0001801170-26-000196
SEC filingClover Health二季度扭亏为盈，营收与会员数高增，上调全年指引，盈利前景改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $743.2M | $477.6M | +55.6% |
| Consolidated Gross profit (Non-GAAP) | $153.0M | $99.6M | +53.6% |
| Net income (GAAP) | $28.0M | $(10.6)M | — |
| Diluted EPS (GAAP) | $0.05 | $(0.02) | — |
| Adjusted EBITDA (Non-GAAP) | $40.9M | $17.1M | +139.2% |
| Adjusted Net income (Non-GAAP) | $40.4M | $16.7M | +141.9% |
| Insurance BER (Non-GAAP) | 87.6% | 88.4% | (80 bps) |
| Average Medicare Advantage membership | 156,840 | 105,494 | +48.7% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Total revenues | $2.92B - $3.00B | — |
| FY2026 | Consolidated Gross profit | $525M - $555M | Non-GAAP |
| FY2026 | Adjusted EBITDA | $70M - $85M | Non-GAAP |
| FY2026 | GAAP Net income | $20M - $35M | GAAP |
| FY2026 | Average Medicare Advantage membership | 156,000 - 158,000 | — |
简评
Clover Health 二季度实现 GAAP 净利润 $28.0M，较去年同期亏损 $10.6M 大幅改善，营收 $743.2M 同比增长 55.6%，主要受 Medicare Advantage 会员数同比 +48% 至 157,309 驱动。Consolidated Gross Profit 同比 +53.6% 至 $153.0M，毛利率保持稳定；Insurance BER 同比改善 80bps 至 87.6%，显示医疗成本控制有效，规模效应逐步显现。Adjusted EBITDA 同比 +139.2% 至 $40.9M，Adjusted SG&A 占营收比降至 15.1%，运营杠杆持续释放。
管理层上调全年指引，营收区间上调至 $2.92B-$3.00B，GAAP 净利润指引上调至 $20M-$35M，Adjusted EBITDA 上调至 $70M-$85M，反映对公司盈利能力的信心增强。CEO Andrew Toy 强调全风险模式可同时实现健康结果、增长与盈利；Interim CFO Clay Thornton 指出队列经济学改善，叠加 2027 年 4.5 Star 支付年带来的灵活性，公司有望以更强姿态进入 2027 年。资产负债表方面，总现金及投资 $443.0M，同比 +13.8%，H1 经营现金流 $133.1M，为业务扩张提供充足支撑。