Business
The Delaware-based company provides self-insured employers with data and strategies to reduce costs associated with prescription medications.
The company's stock price dropped after it released its first-quarter earnings and lowered its full-year guidance despite an increase in revenue.
Payments and revenue cycle-management company Sift Healthcare, nursing-scheduling and management platform In-House Health, and analytics and risk-stratification company OptMyCare also secured funding.
Clover Health reports first-time profitability on an adjusted EBITDA basis in the first quarter.
The company notified the SEC of a data breach after discovering an unauthorized party stole consumers' sensitive information, including patient health data.
The quarter marks the first time the company reported profitability on an adjusted EBITDA basis.
The company, which tailors cybersecurity offerings to health systems and providers, also appointed its first chief executive officer, Geyer Jones.
Also, Clanwilliam has formally established its ANZ division.
The company will use the funds to accelerate its AI capabilities and for strategic and commercial growth.
Business model is unsustainable due to a challenging reimbursement environment and escalating operating costs, company says.