CLOVER HEALTH SAW ITS FINANCIAL LOSSES NARROW.

For the first quarter of 2019, Clover’s financial losses narrowed.

Clover lost $9.3 million, according to state insurance filings reviewed by Business Insider, down from the $14.7 million the company lost in the first quarter of 2018. The company sells private health-insurance plans for seniors, a market known as Medicare Advantage.

Clover generated $115 million in revenue across its health plans in seven states. The company paid out $109 million in medical expenses for its customers over the quarter, or about 95% of the premium revenue it took in, similar to its results from 2018.

The company recruited more members in 2019. Clover had 40,137 Medicare Advantage members at the end of the first quarter, up from 32,425 at the end of 2018.

It’s already been a big year for Clover. In March, the company said it was laying off 25% of its workforce, or about 140 employees, as part of a restructuring. That came on the heels of Clover raising $500 million in January, bring the total funds the company has raised to $925 million.

Clover got its start selling Medicare Advantage plans in New Jersey, which remains the company’s main market. The company also operates in Pennsylvania, Texas, Tennessee, Georgia, South Carolina, and Arizona. It’s still unclear whether Clover will enter new markets in 2020 and a spokesman for the company declined to comment.

Read more: We took a look at the latest financial results for health insurer Clover Health, which raised $500 million in January and laid off 25% of its staff in March

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