Centene posted a net loss of $213 million in the last three months of 2022 despite reporting 15 percent growth in total revenue year-over-year, according to its fourth quarter earnings published Feb. 7.
"Our disciplined focus in 2022 allowed us to successfully execute on foundational work that will support our long-term growth strategy. We also delivered strong financial results, exceeding our most recent full year guidance," CEO Sarah London said.
Total revenues in 2022 were $144.5 billion, up 14.7 percent year over year. In the fourth quarter, revenues were $35.6 billion.
For 2023, the company projects revenues of $131.5 billion to $133.5 billion.
Total net earnings in 2022 were $1.2 billion, down 10.8 percent year over year. In the fourth quarter, the company posted a net loss of $213 million, down from a net income of $599 million year-over-year.
The company's medical loss ratio was 87.7 percent for 2022 and 88.7 percent for the latest quarter. Days claims payable were 54 in the fourth quarter compared to 52 a year ago.
As of Dec. 31, Centene's total membership stands at 27 million, with Medicaid membership at nearly 16 million enrollees. There are 2.5 million commercial members, 1.5 million Medicare Advantage and supplement members, and 4.2 million Medicare prescription drug plans.