finance. Prior to joining Clover, Mr. Thornton held numerous financial and strategic leadership roles within Medicare Advantage at Humana, along with roles in venture capital and private equity finance. He holds a bachelor’s degree in finance and economics from the University of Kentucky and an MBA from the University of Louisville.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health's future results of operations, financial condition, market size and opportunity, business strategy and plans, and the factors affecting our performance and our objectives for future operations. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "can," "could," "should," "would," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," "forecast," "guidance," "objective," "plan," "seek," "grow," "if," "continue" or the negative of these words or other similar terms or expressions that concern Clover Health's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, the following: statements referred to in our February 26, 2026 earnings release under "Financial Guidance" and “2026 Financial Guidance” and statements regarding expectations relating to potential improvements in revenues, operating expenses, Consolidated Gross profit, Adjusted SG&A, and the number of Clover Health's Insurance members, as well as the statements contained in the quotations of our executive officers, and other expectations as to future performance, operations and results (including our guidance for full year 2026). Statements regarding our GAAP Net Income, Consolidated Gross profit, and Adjusted EBITDA profitability are also forward-looking, and are based on our current targets which are preliminary and are derived from our 2026 financial guidance. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by forward-looking statements in this press release. Forward-looking statements involve a number of judgments, risks and uncertainties, including, without limitation, risks related to: our expectations regarding results of operations, financial condition, and cash flows; our expectations regarding the development and management of our business; any current, pending, or future legislation, regulations or policies that could have a negative effect on our revenue, profit margins, cash flows and business, including rules, regulations and policies relating to healthcare, Medicare generally and medical loss ratios; our ability to successfully enter new service markets and manage our operations; anticipated trends and challenges in our business and in the markets in which we operate; our ability to effectively manage our beneficiary base and provider network; our ability to maintain and increase adoption and use of Clover Assistant, including the expansion of Clover Assistant for external payors and providers under the brand name Counterpart Assistant; the anticipated benefits associated with the use of Clover Assistant, including our ability to utilize the platform to manage our medical expenses; our ability to maintain or improve our Star Ratings or otherwise continue to improve the financial performance of our business; our ability to develop new features and functionality that meet market needs and achieve market acceptance; our ability to retain and hire necessary employees and staff our operations appropriately; the timing and amount of certain investments in growth; the outcome of any known and unknown litigation and regulatory proceedings; our ability to maintain, protect, and enhance our intellectual property; general economic conditions and uncertainty; persistent high inflation and fluctuating interest rates; and geopolitical uncertainty and instability. Additional information concerning these and other risk factors is contained under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2026, as such risks may be updated in our subsequent filings with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.

About Clover Health

Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale. Clover Health has published data demonstrating the technology’s impact on Medication Adherence, Congestive Heart Failure, Chronic Obstructive Pulmonary Disease, and in Underserved Populations as well as the earlier identification and management of Diabetes and Chronic Kidney Disease.

Press Contact:
[email protected]

Investor Relations Contact:
Ryan Schmidt
[email protected]

WILMINGTON, Del., April 07, 2026 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, in partnership with HealthEx, today announced a new collaboration that enables Clover Medicare Advantage (MA) members to securely access and share clinical records and claims data, further advancing patients rights to access and share their own health data, which is central to federal interoperability efforts. Through HealthEx, Clover members can choose to connect their health information to tools like Claude so they can better understand and navigate their care.

The new collaboration builds on Clover Health’s recently announced live interoperability work with Kno2 and extends member access through infrastructure powered by Counterpart Health, Clover Health’s technology and services business. That same infrastructure provides a scalable foundation that can support similar interoperability capabilities for other health plans.

For many individuals, health information remains fragmented across providers, hospitals, health systems, and health plans. Through HealthEx, Clover members can verify their identity, authorize access to their records, and securely retrieve clinical records and claims data through a streamlined experience, without needing to navigate multiple portals or log in to separate systems. By bringing these data sources together, members gain a more complete view of their clinical records and claims data, which they can share with trusted providers, digital health applications, care navigation tools, AI platforms, and other participating organizations-with each entity governed by its own privacy policy and terms of service.

Counterpart Health powers the interoperability infrastructure behind this capability, enabling the secure exchange of member data for Clover Health and creating a scalable foundation for other health plans seeking to participate in interoperability networks. HealthEx adds the identity, consent, and consumer-facing experience that helps individuals put that access into practice.

“We believe individuals should have simple, secure access to their health information and greater control over how it is used,” said Kevin Holub, Chief Product Officer at Counterpart Health. “This new capability and our partnership with HealthEx builds on the interoperability foundation we have already put into production and shows how infrastructure powered by Counterpart Health can help Clover Health empower members and deliver a more streamlined experience by eliminating the need to navigate multiple portals or separate logins.”

“Clover Health is demonstrating what member-directed access can look like in practice,” said Priyanka Agarwal, M.D., MBA, co-founder and CEO of HealthEx. “By enabling members to access claims data alongside clinical records, Clover Health, Counterpart Health, and HealthEx are helping create a more complete and portable health record that individuals can use across the healthcare ecosystem.”

This function is now live and Clover will educate members on using this tool to direct their own data–putting the patient in control of their health information.

