Clover Health Investments, Q3 2026 Earnings Call Transcript

Clover Health expects its first full year of GAAP profitability in 2026, raising the low end of its full-year outlook while maintaining the high end. Management sees further earnings expansion in 2027 and momentum into 2028, driven by maturing member cohorts, greater Clover Assistant engagement and operating leverage. Historical gross profit per member rises as cohorts progress, and the company says its large 2025 and 2026 cohorts are developing in line with expectations. Early 2027 enrollment activity is strong, supported by plan exits and reduced PPO availability among competitors, though formal 2027 guidance has not been issued and new-member growth may weigh on earnings initially. The flagship PPO earned a 5-Star rating for 2028, while all members are in plans rated at least 4.5 Stars for 2027. Management also cites favorable inpatient utilization and Part D performance, alongside elevated outpatient use that remains in line with its outlook.