Core Viewpoint - Centene Corp. experienced a significant 40% drop in share price after withdrawing its revenue guidance due to unexpected data from an independent actuary, raising concerns about potential violations of securities laws [1][5][9]. Company Overview - Centene Corp. positions itself as a leading healthcare enterprise, focusing on providing integrated services to government-sponsored and commercial healthcare programs, particularly for under-insured and uninsured individuals [3]. Financial Guidance and Adjustments - On April 25, 2025, Centene had increased its 2025 revenue guidance by $6 billion and reaffirmed its GAAP diluted EPS guidance floor of over $6.19 and adjusted diluted EPS guidance floor of over $7.25 [4]. - On July 1, 2025, Centene withdrew its previous guidance, citing new information regarding Health Insurance Marketplace data [5]. Market Data Analysis - The company analyzed initial 2025 industry Marketplace data from Wakely, covering 22 states, which represented approximately 72% of its Marketplace membership [6]. - The analysis revealed lower-than-expected overall market growth and higher-than-anticipated market morbidity, leading to a reduction in the expected net risk adjustment revenue transfer by approximately $1.8 billion, impacting adjusted diluted EPS by about $2.75 [7][8]. Investor Reaction - Following the announcement of the guidance withdrawal and the negative data, Centene's share price fell by 40%, equating to a loss of $22.87 per share in a single day [9].