About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale.
Visit: www.cloverhealth.com

About Counterpart Health:
Counterpart Health, a subsidiary of Clover Health Investments, Corp., or Clover Health, is a leading AI-powered physician enablement platform transforming care delivery. Born out of Clover Health as Clover Assistant, Counterpart Health’s flagship software platform, Counterpart Assistant, provides clinically intuitive insights that help clinicians better manage chronic conditions and deliver high-quality care. Counterpart Health extends this powerful data-driven technology platform beyond Clover Health’s Medicare Advantage plan, bringing its benefits to a wider audience to improve patient outcomes and reduce healthcare costs nationwide. Several published studies demonstrate the technology’s impact on Diabetes, Chronic Kidney Disease, Congestive Heart Failure, and Chronic Obstructive Pulmonary Disease management, as well as Clinical Quality and Underserved Patient Populations.

About HealthEx
HealthEx lets individuals instantly and securely access and share their health records at the moments that matter, with all actions grounded in digital identity and explicit consent. Linking digital identity, real-time health records access, and consent infrastructure, HealthEx is delivering a future where health data moves seamlessly and responsibly - powering a new era of consumer-driven healthcare. Learn more at healthex.io.

Investor Relations:
Ryan Schmidt
[email protected]

Press Inquiries:
[email protected]

Key Takeaways Clover sees growth from strong membership gains and its AI-powered care model.CLOV posted 38% Medicare Advantage enrollment growth and expects GAAP profitability in 2026.CLOV faces margin pressure from rising medical costs and risks tied to regulation and tech scaling. Clover Health Investments (CLOV - Free Report) is well poised for growth in the coming quarters, courtesy of its broad product spectrum. This optimism is primarily driven by its technology-first care model, as evident from solid membership growth, rising revenues and sustained adjusted EBITDA profitability. However, elevated medical costs, margin pressure and execution risks in scaling Clover Assistant present near-term challenges.

Shares of this Zacks Rank #3 (Hold) company have lost 18.3% in the year-to-date period compared with the industry’s 25.9% decline and the S&P 500 Index’s 3.7% fall.

Clover, a tech-enabled Medicare Advantage insurer leveraging its proprietary AI-powered platform, has a market capitalization of $996.87 million. The company projects 40% earnings growth for the first quarter of 2026.

Its earnings surpassed estimates in one of the trailing four quarters, missed one and met the other two, delivering an average surprise of 17.86%.

Image Source: Zacks Investment Research

Factors Favoring CLOV StockStrong Membership Growth & Star Ratings Momentum: Clover reported strong membership gains in fourth-quarter 2025, with Medicare Advantage enrollment up 38% year over year. Total insurance membership reached more than 113,803, marking a 4.4% rise from the previous quarter. The company secured a 4-Star rating from CMS for its flagship PPO plan, which covers over 95% of members. This rating unlocks higher-quality bonus payments and improves plan economics. It also supports future enrollment growth. With competitive benefits and lower out-of-pocket costs in underserved markets, Clover is building a cycle of growth driven by steady enrollment, stronger retention and added bonus revenues, which should support revenue expansion and operating efficiency over time.

Adjusted EBITDA Profitability Momentum: Clover showed solid financial progress, generating $22 million in adjusted EBITDA in 2025. This reflects disciplined cost management, improved control over medical expenses and gains from workforce optimization and changes in its operating structure.

For 2026, the company expects its first full year of GAAP net income profitability, with guidance ranging from breakeven to $20 million and adjusted EBITDA between $50 million and $70 million. A major tailwind is the 4-star payment year, which benefits 97% of members in its PPO plan. Other drivers include a favorable Part C rate notice, deeper use of Clover Assistant, higher PCP adoption and growth focused on core markets where integration is strongest.

Management pointed to better economics for new members through more efficient acquisition channels, improvements in Part D and actions taken to address higher dental and DME usage seen in 2025. Continued SG&A leverage and scale benefits should support margin expansion.

Strategic Positioning & Long-Term Durability: Clover believes its model aligns well with changes in the Medicare Advantage landscape. Its approach centers on claims-linked documentation and real-time physician workflows powered by Clover Assistant. This reduces reliance on rate increases or star ratings to drive profitability. Instead, the company focuses on cost discipline and clinical integration, which can make performance more stable across policy cycles.

Looking ahead to 2027, Clover plans to maintain leadership in New Jersey, where it is the largest individual non-special needs PPO plan, and scale its technology platform. It aims to expand its technology platform through Counterpart Health, with a goal of reaching parity between Counterpart Assistant and Clover Assistant in terms of lives managed, positioning technology as a parallel long-term growth engine.

Key Challenges for CLOV StockElevated Insurance Benefit Expense Ratio: Clover reported an Insurance Benefit Expense Ratio (BER) of 90.9% in 2025, up 970 basis points from the prior year. This reflects strong healthcare usage among members but also highlights pressure on margins.

A key factor was the launch of a Clover Assistant-enabled affiliated entity aimed at improving care coordination. While important for long-term outcomes, it added near-term costs. Expenses also rose due to seasonal trends and higher inpatient usage earlier in the quarter.

As the company grows, improving BER will depend on gaining efficiencies from its technology-driven care model and maintaining tighter control over medical costs. This is significantly important amid ongoing risk adjustment changes and competitive dynamics within Medicare Advantage.

