Centene posts $1.1B profit in Q2

Centene recorded $1.06 billion in net income in the second quarter of 2023 after recording a $172 million loss during the same period last year, according to the company's earnings report released July 28.

"Our strong second-quarter performance demonstrates Centene's ability to deliver excellent financial results in a dynamic healthcare landscape," CEO Sarah London said in the report. "New business wins, strong marketplace membership growth and continued advancement of our value creation plan contributed to another solid quarter of execution. We are increasing our full year 2023 adjusted diluted EPS guidance, reflecting year-over-year growth of at least 12 percent, consistent with our long-term growth algorithm."

Five things to know: 

1. Total revenues for the quarter ended June 30 were $37.6 billion, up from $35.9 billion during the same period last year. 

2. As of June 30, Centene's total membership is 28.4 million, up from 26.4 million during the same period last year. Total Medicaid membership is 16 million, up from 15.4 million. ACA membership is 3.3 million, up from 2 million. Total commercial membership is 3.7 million, up from 2.5 million. 

3. Centene's medical loss ratio was 87 percent in the second quarter and 86.7 percent during the same period last year.

4. Days claims payable was 52 days, a decrease of two days compared to the first quarter of 2023 and three days compared to the second quarter of 2022. 

5. The company raised its year-end adjusted EPS guidance to $6.45.  

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