Molina Healthcare reported a 15% decline in net income year over year, according to the company’s second quarter earnings posted July 23.
Total revenue in the second quarter was $11.4 billion, up 16% year over year.
Total net income in the second quarter was $255 million, down 15% year over year.
Molina cut its annual earnings guidance again, now expecting adjusted earnings per share of no less than $19 for the year, compared to a range of $21.50 to $22.50 projected in early July. Molina also lowered its earnings-per share guidance to no less than $16.90 per share, compared to a previous outlook of $19.32 to $20.32 per share.
The company’s medical loss ratio was 90.4% in the second quarter.
Total membership is more than 5.7 million, with recent growth in the ACA segment, including the ConnectiCare acquisition. As of June 30, there are nearly 4.8 million Medicaid members, 690,000 exchange members and 267,000 Medicare Advantage members.