Regulatory & Policy Dependence: Clover operates within a regulated Medicare Advantage environment, where changes in risk adjustment, rate notices and policy direction can affect results. The company has managed transitions such as HCC v28 and recent rate updates, but the broader environment remains subject to political and regulatory shifts.

The U.S. government’s recent “Big Beautiful Bill” introduces automatic Medicare spending cuts of 4%, with total reductions estimated at $500 billion over eight years starting in 2026. These cuts may affect Medicare funding levels and reimbursement trends. The bill also includes Medicaid reductions, which could impact low-income beneficiaries who rely on Medicaid for supplemental coverage. Around 1.3 million people may lose Medicaid support, which could affect enrollment mix and revenue visibility for Clover.

Estimate TrendClover is witnessing a stable estimate revision trend for 2026. In the past 30 days, the Zacks Consensus Estimate for earnings has remained stable at 8 cents per share.

The Zacks Consensus Estimate for full-year 2026 earnings per share is pegged at 8 cents.

Stocks to ConsiderSome better-ranked stocks from the broader medical space are Inspire Medical Systems (INSP - Free Report) , Phibro Animal Health (PAHC - Free Report) and GE HealthCare Technologies (GEHC - Free Report) .

Inspire Medical Systems, sporting a Zacks Rank #1 (Strong Buy) at present, reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.65, beating the Zacks Consensus Estimate by 139.1%. Revenues of $269.1 million were in line with the Zacks Consensus Estimate. You can see the complete list of today’s Zacks #1 Rank stocks here.

INSP’s earnings per share estimate for 2026 has moved up 19 cents to $1.91 in the past 60 days. The company beat earnings estimates in the trailing four quarters, the average surprise being 185.1%.

Phibro Animal Health, currently carrying a Zacks Rank #2 (Buy), reported second-quarter fiscal 2026 adjusted EPS of 87 cents, which surpassed the Zacks Consensus Estimate by 26.1%. Revenues of $373.9 million beat the Zacks Consensus Estimate by 4.7%.

PAHC’s earnings per share estimate for 2026 has moved up 6 cents to $3.03 in the past 60 days. The company’s earnings beat estimates in the trailing four quarters, the average surprise being 20.1%.

GE HealthCare Technologies, currently carrying a Zacks Rank #2, reported fourth-quarter 2025 adjusted EPS of $1.44, which surpassed the Zacks Consensus Estimate by 0.7%. Revenues of $5.7 billion beat the Zacks Consensus Estimate by 1.9%.

GEHC’s earnings per share estimate for 2026 has moved up 1 cent to $5 in the past 60 days. The company beat earnings estimates in the trailing four quarters, the average surprise being 7.5%.

Business Highlights:

Delivered positive GAAP Net Income in the first quarter of 2026, with strong performance across key metrics: Total revenues, Adjusted EBITDA, and Consolidated Gross ProfitMarket-leading Medicare Advantage membership growth with underlying trends tracking in line with expectationsExpect to meet or exceed full year 2026 outlook across all metrics, including achieving first full year GAAP Net Income profitability
Financial Results:

First quarter 2026 GAAP Net Income of $27 million, an improvement of $29 million year-over-yearFirst quarter 2026 Medicare Advantage membership of 155,773, up 51% year-over-year, and Total revenues of $749 million, up 62% year-over-yearFirst quarter 2026 Consolidated Gross Profit of $160 million, up 47% year-over-year, and Adjusted EBITDA of $40 million, up 56% year-over-year
Full Year 2026 Guidance:

Average Medicare Advantage membership of 154,000 - 158,000, representing 46% growth year-over-year at the midpointTotal revenues between $2.81 billion and $2.92 billion, representing 49% growth year-over-year at the midpointConsolidated Gross Profit between $470 million and $510 million, representing 38% growth year-over-year at the midpointAdjusted EBITDA profitability between $50 million and $70 millionGAAP Net Income between $0 million and $20 million
WILMINGTON, Del., May 06, 2026 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), today reported financial results for the first quarter 2026. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights.

“Our results demonstrate the differentiated model we have built to drive growth and profitability while expanding access to high-quality, affordable care through a wide-network PPO,” said Clover Health CEO Andrew Toy. “During the first quarter, we delivered strong performance across key metrics, driven by deeper clinical engagement, with Clover Assistant supporting earlier intervention and better outcomes for our members. As we continue to scale our technology to reach more members, we expect to achieve our first full year of GAAP Net Income profitability in 2026.”

“We achieved positive GAAP Net Income in the first quarter of 2026 while continuing to grow at a market-leading rate,” said Clover Health Interim CFO Clay Thornton. “Results are developing in line with our expectations, and we are encouraged by early medical cost trend indicators across both new and returning cohorts. We expect to meet or exceed our full year 2026 outlook across all metrics, including our expectation to deliver GAAP Net Income profitability.”

