Clover Health Q2 Takeaways: Revenue Beat, Guidance Raise And Clover Assistant Growth

Health care technology company Clover Health (NASDAQ: CLOV) reported second-quarter earnings Wednesday afternoon.

What Happened: Clover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.

Revenue was split $195.4 million Medicare Advantage and $216.4 million Direct Contracting.

“Clover took another step in its journey to improve every life with the launch of Direct Contracting this past quarter,” said Clover Health CEO Vivek Garipalli. “This milestone more than doubled lives under Clover assistant management.

The company reported 129,000 lives under management, nearly double the total the company had in the first quarter.

Clover Assistant had 95,000 lives under management, up 229% year-over-year. Clover Assistant is on track to manage over $1 billion in annual revenue.

The company had an annual revenue run rate of $1.6 billion based on second-quarter earnings.

What’s Next: Clover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.

CLOV Price Action: Shares are up 7% to $8.70 in after-hours trading Wednesday.