Centene reported almost $850 million in first quarter revenue as membership grew by 1.9 million … [+]
ASSOCIATED PRESS
Centene reported almost $850 million in first quarter revenue as membership grew by 1.9 million because of a rise in enrollment in Medicaid, Medicare and Obamacare plans, the company said Tuesday.
Centene, which sells an array of presidency sponsored medical health insurance together with Obamacare, mentioned complete managed care membership elevated by 1.9 million members, or 8%, to 26.2 million, in comparison with the top of the primary quarter of 2021.
Such development helped Centene’s revenues soar 24% to $37.2 billion. Internet earnings was $849 million within the first quarter in comparison with a $699 million within the first quarter of 2021.
“Our sturdy first quarter efficiency demonstrates Centene’s capacity to ship on our monetary targets whereas persevering with to make progress towards our worth creation initiatives,” mentioned Sarah London, Centene’s chief govt officer, who earlier this yr succeeded the late Michael Neidorff. The longtime Centene CEO, Neidorff had introduced his retirement earlier than he handed away earlier this month.
Beneath the early days of London’s management, Centene’s development story continues with the corporate’s sturdy first quarter efficiency contributing to administration’s determination to boost its monetary outlook for the remainder of 2021. The medical health insurance large now expects adjusted earnings per share within the rage of $5.40 and $5.55 in comparison with an earlier projection of between $5.30 and $5.50 per share.
Medicaid membership ended the primary quarter at almost 15.3 million in comparison with almost 13.8 million within the yr in the past interval whereas Medicare enrollment jumped to 1.45 million in comparison with 1.13 million within the yr in the past interval.
Centene additionally noticed a rise of greater than 100,000 new well being plan members who enrolled in “industrial market” protection underneath the Inexpensive Care Act often called Obamacare. Centene is the most important supplier of Obamacare within the U.S. with greater than 2 million enrollees as of the top of the primary quarter in comparison with 1.9 million within the year-ago interval.