Key Company highlights are as follows:

  Three Months Ended
March 31,Dollars in Millions  2026   2025  Change (%)Consolidated:      Total revenues $749.2  $462.3  62.1%Consolidated Gross profit(1) $159.5  $108.9  46.5%Salaries and benefits plus General and administrative expenses ("SG&A") $131.7  $109.7  20.1%Adjusted Salaries and benefits plus General and administrative expenses ("Adjusted SG&A")(2) $119.3  $83.1  43.6%Adjusted SG&A as a % of Total revenues  15.9%  18.0% (210) bpsNet income (loss) $27.3  $(1.3) N/A*Adjusted EBITDA(2) $40.3  $25.8  56.2%Adjusted Net income(2) $39.7  $25.3  56.9%Total cash, cash equivalents, and investments $418.2  $390.8  7.0%Insurance Segment:      Average Medicare Advantage membership(5)  154,607   101,959  51.6%Insurance revenue $744.2  $456.9  62.9%Insurance net medical claims incurred $610.0  $367.9  65.8%Insurance BER(3)  86.5%  86.1% 40 bps *Not presented as a % change because the current or prior period amount is zero or the amount for the line item changed from a gain to a loss (or vice versa) and thus yields a result that is not meaningful.
1 Consolidated Gross profit (Non-GAAP) is a non-GAAP financial measure and is calculated by taking net income (loss) before salaries and benefits, general and administrative expenses, depreciation and amortization, premium deficiency reserve expense, restructuring costs, impairment of goodwill and other intangible assets, interest expense, change in fair value of warrants, and loss on investment. A reconciliation of Consolidated Gross profit (Non-GAAP) to Net income, the most directly comparable GAAP measure is provided in the table immediately following the consolidated financial statements below. A reconciliation of projected Consolidated Gross profit is not provided because certain items that are inherently uncertain and difficult to predict, including the reconciliation items included above, which are excluded from Consolidated Gross profit (Non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. 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.
2 Adjusted SG&A (Non-GAAP), Adjusted EBITDA (Non-GAAP), and Adjusted Net income (Non-GAAP) are Non-GAAP financial measures. Reconciliations of Adjusted SG&A (Non-GAAP) to SG&A, Adjusted EBITDA (Non-GAAP) to Net income, and Adjusted Net income (Non-GAAP) to Net income, respectively, the most directly comparable GAAP measures, 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.
3 Insurance Benefits Expense Ratio (“BER”) is a Non-GAAP financial measure. A reconciliation of Insurance BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure, is provided in a table 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. The Company has discontinued disclosure of Normalized Insurance Benefits Expense Ratio beginning in the first quarter of 2026, as management no longer uses this metric to evaluate operating performance or allocate resources. The Company will continue to present Insurance Benefits Expense Ratio.
4 A reconciliation of projected Adjusted EBITDA (Non-GAAP) to Net income (loss), the most directly comparable GAAP measure, is not provided because Stock-based compensation, which is excluded from Adjusted EBITDA (Non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. 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.
5 Average Medicare Advantage membership represents the average membership during the three months included in the first quarter of 2026.

2026 Financial Guidance

 2026 GuidanceTotal revenues$2.81 billion - $2.92 billionConsolidated Gross profit(1)$470 million - $510 millionAdjusted EBITDA(4)$50 million - $70 millionGAAP Net income$0 million - $20 millionAverage Medicare Advantage membership154,000 - 158,000   Lives under Clover Management

 March 31, 2026 March 31, 2025Insurance members155,773 103,418     Earnings Conference Call Details

Clover Health’s management will host a conference call to discuss its financial results on Wednesday, May 6, 2026, at 5:00 PM Eastern Time. A live audio webcast will also be available online and you may register at: https://clover-health-1q26-earnings-call.open-exchange.net/ and related presentation materials will be available at Clover Health’s Investor Relations website at investors.cloverhealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link and at Clover Health’s Investor Relations website at investors.cloverhealth.com, and will remain available for approximately 12 months.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health's future results of operations, financial condition, market size and opportunity, business strategy and plans, and the factors affecting our performance and our objectives for future operations. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "can," "could," "should," "would," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," "forecast," "guidance," "objective," "plan," "seek," "grow," "if," "continue" or the negative of these words or other similar terms or expressions that concern Clover Health's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, the following: statements under "2026 Financial Guidance" and statements regarding expectations relating to potential improvements in revenues, Consolidated Gross profit, Adjusted SG&A, and the number of Clover Health's Insurance members, as well as the statements contained in the quotations of our executive officers, and other expectations as to future performance, operations and results (including our guidance for full year 2026). Statements regarding our GAAP Net Income, Consolidated Gross profit, and Adjusted EBITDA profitability are also forward-looking, and are based on our current targets which are preliminary and are derived from our 2026 financial guidance. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by forward-looking statements in this press release. Forward-looking statements involve a number of judgments, risks and uncertainties, including, without limitation, risks related to: our expectations regarding results of operations, financial condition, and cash flows; our expectations regarding the development and management of our business; any current, pending, or future legislation, regulations or policies that could have a negative effect on our revenue, profit margins, cash flows and business, including rules, regulations and policies relating to healthcare, Medicare generally and medical loss ratios; our ability to successfully enter new service markets and manage our operations; anticipated trends and challenges in our business and in the markets in which we operate; our ability to effectively manage our beneficiary base and provider network; our ability to maintain and increase adoption and use of Clover Assistant, including the expansion of Clover Assistant for external payors and providers under the brand name Counterpart Assistant; the anticipated benefits associated with the use of Clover Assistant, including our ability to utilize the platform to manage our medical expenses; our ability to maintain or improve our Star Ratings or otherwise continue to improve the financial performance of our business; our ability to develop new features and functionality that meet market needs and achieve market acceptance; our ability to retain and hire necessary employees and staff our operations appropriately; the timing and amount of certain investments in growth; the outcome of any known and unknown litigation and regulatory proceedings; our ability to maintain, protect, and enhance our intellectual property; general economic conditions and uncertainty; persistent high inflation and fluctuating interest rates; and geopolitical uncertainty and instability. Additional information concerning these and other risk factors is contained under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2026, as such risks may be updated in our subsequent filings with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.

