CENTENE CORPORATION REPORTS FIRST QUARTER 2024 RESULTS - 26.04.24 - News

ST. LOUIS, April 26, 2024

2024 adjusted diluted EPS of $2.26, up over 7% from $2.11 in the first quarter of 2023.
Increases 2024 full year adjusted diluted EPS guidance by $0.10 to greater than $6.80.
Premium and service revenues of $36.3 billion in the first quarter of 2024. Increases 2024 full year premium and service revenue guidance by $1.0 billion.
Membership increase of 41% in Marketplace, compared to the first quarter of 2023.

ST. LOUIS, April 26, 2024 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("the Company") announced today its financial results for the first quarter ended March 31, 2024. In summary, the 2024 first quarter results were as follows:

Total revenues (in millions)

$ 40,407

Premium and service revenues (in millions)

$ 36,337

Health benefits ratio

ARIVA.DE Börsen-Geflüster

Weiter aufwärts?

Kurzfristig positionieren in Centene Corp.
VM55LW	Ask: 0,92	Hebel: 5,85
mit moderatem Hebel		Zum Produkt

Vontobel

Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: VM55LW,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen.

Kurse

Centene Corp.

78,06 $

+1,19%

87.1 %

SG&A expense ratio

8.9 %

Adjusted SG&A expense ratio ⁽¹⁾

8.7 %

GAAP diluted EPS

$ 2.16

Adjusted diluted EPS ⁽¹⁾

$ 2.26

Total cash flow used in operations (in millions)

$ (456)


⁽¹⁾	Represents a non-GAAP financial measure. A full reconciliation of the adjusted diluted earnings per share (EPS) and adjusted selling, general and administrative (SG&A) expenses is shown in the Non-GAAP Financial Presentation section of this release.

"Centene's first quarter results demonstrate the strength of our diversified platform. We are pleased to raise full year 2024 guidance as we look to maximize the positive momentum being generated by our core businesses. We are executing against our strategic plans for growth and increasing access to affordable, high-quality healthcare for our members and the communities we serve," said Chief Executive Officer of Centene, Sarah M. London.

Other Events

On April 1, 2024, Centene's Oklahoma subsidiary, Oklahoma Complete Health, commenced the statewide contracts to provide managed care for the SoonerSelect and SoonerSelect Children's Specialty Plan programs. The new contracts have a one-year term with five, one-year renewal options.
Also in April, the state of Florida announced its intent to award contracts to five health plans, including Centene's Florida subsidiary, Sunshine Health, as a result of the reprocurement of the Statewide Medicaid Managed Care program.
Centene's Michigan subsidiary, Meridian in Michigan, was selected in April by the Michigan Department of Health and Human Services to continue to serve as a Medicaid health plan for the Comprehensive Health Care Program. The proposed Medicaid contracts are expected to begin on October 1, 2024, and run through September 30, 2029, with three, one-year optional extensions.

Awards & Community Engagement

In April, Centene was recognized by Forbes as one of the Best Employers for Diversity 2024, as well as by Newsweek, which named Centene one of America's Greatest Workplaces for Mental Wellbeing 2024.
In March, Centene's Kansas subsidiary, Sunflower Health Plan, and Centene Foundation announced a $160,000 grant to the Hays Medical Center Foundation to provide on-demand and scheduled telepsychiatry services at Hays Medical Center. The partnership will bolster capacity for telehealth behavioral health services across central and western Kansas by providing 24-hour access to board-certified psychiatrists, alleviating pressure on rural emergency rooms.
In March, Fortune recognized Centene as one of America's Most Innovative Companies for 2024.
In February, Centene's Michigan subsidiary, Meridian in Michigan, and the Centene Foundation announced a partnership with the Wayne Mobile Health Unit (WMHU) to improve maternal and infant health and broadly support the WMHU's community outreach efforts to deliver preventative health services directly in neighborhoods, at homes and in workplaces.

Membership

The following table sets forth membership by line of business:

	March 31,
	2024	2023
Traditional Medicaid ⁽¹⁾	11,750,000	14,521,100
High Acuity Medicaid ⁽²⁾	1,547,600	1,801,200
Total Medicaid	13,297,600	16,322,300
Commercial Marketplace	4,348,800	3,093,600
Commercial Group	422,700	437,200
Total Commercial	4,771,500	3,530,800
Medicare ⁽³⁾	1,146,800	1,343,800
Medicare PDP	6,438,900	4,459,300
Total at-risk membership	25,654,800	25,656,200
TRICARE eligibles	2,768,000	2,799,300
Total	28,422,800	28,455,500


⁽¹⁾	Membership includes Temporary Assistance for Needy Families (TANF), Medicaid Expansion, Children's Health Insurance Program (CHIP), Foster Care and Behavioral Health.
⁽²⁾	Membership includes Aged, Blind, or Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term Services and Supports (LTSS) and Medicare-Medicaid Plans (MMP) Duals.
⁽³⁾	Membership includes Medicare Advantage and Medicare Supplement.

Premium and Service Revenues

The following table sets forth supplemental revenue information ($ in millions):

	Three Months Ended March 31,
	2024	2023	% Change
Medicaid	$ 21,460	$ 22,227	(3) %
Commercial	7,751	5,252	48 %
Medicare ⁽¹⁾	5,935	5,876	1 %
Other	1,191	1,597	(25) %
Total premium and service revenues	$ 36,337	$ 34,952	4 %


⁽¹⁾	Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs and Medicare Prescription Drug Plan (PDP).

Statement of Operations: Three Months Ended March 31, 2024

Mehr Nachrichten zur Centene Corp. Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.