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25	25	In the trailing twelve months (TTM) ending Sep 30, 2021, Clover has reported revenues of $1.16 billion{{footnote}}https://fintel.io/sm/us/clov{{/footnote}}. This is a sharp increase from the $623.6 million in revenue generated in the twelve-month period ending Sep 30, 2020.
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	27	+However, this big increase in revenue has not translated into improved profitability/narrower losses. Over the past twelve months (ending Sep 30, 2021), Clover has reported negative operating income and net losses of $517.8 million and $526.95 million, respectively. For the twelve-month period ending Sep 30, 2020, operating losses and net losses came in at $80.6 million and $88.7 million, respectively.
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	29	+The company high medical cost ratio (MCR) is cited as the reason behind its big increase in losses{{footnote}}https://seekingalpha.com/news/3767434-clover-heath-q3-revenues-top-estimates-ma-medical-cost-ratio-near-breakeven{{/footnote}}. Clover has argued that this is a short-term phenomenon, a product of increased use of medical plans following last year's Covid-19 lockdowns (see more under "Recent Results" below).
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28	28	=== Balance Sheet ===
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	33	+As of Sep 30, 2021, Clover Health had a total of $952.5 million in assets, of which $202.3 million was cash{{footnote}}https://fintel.io/bs/us/clov?d=1000&t=q{{/footnote}}. With the November 2021 secondary offering, these amounts will likely increase when the company next reports numbers. Liabilities totaled $540.2 million.
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31		-
32	32	=== Recent Results ===
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	37	+For the quarter ending Sep 30, 2021, Clover Health reported $427.2 million in revenue, up 153% year-over-year{{footnote}}https://investors.cloverhealth.com/static-files/82bf0101-b9c0-42e3-8d1a-25c3aa6fb7b4{{/footnote}}. Losses, due primarily to a high MCR, remained high. For the quarter, the company reported negative non-GAAP EBITDA of $102.3 million, and net losses of $34.5 million. Its MCR has come down, but remains above 100%.
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	39	+Like it has stated previously, Clover has cited increased plan utilization as the reason behind its high MCR figure. In the release that accompanies results, it gives a figure it calls "Normalized Medicare Advance MCR (non-GAAP)," in an attempt to demonstrate what its MCR numbers will be after the post-Covid spike in usage subsides. For the quarter, Clover said its normalized MCR was 94.8%, down from 96.3% in the preceding quarter.
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34	34	{{putFootnotes/}}