About Non-GAAP Financial Measures

We use Non-GAAP measures in this release, including Consolidated Gross profit, Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Adjusted EBITDA, Adjusted Net income, and Insurance BER. These Non-GAAP financial measures are provided to enhance the reader's understanding of Clover Health's past financial performance and our prospects for the future. Clover Health's management team uses these Non-GAAP financial measures in assessing Clover Health's performance, as well as in planning and forecasting future periods. These Non-GAAP financial measures are not computed according to GAAP, and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”) and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliations of these Non-GAAP financial measures to the comparable GAAP measures, which are attached to this release, together with other important financial information, including our filings with the SEC, on the Investor Relations page of our website at investors.cloverhealth.com.

For a description of these Non-GAAP financial measures, including the reasons management uses each measure, please see Appendix A: "Explanation of Non-GAAP Financial Measures."

The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.

About Clover Health:

Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale. Clover Health has published data demonstrating the technology’s impact on Medication Adherence, Congestive Heart Failure, Chronic Obstructive Pulmonary Disease, and in Underserved Populations as well as the earlier identification and management of Diabetes and Chronic Kidney Disease.

Visit: www.cloverhealth.com

Investor Relations Contact:

Ryan Schmidt

[email protected]

Press Inquiries:

[email protected]

CLOVER HEALTH INVESTMENTS, CORP.CONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands, except share amounts)(unaudited)     March 31, 2026 December 31, 2025Assets   Current assets:   Cash and cash equivalents$173,265  $78,301 Short-term investments 4,294   17,047 Investment securities, available-for-sale (Amortized cost: 2026: $24,216; 2025: $23,231) 24,190   23,131 Investment securities, held-to-maturity (Fair value: 2026: $1,794; 2025: $1,779) 1,794   1,777 Accrued retrospective premiums 129,215   63,875 Healthcare receivables 73,474   94,866 Prepaid expenses 18,423   18,209 Other assets, current 23,366   10,649 Total current assets 448,021   307,855     Investment securities, available-for-sale (Amortized cost: 2026: $202,886; 2025: $186,464) 202,240   187,092 Investment securities, held-to-maturity (Fair value: 2026: $12,300; 2025: $12,495) 12,444   12,571 Property and equipment, net 6,904   6,385 Other intangible assets 2,990   2,990 Other assets, non-current 25,129   24,118 Total assets$697,728  $541,011     Liabilities and Stockholders' Equity   Current liabilities:   Unpaid claims$260,417  $153,250 Accounts payable and accrued expenses 39,170   36,211 Accrued salaries and benefits 31,230   16,038 Other liabilities, current 5,766   3,324 Total current liabilities 336,583   208,823     Other liabilities, non-current 21,719   23,484 Total liabilities 358,302   232,307 Commitments and Contingencies   Stockholders' equity:   Class A Common Stock, $0.0001 par value; 2,500,000,000 shares authorized at March 31, 2026 and December 31, 2025; 429,555,578 and 426,669,369 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 43   43 Class B Common Stock, $0.0001 par value; 500,000,000 shares authorized at March 31, 2026 and December 31, 2025; 95,715,856 and 92,373,157 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 9   9 Additional paid-in capital 2,695,144   2,682,663 Accumulated other comprehensive (loss) income (672)  528 Accumulated deficit (2,261,018)  (2,288,352)Less: Treasury stock, at cost; 34,977,670 and 33,412,273 shares held at March 31, 2026 and December 31, 2025, respectively (94,080)  (86,187)Total stockholders' equity 339,426   308,704 Total liabilities and stockholders' equity$697,728  $541,011  CLOVER HEALTH INVESTMENTS, CORP.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Dollars in thousands, except per share and share amounts)(unaudited)     Three Months Ended
March 31,  2026   2025 Revenues:   Premiums earned, net (Net of ceded premiums of $92 and $95 for the three months ended March 31, 2026 and 2025, respectively)$744,189  $456,906 Other income 5,000   5,425 Total revenues 749,189   462,331     Operating expenses:   Net medical claims incurred 589,648   353,442 Salaries and benefits 57,063   59,022 General and administrative expenses 74,629   50,675 Depreciation and amortization 515   466 Total operating expenses 721,855   463,605 Income (loss) from operations 27,334   (1,274)    Net income (loss)$27,334  $(1,274)    Per share data:   Basic weighted average number of class A and class B common shares and common share equivalents outstanding 522,184,385   497,056,331 Diluted weighted average number of class A and class B common shares and common share equivalents outstanding 532,501,448   497,056,331     Basic earnings (loss) per share$0.05  $— Diluted earnings (loss) per share$0.05  $—     Net unrealized (loss) gain on available-for-sale investments (1,200)  1,510 Comprehensive income$26,134  $236  CLOVER HEALTH INVESTMENTS, CORP.