智通财经APP获悉，周三，医疗保险公司康西哥(CNC.US)股价走高，截至发稿，该股涨超8.9%，报 36.16美元。消息面上，公司Q3营收496.9亿美元，调整后每股收益为0.5美元，均高于市场预期。 ...

周三，医疗保险公司康西哥(CNC.US)股价走高，截至发稿，该股涨超8.9%，报36.16美元。消息面上， 公司Q3营收496.9亿美元，调整后每股收益为0.5美元，均高于市场预期。 ...

Core Insights - Centene reported revenue of $49.69 billion for the quarter ended September 2025, reflecting an 18.2% increase year-over-year and a surprise of +4.35% over the Zacks Consensus Estimate of $47.62 billion [1] - The earnings per share (EPS) was $0.50, a significant decrease from $1.62 in the same quarter last year, with an EPS surprise of +338.1% compared to the consensus estimate of -$0.21 [1] Financial Performance Metrics - Total Medical Health Benefits loss ratio was reported at 92.7%, slightly better than the estimated 93% [4] - Membership in High Acuity Medicaid was 1.59 million, close to the estimated 1.6 million [4] - Medicare PDP membership reached 7.97 million, exceeding the average estimate of 7.88 million [4] - Medicare membership was reported at 1.01 million, slightly below the estimated 1.03 million [4] Revenue Breakdown - Premium revenues totaled $44.13 billion, surpassing the average estimate of $42.81 billion, with a year-over-year increase of +22.2% [4] - Service revenues were $772 million, slightly below the average estimate of $727.33 million, representing a -1.5% change year-over-year [4] - Combined premium and service revenues were $44.9 billion, exceeding the average estimate of $43.54 billion, with a year-over-year increase of +21.7% [4] - Premium tax revenues were $4.79 billion, above the average estimate of $4.07 billion, showing a -6.5% change year-over-year [4] - Medicaid premium and service revenues were $23.17 billion, exceeding the estimate of $22.33 billion, with an +8.7% change year-over-year [4] - Commercial premium and service revenues reached $10.99 billion, surpassing the estimate of $10.41 billion, reflecting a +26.5% year-over-year increase [4] - Medicare premium and service revenues were $9.39 billion, slightly below the average estimate of $9.53 billion, with a significant +66.4% change year-over-year [4] - Other premium and service revenues totaled $1.34 billion, exceeding the estimate of $1.25 billion, representing a +7.8% change year-over-year [4]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted EPS of $0.50, exceeding previous expectations, and increased the full-year adjusted EPS forecast to at least $2 from $1.75 [5][28] - Premium and service revenue for the third quarter reached $44.9 billion, while GAAP loss per share was $13.50 due to a $6.7 billion non-cash goodwill impairment charge [28][35] - The adjusted effective tax rate was temporarily low, contributing approximately $0.10 to adjusted EPS, with a full-year tax rate expectation of 20% to 21% [28][11] Business Line Data and Key Metrics Changes - The Medicaid segment achieved a third quarter HBR of 93.4%, showing sequential improvement, aided by a $150 million revenue adjustment from Florida's Children's Medical Services [11][29] - The Marketplace segment ended the quarter with approximately 5.8 million members, slightly better than expectations, despite experiencing medical cost pressure [16][28] - The Medicare segment's HBR was reported at 94.3%, consistent with expectations, with Medicare Advantage and PDP results aligning with the updated outlook [20][21] Market Data and Key Metrics Changes - The company anticipates a 2025 Medicaid composite rate adjustment of roughly 5.5%, up from earlier estimates [8] - The Marketplace pricing for 2026 averaged in the mid-30% range, reflecting adjustments for baseline morbidity and expected risk pool shifts [17][68] - The company expects a market contraction for 2026 in the high teens to mid-30s range, influenced by the expiration of eAPTCs and program integrity measures [44][48] Company Strategy and Development Direction - The company is focused on margin recovery over membership growth, particularly in the Marketplace segment, and has positioned itself for margin improvement in 2026 [24][56] - Continued advocacy for improved Medicaid rates and clinical management strategies are key components of the company's strategy to enhance profitability [12][61] - The company plans to provide detailed 2026 guidance in early February, emphasizing operational improvements and efficiency gains [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall performance of the business despite challenges in the operating environment, particularly in Medicaid and Marketplace segments [11][23] - The company is closely monitoring the impact of potential changes in eAPTCs and program integrity measures on its business outlook [18][44] - Management