Grants enable physicians to implement critical Department of Healthcare Services' Equity and Practice Transformation (EPT) Directed Payment Program SACRAMENTO, Calif., Oct. 29, 2024 /PRNewswire/ -- Health Net, one of California's most experienced Medi-Cal managed care health plans and a company of Centene Corporation (NYSE: CNC), announced the awarding of $2 million in grants to 47 independent physician practices throughout California. Here's what the grantees are saying about Health Net's commitment to pro ...

Centene Corporation (CNC) reported third-quarter 2024 adjusted earnings per share (EPS) of $1.62, which outpaced the Zacks Consensus Estimate by 16.6%. However, the bottom line fell 19% year over year.Revenues were $42 billion, which advanced 10.5% year over year. The top line surpassed the consensus mark by 10.9%.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The quarterly performance benefited on the back of strong Commercial revenue growth, expansion of the Marketplace business ...

Pre-market futures are up after a couple mixed days this week. We appear to be on something of a different trajectory this week — or likely a holding pattern — after a robust early autumn that saw a good start to October after an unseasonably profitable September.But until the General Election on November 5th — and, let’s face it, that whole trading week will likely pass before we know who wins the presidency — we don’t expect much directional impetus in the stock market. Currently, the Dow is +99 points, t ...

Key TakeawaysCentene grew its membership rolls and premium and service revenue in the third quarter, and shares surged Friday.The managed care and health insurance provider beat profit and sales estimates, and boosted its outlook.CEO Sarah London said the company navigated "a dynamic landscape" in the quarter. Centene (CNC) shares surged more than 10% Friday morning as the managed care and health insurance provider's third-quarter results easily beat estimates as it boosted its membership rolls and premium ...

Financial Data and Key Metrics Changes - The company reported third quarter adjusted diluted EPS of $1.62, exceeding previous expectations, driven by tax items shifting into the third quarter [6][24] - Total premium and service revenue for Q3 2024 was $36.9 billion, with a consolidated HBR of 89.2% for the quarter and 87.9% year-to-date [24][25] - The company maintains its full year 2024 adjusted diluted EPS guidance of greater than $6.80, reflecting confidence in financial performance despite market challenges [5][32] Business Line Data and Key Metrics Changes - Medicaid membership stood at approximately 13 million, with a Q3 Medicaid HBR of 93.1%, slightly above Q2 [25][26] - The Medicare segment performed in line with expectations, with a segment HBR of 88.0% and a target revenue for Medicare Advantage in 2025 projected between $14 billion to $16 billion [27][14] - The Marketplace business served 4.5 million members, showing a 22% growth year-over-year, with expectations for pre-tax margins in the range of 5% to 7.5% for 2025 [26][17] Market Data and Key Metrics Changes - The company expects mid-single-digit macro market growth in 2025 for the Marketplace, influenced by regulatory changes and the end of the redetermination process [18][66] - The company anticipates a modest growth in Marketplace membership during the upcoming open enrollment period, with a focus on maintaining margin targets [19][66] Company Strategy and Development Direction - The company is focused on aligning Medicaid rates with acuity, with ongoing discussions with state partners to ensure appropriate rate adjustments [10][11] - The Medicare Advantage business is strategically important, with efforts to improve Stars ratings and reduce SG&A costs to enhance margins [14][28] - The company is leveraging AI to optimize provider contract management, aiming to improve operational efficiency and analytics [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the business outlook for 2024, despite ongoing challenges in the Medicaid landscape [7][32] - The company is optimistic about the potential for EPS growth in 2025, supported by improved Medicaid rates and operational efficiencies [6][32] - Management highlighted the importance of data-driven advocacy in discussions with state partners to ensure alignment of rates with member acuity [10][35] Other Important Information - The company has updated its 2024 guidance, increasing full year premium and service revenue expectations by $2 billion [31] - The company has deployed approximately $1.6 billion on share repurchases year-to-date, reflecting confidence in its financial position [30] Q&A Session All Questions and Answers Question: Medicaid MLR expectations for Q4 - Management indicated that Q3 Medicaid HBR is expected to be the high watermark, with Q4 impacted by rate updates from several states [33][36] Question: Core Medicaid utilization trends - Management noted that the major driver of HBR in Medicaid is the mismatch of rate and acuity, with no significant new trends observed [38][39] Question: Composite rate increases and MLR improvement - Management stated that rate adjustments vary by state, with ongoing efforts to ensure rates match acuity [42][44] Question: Part D business margin expectations - Management expects a 1% margin for the Part D business in 2025, consistent with 2024, but anticipates higher revenue due to IRA changes [60][62] Question: Marketplace growth expectations - Management expects mid-single-digit growth in the Marketplace, influenced by regulatory changes and the end of the redetermination process [66][69]

Friday, October 25, 2024 Pre-market futures are up after a couple mixed days this week. We appear to be on something of a different trajectory this week — or likely a holding pattern — after a robust early autumn that saw a good start to October after an unseasonably profitable September. But until the General Election on November 5th — and, let's face it, that whole trading week will likely pass before we know who wins the presidency — we don't expect much directional impetus in the stock market. Currently ...

For the quarter ended September 2024, Centene (CNC) reported revenue of $42.02 billion, up 10.5% over the same period last year. EPS came in at $1.62, compared to $2.00 in the year-ago quarter. The reported revenue represents a surprise of +10.86% over the Zacks Consensus Estimate of $37.91 billion. With the consensus EPS estimate being $1.39, the EPS surprise was +16.55%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine t ...

Centene (CNC) came out with quarterly earnings of $1.62 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $2 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.55%. A quarter ago, it was expected that this healthcare company would post earnings of $2.44 per share when it actually produced earnings of $2.42, delivering a surprise of -0.82%.Over the last four quarters, the company h ...

Financial Performance - Centene Corporation reported third-quarter sales of $42.02 billion, a 10.5% increase year-over-year, surpassing the consensus estimate of $37.69 billion [1] - The company achieved an adjusted EPS of $1.62 for the quarter, exceeding the consensus of $1.38 [1] - Premium and service revenues for the third quarter increased by 6% to $36.9 billion, driven by Medicaid rate increases and membership growth in the Marketplace business [1] Membership and Market Position - Total managed care membership rose by 2.4% to 28.64 million at the end of the third quarter, compared to 27.97 million a year ago [2] - Enrollment in the commercial marketplace business grew to 4.50 million members from 3.68 million a year ago, while total Medicaid memberships fell by 14.2% to 13.07 million [2] Guidance and Future Outlook - The company updated its revenue guidance to $159 billion—$161 billion, up from the previous guidance of $155.0 billion—$157.0 billion [3] - The 2024 Health Benefits Ratio (HBR) is expected to be around 88.3%-88.5%, an increase from the high end of the previous guidance range [3] - Centene reaffirmed its 2024 adjusted EPS guidance floor of over $6.80, compared to a consensus of $6.82 [2][3] Stock Performance - Centene's stock (CNC) rose by 13.6% to $70.02 during the premarket session following the earnings report [3]

Centene reported a third quarter profit of $713 million as Obamacare enrollment and premium revenue ... [+] helped overcome a big dip in Medicaid enrollment, the company said October 25, 2024. In this photo, the building housing Centene Corporation headquarters is seen Thursday, July 2, 2015, in Clayton, Mo. (AP Photo/Jeff Roberson)ASSOCIATED PRESSCentene reported a third quarter profit of $713 million as Obamacare enrollment and premium revenue helped overcome a big dip in Medicaid enrollment.Centene, whic ...