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)(unaudited)  Three months ended March 31,  2026   2025 Cash flows from operating activities:   Net income (loss)$27,334  $(1,274)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:   Depreciation and amortization expense 515   466 Stock-based compensation 12,271   26,437 Accretion, net of amortization (441)  (437)Change in accrued interest earned 141   540 Net realized gains on investment securities (28)  (42)Changes in operating assets and liabilities:   Accrued retrospective premiums (65,340)  (43,474)Prepaid expenses (214)  (3,415)Other assets (13,730)  (1,147)Healthcare receivables 21,392   (1,990)Unpaid claims 107,167   (5,358)Accounts payable and accrued expenses 2,959   (4,011)Accrued salaries and benefits 15,192   11,433 Other liabilities 677   5,979 Net cash provided by (used in) operating activities 107,895   (16,293)Cash flows from investing activities:   Purchases of short-term investments, available-for-sale, and held-to-maturity securities (40,915)  (33,169)Proceeds from sales of short-term investments and available-for-sale securities 33,838   16,483 Proceeds from maturities of short-term investments and available-for-sale securities 2,863   25,801 Purchases of property and equipment (854)  (185)Net cash (used in) provided by investing activities (5,068)  8,930 Cash flows from financing activities:   Issuance of common stock, net of early exercise liability 30   215 Cash paid for shares withheld related to stock-based compensation (7,893)  (13,659)Repurchases of common stock —   (18,297)Net cash used in financing activities (7,863)  (31,741)Net increase (decrease) in cash and cash equivalents 94,964   (39,104)Cash and cash equivalents, beginning of period 78,301   194,543 Cash and cash equivalents, end of period$173,265  $155,439  CLOVER HEALTH INVESTMENTS, CORP.OPERATING SEGMENT(in thousands)(unaudited)  Three months ended March 31,Insurance Segment  2026   2025   (in thousands)Premiums earned, net (net of ceded premiums) $744,189  $456,906 Less:    Net medical claims incurred  610,001   367,887 Segment gross profit $134,188  $89,019      Reconciliation:    Elimination of intersegment profits $20,353  $14,445 Other income  5,000   5,425 Salaries and benefits  (57,063)  (59,022)General and administrative expenses  (74,629)  (50,675)Depreciation and amortization  (515)  (466)Net income (loss) $27,334  $(1,274) CLOVER HEALTH INVESTMENTS, CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESCONSOLIDATED GROSS PROFIT (NON-GAAP) RECONCILIATION(in thousands)(1)(unaudited)     Three Months Ended
March 31,  2026  2025 Net income (loss) (GAAP):$27,334 $(1,274)Adjustments:   Salaries and benefits 57,063  59,022 General and administrative expenses 74,629  50,675 Depreciation and amortization 515  466 Consolidated Gross profit (Non-GAAP)$159,541 $108,889  (1) The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESADJUSTED SG&A (NON-GAAP) RECONCILIATION(in thousands)(1)(unaudited)     Three Months Ended
March 31,  2026   2025 Salaries and benefits$57,063  $59,022 General and administrative expenses 74,629   50,675 Total SG&A (GAAP) 131,692   109,697 Adjustments:   Stock-based compensation (12,271)  (26,437)Non-recurring legal expenses and settlements (137)  (153)Adjusted SG&A (non-GAAP)$119,284  $83,107     Total revenues (GAAP)$749,189  $462,331 Adjusted SG&A (non-GAAP) as a percentage of Total revenues 15.9%  18.0% (1) The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA (NON-GAAP) RECONCILIATION(in thousands)(1)(unaudited)     Three Months Ended
March 31,  2026  2025 Net income (loss) (GAAP):$27,334 $(1,274)Adjustments:   Depreciation and amortization 515  466 Stock-based compensation 12,271  26,437 Non-recurring legal expenses and settlements 137  153 Adjusted EBITDA (non-GAAP)$40,257 $25,782  (1) The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESADJUSTED NET INCOME (NON-GAAP) RECONCILIATION(in thousands)(1)(unaudited)     Three Months Ended
March 31,  2026  2025 Net income (loss) (GAAP):$27,334 $(1,274)Adjustments:   Stock-based compensation 12,271  26,437 Non-recurring legal expenses and settlements 137  153 Adjusted Net income (non-GAAP)$39,742 $25,316  (1) The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESINSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) (NON-GAAP) RECONCILIATION(in thousands)(1)(unaudited)     Three Months Ended
March 31,  2026   2025 Net medical claims incurred, net (GAAP)$610,001  $367,887 Adjustments:   Quality improvements 34,047   25,712 Insurance Benefits Expense (non-GAAP)$644,048  $393,599     Premiums earned, net (GAAP)$744,189  $456,906 Insurance Benefits Expense Ratio (non-GAAP) 86.5%  86.1% (1) The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.
Appendix A
Explanation of Non-GAAP Financial Measures  Non-GAAP Definitions

Consolidated Gross profit - A Non-GAAP financial measure defined by us as net income (loss) before salaries and benefits, general and administrative expenses, depreciation and amortization, premium deficiency reserve expense, restructuring costs, impairment of goodwill and other intangible assets, interest expense, change in fair value of warrants, and loss on investment. We believe that Consolidated Gross profit provides management, investors, and others a useful view of consolidated business performance and operational results. Accordingly, we believe that Consolidated Gross profit provides investors and others useful information to understand and evaluate our operating results in the same manner as our management and our board of directors.