highlighted the importance of maintaining strong relationships with state partners to navigate the evolving healthcare landscape [15][62] Other Important Information - The company reported a strong cash flow from operations of $1.4 billion in Q3, with unregulated cash on hand at $357 million [36] - Medical claims liability totaled $21.5 billion, representing 48 days in claims payable, an increase of one day compared to the previous quarter [36] - The company is prepared for potential market changes and is actively engaging in outreach to members regarding insurance options [48][50] Q&A Session Summary Question: How does the company ensure stability in the Marketplace amid competitor exits? - Management noted a slight uptick in utilization in September and emphasized the importance of data-driven decisions for 2026 pricing, which accounts for various risk factors [39][41] Question: What strategies are in place to re-engage members during open enrollment? - The company is prepared to mobilize marketing efforts and broker relationships to recapture members who may not initially re-engage [46][48] Question: What is the outlook for Medicaid profitability given potential work requirements? - Management indicated that while there may be some membership attrition, they do not expect significant impacts on overall margin profiles for 2026 [52][63] Question: How does the company view competitive positioning for 2026? - Management expects to maintain a competitive edge with a focus on margin recovery, despite anticipated market contraction [54][56]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted EPS of $0.50, exceeding previous expectations, and increased the full-year adjusted EPS forecast to at least $2 from $1.75 [5][28] - Premium and service revenue for the quarter was $44.9 billion, with a GAAP loss per share of $13.50 due to a $6.7 billion non-cash goodwill impairment charge [28][35] - The adjusted effective tax rate was temporarily low, contributing approximately $0.10 to adjusted EPS, with an expected full-year tax rate of 20% to 21% [28][11] Business Line Data and Key Metrics Changes - Medicaid segment reported a Q3 HBR of 93.4%, showing sequential improvement aided by a $150 million positive revenue adjustment from Florida's Children's Medical Services [11][28] - The Medicare segment, including Medicare Advantage and PDP, performed in line with expectations, with a reported HBR of 94.3% [20][28] - Marketplace membership ended the quarter at approximately 5.8 million, slightly better than expectations, despite experiencing medical cost pressure [16][28] Market Data and Key Metrics Changes - The company anticipates a 2025 Medicaid composite rate adjustment of roughly 5.5%, up from earlier estimates [9] - The Marketplace segment is preparing for potential market contraction in the high teens to mid-30s range due to the expiration of EAPTCs [54][56] - The Medicare Advantage segment is on track for break-even by 2027, with continued focus on improving STAR ratings [22][23] Company Strategy and Development Direction - The company is focused on margin recovery over membership growth, particularly in the Marketplace segment for 2026 [56] - Continued advocacy for improved Medicaid rates and clinical management strategies are key components of the company's strategy to enhance profitability [12][15] - The company plans to provide detailed 2026 guidance in early February, emphasizing operational improvements and margin expansion [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall performance of the business despite challenges in the operating environment, particularly in Medicaid and Marketplace segments [11][12] - The company is closely monitoring trends in Medicaid and Marketplace utilization, with proactive measures in place to address potential cost pressures [14][40] - Management highlighted the importance of maintaining quality care while being responsible stewards of taxpayer dollars [26][15] Other Important Information - The company experienced a strong cash flow of $1.4 billion in Q3, with unregulated cash on hand at $357 million [36] - The company is prepared for potential changes in the policy landscape, particularly regarding EAPTCs and Medicaid work requirements [51][52] - The company is committed to enhancing member experience through improved digital tools and resources [21][22] Q&A Session Summary Question: How does the company ensure stability in the Marketplace amid competitor exits? - Management noted a slight uptick in utilization in September and emphasized the importance of data-driven decisions for 2026 pricing, which accounts for various risk factors [39][41] Question: What strategies are in place to re-engage members during open enrollment? - The company is prepared to mobilize marketing efforts and broker relationships to recapture members who may not initially re-engage [46][48] Question: What is the outlook for Medicaid profitability given potential work requirements? - Management indicated that while there may be some membership attrition, they do not expect significant impacts on overall margin profiles for 2026 [52][53] Question: How does the company view competitive positioning for 2026? - Management expects to maintain a competitive edge with a focus on margin recovery, despite potential market contraction [54][56] Question: What are the expectations for the Medicare segment in 2026? - The company anticipates continued progress towards break-even in Medicare Advantage and is focused on enhancing PDP positioning [56][57]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted EPS of $0.50, exceeding previous expectations, and increased the full-year adjusted EPS forecast to at least $2 from $1.75 [4][5][25] - Premium and service revenue for the third quarter was $44.9 billion, with a GAAP loss per share of $13.50 due to a $6.7 billion non-cash goodwill impairment charge [25][32] - The adjusted effective tax rate was temporarily low, contributing approximately $0.10 to adjusted EPS, with an expected full-year adjusted tax rate of 20% to 21% [25][10] Business Line Data and Key Metrics Changes - The Medicaid segment achieved a third quarter HBR of 93.4%, aided by improved revenue from Florida's Children's Medical Services, which included a net $150 million positive revenue adjustment [10][25][26] - The Medicare segment's HBR was reported at 94.3%, reflecting typical cost patterns, with Medicare Advantage showing elevated medical cost trends consistent with expectations [18][25] - The Marketplace segment ended the quarter with approximately 5.8 million members, slightly better than expectations, despite experiencing medical cost pressure in September [15][25] Market Data and Key Metrics Changes - Medicaid membership stood at 12.7 million, with expectations of slight attrition in the coming quarters [27] - The company anticipates a 2025 Medicaid composite rate adjustment of roughly 5.5%, up from earlier estimates [8] - The Marketplace segment is preparing for potential market contraction in the high teens to mid-30s range due to the expiration of EAPTCs [40][45] Company Strategy and Development Direction - The company is focused on margin recovery over membership growth, particularly in the Marketplace segment, with pricing actions taken to support margin expansion in 2026 [39][51] - Continued advocacy for improved Medicaid rates and program changes is a priority, with efforts to manage high-cost drugs and enhance clinical management [11][14][57] - The company plans to provide detailed 2026 guidance in early February, emphasizing operational improvements and efficiency gains [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall performance of the business, despite challenges in the operating environment, and highlighted the importance of being responsible stewards of taxpayer dollars [24][60] - The company is closely monitoring trends in Medicaid and Marketplace utilization, with proactive measures in place to address potential challenges [10][37] - Management remains optimistic about the long-term viability of the individual health insurance market, despite uncertainties surrounding EAPTCs [17][40] Other Important Information - The company reported strong cash flow from operations of $1.4 billion in Q3, with unregulated cash on hand at $357 million [33] - The medical claims liability totaled $21.5 billion, representing 48 days in claims payable, an increase of one day compared to the previous quarter [33] - The company is prepared to harvest unrealized losses in Q4 to improve investment income trajectory for 2026 [31] Q&A Session Summary Question: How does the company ensure stability in the Marketplace amid competitor exits? - Management noted a slight uptick in utilization in September, correlating with national discussions on rate increases and EAPTCs, and emphasized prudent coverage for Q4 [36][37][40] Question: What efforts are in place to re-engage potential enrollees in the Marketplace? - The company is prepared to mobilize marketing efforts and broker relationships to recapture members who may not re-engage during open enrollment [42][44] Question: What is the outlook for Medicaid margins in 2026? - Management indicated that while 2026 is expected to be a trough year, they are focused on maintaining consistent profitability and margin improvement [68]

