Elevance Health (ELV) Q2 2025 Earnings Call July 17, 2025 08:30 AM ET Company ParticipantsNathan Rich - VP - IRGail Boudreaux - President, CEO & DirectorMark Kaye - EVP & CFOAndrew Mok - DirectorA.J. Rice - Managing DirectorLisa Gill - Managing DirectorFelicia Norwood - EVP & President - Government Health BenefitsLance Wilkes - Managing DirectorBen Hendrix - Vice PresidentJoshua Raskin - Partner - Managed Care & ProvidersDave Windley - Managing DirectorPeter Haytaian - EVP, President - Carelon & CarelonRxWh ...

Financial Data and Key Metrics Changes - Elevance Health reported second quarter GAAP diluted earnings per share of $7.72 and adjusted diluted earnings per share of $8.84, with a revised full year 2025 adjusted EPS guidance of approximately $30 [14][19] - Operating revenue was $49.4 billion, an increase of 14% year over year, driven by higher premium yields and recent acquisitions [14][15] - The consolidated benefit expense ratio increased to 88.9%, up 260 basis points year over year, primarily due to pressures in the ACA and Medicaid businesses [15][17] Business Line Data and Key Metrics Changes - The Medicare Advantage portfolio showed continued strength, with cost trends in line with expectations [6][17] - CarillonRx experienced over 20% growth in operating revenue, while Carillon services delivered more than 50% growth in revenue [18][19] - Membership decreased to 45.6 million, down approximately 200,000 sequentially, attributed to a reduction in Medicaid membership and lower effectuation rates in the ACA business [14][15] Market Data and Key Metrics Changes - The ACA market is experiencing elevated morbidity due to shifts from Medicaid, with approximately 70% of the total impact attributed to risk pool acuity [26][36] - Medicaid cost trends decelerated in the second quarter but at a slower pace than expected, with higher acuity and increased member utilization [16][17] - The company anticipates a broader market reset in 2026 due to the expiration of enhanced subsidies, which may lead to further risk pool changes [12][20] Company Strategy and Development Direction - The company is focused on executing a clear strategy to strengthen structural performance across the enterprise, with an emphasis on managing costs and deploying targeted investments [5][8] - Efforts are being made to stabilize trends in high-cost areas, including specialty services and post-acute care, while enhancing care delivery through streamlined prior authorization processes [9][10] - The company aims to improve visibility and consistency in operations while preparing for potential policy changes affecting Medicaid and ACA markets [20][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the disappointment in revising guidance for the second consecutive year but emphasized the commitment to transparency and strong execution [13][19] - The company is taking proactive steps to address elevated medical cost trends and is not relying on near-term recovery assumptions [7][12] - Management remains confident in the strength of the enterprise and the ability to create long-term value through operational discipline and innovation [13][19] Other Important Information - The company is utilizing AI-enabled tools to streamline clinical workflows and identify fraud, waste, and abuse [10][69] - Approximately one-third of benefit expenses are now in downside risk arrangements, supporting improved care coordination [10][12] - The company has returned approximately $2 billion to investors year-to-date, with a focus on maintaining flexibility for strategic investments [19][72] Q&A Session Summary Question: Can you help delineate the pressure you're seeing in the ACA business? - Management identified three principal factors: increased risk pool acuity, higher utilization in several cost categories, and inappropriate coding tactics contributing to inflated costs [22][25] Question: Can you size the relative impact of ACA and Medicaid in the guidance revision? - The reduction in guidance is slightly more weighted towards ACA, with ongoing enrollment losses in Medicaid contributing to elevated morbidity [29][35] Question: How do you think about the dynamic of Medicaid margins? - Management expects Medicaid margins to show year-over-year improvement in the back half of the year, despite ongoing challenges [42][100] Question: Can you talk about Medicare Advantage trends and bid strategy? - Medicare Advantage trends remain elevated and consistent with expectations, with a disciplined approach to bids for 2026 focused on margin recovery [46][48] Question: What are you doing differently in terms of cost structure initiatives? - The company is transforming processes using technology and AI to manage costs and identify trends earlier, with a focus on responsible innovation [66][69] Question: How is the current environment affecting capital allocation strategy? - The company is maintaining a flexible capital allocation strategy, focusing on opportunistic share repurchases while integrating recent acquisitions [72][73]

Elevance Health (ELV) Q1 2025 Earnings Call April 22, 2025 08:30 AM ET Company Participants Nathan Rich - Vice President of IRGail Boudreaux - President & Chief Executive OfficerMark Kaye - Executive VP & CFOA.J. Rice - Managing DirectorLance Wilkes - Managing DirectorPeter Haytaian - Executive VP and President of Carelon & CarelonRxAndrew Mok - DirectorLisa Gill - Managing DirectorBen Hendrix - Vice PresidentFelicia Norwood - Executive VP & President of Government Health BenefitsWhit Mayo - Senior Managing ...

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程名额有限 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 近日，Cardiac Dimensions 宣布完成了 5300 万美元 （合约 3.83亿人民币 ）的 超额认购 E 轮融资， Ally Bridge Group（汇桥资本） 领投，新投资者 Claret Capital Partners 参与，现有投资者也提供了重要支持。 该公司设计了 Carillon 系统，旨在在不损伤二尖瓣瓣叶的情况下恢复自然的二尖瓣功能。 公司计划利用这笔资金完成 Carillon 系统在美国的关键性研究， 并支持该系统的商业化。 # C a r i l l o n 二 尖瓣 轮廓 系统 研发背景 FMR病理机制： 心衰患者左心扩张导致二尖瓣前后叶闭合不全，血液通过二尖瓣反流或渗漏，进而减少心脏输送到身体其他部位的含氧血液量，损害心脏功 能，使心衰恶化。有数据显示，高达74%的心衰患者患有FMR，这是一个亟待解决的临床问题。 治疗现状： 经导管二尖瓣缘对缘修复术（M-TEER）2013年和2019年先后获FDA批准用于 ...