Adjusted SG&A - A Non-GAAP financial measure defined by us as total SG&A less stock-based compensation and non-recurring legal expenses and settlements. We believe that Adjusted SG&A provides management, investors, and others a useful view of our operating spend as it excludes non-cash, stock-based compensation and expenses related to investments that management believes do not reflect the Company's core operating expenses. We believe that Adjusted SG&A as a percentage of Total revenues is useful to management, investors, and others because it allows us to measure our operational leverage as revenue scales.

Adjusted EBITDA - A Non-GAAP financial measure defined by us as net income (loss) before depreciation and amortization, interest expense, change in fair value of warrants, loss on investment, stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Adjusted EBITDA is a key measure used by our management team and the board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operating plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides investors and others useful information to understand and evaluate our operating results in the same manner as our management and our board of directors.

Adjusted Net income - A Non-GAAP financial measure defined by us as net income (loss) before stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Adjusted Net income is a key measure used by our management team and the board of directors to understand and evaluate our operating performance and trends. We believe that Adjusted Net income is helpful to investors in assessing the Company’s financial performance in the same manner as our management and our board of directors.

Insurance Benefits Expense Ratio - A Non-GAAP financial measure defined by us as Benefits Expense Ratio ("BER"). We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Quality improvements include expenses associated with activities that improve health outcomes, as defined by the U.S. Department of Health and Human Services ("HHS"), as well as those directly tied to enhancing healthcare quality, such as the Company's spend on health information technology, wellness and prevention programs, initiatives to reduce hospital readmissions, and our clinically focused Member Rewards program for the current year. We believe our Insurance BER is useful to management, investors, and others because it offers a clearer and more accurate representation of our investment in healthcare quality and member engagement, and gives a comprehensive view of costs related to maintaining and improving the quality of care of our members, which is crucial for sustaining member satisfaction and adherence to treatment regimens.

Key Takeaways CLOV reported Q1 revenue growth of 62% as Medicare Advantage membership climbed 51.6%.Clover Health raised 2026 revenue guidance to $2.81B-$2.92B, implying 49% growth at midpoint.CLOV's adjusted EBITDA rose 56% to $40M on AI-driven efficiencies and operating leverage. Clover Health Investments, Corp. (CLOV - Free Report) delivered adjusted earnings per share (EPS) of 7 cents in first-quarter 2026, higher than the year-ago period’s level of 5 cents. The bottom line met with the Zacks Consensus Estimate.

The company reported a GAAP EPS of 5 cents per share from continuing operations, compared with breakeven earnings in the year-ago period.

CLOV’s Q1 Revenues in DetailClover Health registered total revenues of $749.2 million, up 62.1% year over year. The figure beat the Zacks Consensus Estimate by 5.9%.

The top line gained from robust Insurance revenues.

Clover Health’s Segmental DetailsThe company derives its revenues from two primary business segments: Insurance and Other income.

Insurance revenues in the first quarter totaled $744.2 million, up 62.9% year over year. According to management, this growth was primarily driven by a 51.6% increase in Medicare Advantage membership, strong member retention, clinical initiatives and the impact of Clover Assistant-powered care platform.

Within CLOV’s Insurance segment, the Insurance Benefit Expense Ratio (BER) was 86.5%, reflecting a year-over-year increase from 86.1% in the year-ago quarter. Insurance BER rose due to new member dilution and incremental quality investments.

Other income was $5 million, down 7.8% from the prior-year level.

CLOV’s Q1 Operational UpdateIn the quarter under review, Clover Health’s net medical claims increased 66.8% year over year to $589.6 million. Salaries and benefits expenses decreased 3.3% to $57.1 million, while general and administrative expenses rose 47.3% to $74.6 million. Total operating expenses of $721.9 million increased 55.7% on a year-over-year basis.

Total operating income was $27.3 million against the prior-year quarter’s operating loss of $1.3 million.

Clover Health’s Financial PositionThe company exited first-quarter 2026 with cash and cash equivalents of $173.3 million compared with $78.3 million at the end of 2025.

Net cash provided by operating activities from continuing operations at the end of first-quarter 2026 was $107.9 million against $16.3 million of net cash used in operating activities from continuing operations in the year-ago period.

CLOV’s 2026 GuidanceClover Health provided its revenue outlook for 2026.

For 2026, total revenues are estimated to be in the range of $2.81-$2.92 billion, suggesting 49% year-over-year growth at the midpoint. The Zacks Consensus Estimate is pegged at $2.88 billion.

The company now expects GAAP Net Income to be in the range of $0-$20 million. Average Medicare Advantage membership is now likely to be in the band of 154,000-158,000, implying 46% year-over-year growth at the midpoint.