Core Insights - Centene Corporation reported a third-quarter 2025 adjusted earnings of 50 cents, significantly beating the consensus loss of 14 cents per share, although down from $1.62 a year ago [1] - The company's sales increased by 18.2% year-over-year to $49.69 billion, surpassing the consensus estimate of $47.75 billion [1] Financial Performance - Premium and service revenues rose by 22% to $44.89 billion, driven by growth in the PDP business, overall market growth in the Marketplace business, and rate increases in the Medicaid business, despite a decline in Medicaid membership [3] - The Health Benefits Ratio (HBR) increased to 92.7% in the quarter, up from 89.2% in the same period last year [3] Membership Trends - Total membership across Centene's portfolio decreased to 27.97 million from 28.64 million a year ago, mainly due to a reduction in Medicaid membership from 13.07 million to 12.71 million [4] - Conversely, Marketplace enrollment grew by 29.5% to 5.83 million, and Medicare PDP expanded by 17.8% to 7.97 million [4] Guidance and Outlook - Centene raised its fiscal 2025 adjusted earnings per share guidance from $1.75 to $2.00, compared to the consensus of $1.68 [4]

Core Viewpoint - Centene (CNC) reported quarterly earnings of $0.5 per share, significantly exceeding the Zacks Consensus Estimate of a loss of $0.21 per share, marking an earnings surprise of +338.10% [1] - The company generated revenues of $49.69 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.35% and showing an increase from $42.02 billion year-over-year [2] Financial Performance - Centene's earnings for the previous year were $1.62 per share, indicating a decline in profitability [1] - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.87, with projected revenues of $47.41 billion, while the estimate for the current fiscal year is $1.69 on $190.45 billion in revenues [7] Market Position - Centene shares have underperformed, losing about 45.2% since the beginning of the year, compared to a 17.2% gain in the S&P 500 [3] - The Zacks Rank for Centene is currently 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Medical - HMOs industry, to which Centene belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Centene's stock performance [5]

Health insurer Centene reported a $6.6 billion third-quarter loss as the company struggles to control rising healthcare costs in the government-subsidized health plans it administers and sells. In this photo is the building housing Centene Corporation headquarters is seen Thursday, July 2, 2015, in Clayton, Mo. . (AP Photo/Jeff Roberson)ASSOCIATED PRESSHealth insurer Centene reported a $6.6 billion third-quarter loss as the company struggles to control rising healthcare costs in the government-subsidized he ...

Core Insights - Ventripoint Diagnostics Ltd. has partnered with Providence Health Care Ventures to validate its VMS+™ platform at St. Paul's Hospital, aiming to reduce reliance on cardiac MRI through AI-enhanced echocardiography [1][4] - The VMS+™ platform generates 3-D heart models from 2-D echocardiography images and has shown clinical agreement with MRI measurements, potentially allowing some patients to avoid MRI altogether [2][3] - The collaboration seeks to assess the performance of VMS+™ in real-world settings, focusing on workflow integration, MRI referral reductions, and cost efficiencies [4][5] Company Overview - Ventripoint is recognized for its application of AI in echocardiography, with its VMS products utilizing proprietary Knowledge Based Reconstruction technology to provide accurate cardiac measurements comparable to MRI [7][8] - The VMS+™ platform is FDA-cleared and Health Canada-licensed, compatible with existing 2D ultrasound systems, which allows healthcare systems to enhance imaging capacity without the need for new equipment [2][8] Clinical Evidence - VMS+™ has been successfully implemented in various clinical settings, including the Hospital for Sick Children and Mayo Clinic, demonstrating its effectiveness in aligning echo-derived measurements with cardiac MRI [3] - Recent presentations at conferences have highlighted the platform's ability to provide results comparable to MRI, particularly in assessing adult congenital heart defect patients [3] Future Prospects - The collaboration with PHC Ventures is set to begin in November 2025, with implementation expected in early 2026, aiming to validate the impact of VMS+™ across different healthcare settings [6] - The technology is anticipated to improve access to advanced cardiac diagnostics, especially in rural and Indigenous communities where MRI availability is limited [5][6]