Our Take on Clover HealthClover Health exited the first quarter of 2026 with better-than-expected sales while earnings were in line. The robust uptick in consolidated revenues and key Insurance segment revenues was encouraging. The company emphasized its rapid membership growth, highlighting the scalability of its technology-driven Medicare Advantage model.

Shares of CLOV lost nearly 1.5% during yesterday’s after-hours trading, following the first-quarter results. The company’s shares have gained 14.1% in the year-to-date period against the industry’s decline of 19.4%. However, the S&P 500 Index has increased 6.9% in the same time frame.

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Clover Health’s Medicare Advantage membership increased to nearly 156,000 members, supported by strong retention and a successful Annual Enrollment Period. Management emphasized that growth was intentionally concentrated in core markets where Clover Assistant integration and clinical engagement are strongest, particularly in New Jersey, where Clover has become the largest PPO outside of special needs and employer retiree plans.

The company expanded its AI-powered care infrastructure during the quarter. More than one-third of members received Clover Assistant-enabled care, while enrollment in Clover Care Services for higher-acuity patients rose approximately 90% year over year. Management noted that increased clinical engagement and home-based care programs contributed to favorable inpatient utilization trends and improved cost management.

Profitability strengthened significantly. Adjusted EBITDA increased 56% year over year to $40 million, reflecting operating leverage, automation initiatives and AI-driven workflow efficiencies.

Looking ahead, management expects to meet or exceed its full-year 2026 guidance and remains confident in the long-term earnings potential of its model. Meanwhile, the company continues to monitor elevated outpatient utilization trends, Part D cost dynamics and the performance of newer member cohorts, which carry higher initial medical costs before becoming fully integrated into CLOV’s care model. The company is also maintaining disciplined investments in AI infrastructure, Clover Assistant expansion and Counterpart Health, which may weigh modestly on near-term margins even as management expects these initiatives to strengthen long-term cohort economics and operating efficiency.

CLOV’s Zacks Rank & Key PicksClover Health currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space that have announced quarterly results are West Pharmaceutical Services, Inc. (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .

West Pharmaceutical reported first-quarter 2026 EPS of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

West Pharmaceutical has a long-term estimated growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.37%.

Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, beating the Zacks Consensus Estimate by 20.19%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%. It currently carries a Zacks Rank of 2 (Buy).

Intuitive Surgical has a long-term estimated growth rate of 14.6%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.82%.

Cardinal Health, carrying a Zacks Rank of 2 at present, reported third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.

Cardinal Health has a long-term estimated growth rate of 15.7%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%.

On May 28, 2026, Conrad Wai, CEO of Counterpart Health, a subsidiary of Clover Health Investments (CLOV 3.47%), reported the sale of 220,426 shares of Clover Health stock in an indirect open-market transaction, with total proceeds of approximately $879,000 according to the SEC Form 4 filing.

Transaction summaryMetricValueShares sold (indirect)220,426Transaction value$879,000Post-transaction shares (direct)1,169,914Post-transaction shares (indirect)1,390,056Post-transaction value (direct ownership)$4.89 millionTransaction value based on SEC Form 4 reported price ($3.99); post-transaction value based on May 28, 2026 market close price.

Key questionsHow did this transaction impact Wai’s ownership in Clover Health Investments?
Following the sale, he continues to own 2,559,970 shares of Class A Common Stock across direct and indirect accounts.What was the structure of the sale regarding direct versus indirect holdings?
All shares sold in this transaction were held indirectly via a family trust, leaving direct ownership levels unchanged.How does this sale compare with Wai’s historical trading activity?
Wai has executed only three open-market sales since June 2025, with this transaction closely matching the prior sell event in July 2025, suggesting cadence is limited primarily by reduced remaining share capacity.What is the context around valuation and timing of the sale?
The shares were sold at around $3.99 per share, a price between the May 28, 2026 open ($3.64) and close ($4.18), following a 23.66% one-year total return in the stock as of the transaction date.Company overviewMetricValueRevenue (TTM)$2.21 billionNet income (TTM)($56.94 million)Price (as of market close 5/28/26)$4.181-year price change23.66%* 1-year price change calculated using May 28, 2026 as the reference date.

Company snapshotClover Health offers Medicare Advantage insurance plans and the Clover Assistant software platform, which supports healthcare providers and members.It generates revenue primarily from insurance premiums paid by Medicare, with additional income from non-insurance business segments.The company targets Medicare-eligible individuals in the United States, focusing on seniors seeking comprehensive healthcare coverage and value-added services.Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans.

What this transaction means for investorsThe May 28 sale of Clover Health Investments stock by Conrad Wai, CEO of the company’s Counterpart Health subsidiary, which houses its technology platform, is not a cause for investor concern. Wai’s transaction was pre-arranged as part of a Rule 10b5-1 trading plan, adopted in March of 2025. Such plans are often implemented by insiders to avoid accusations of trading based on insider information.

Moreover, Wai retained over one million shares indirectly via a trust and another 1.2 million shares held directly. This is a substantial equity stake, indicating he is not in a rush to dispose of his holdings.

Wai’s sale came at a time when Cover stock was soaring. Shares hit a 52-week high of $4.23 on the day of Wai’s transaction. The company reported strong first quarter results. Revenue rose 62% year over year to $749.2 million thanks to impressive Medicare Advantage membership growth of 51% year over year.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.