Centene lost $172 million in the second quarter, but it surpassed investor expectations and raised its earnings outlook for the year, according to the company's earnings report filed July 26.
"We are increasing our full-year adjusted EPS outlook, reflecting a $0.20 cumulative increase above our April guidance," CEO Sarah London said. "The second quarter reflects continued execution on our Value Creation Plan with tangible actions and results, providing an excellent foundation from which we will continue to build over the next couple of years."
Seven things to know:
- Total revenues were $35.9 billion in the second quarter, rising from $31 billion, or a 16 percent increase year over year.
- The increase in revenues was led by growth in Medicaid, Medicare, recent acquisitions of Magellan and Circle Health, and new contracts in North Carolina.
- Total operating expenses were nearly $36.1 billion in the second quarter, rising from $31.4 billion, or a 14.7 percent increase year over year.
- Net losses totaled $172 million in the second quarter, compared to $535 million in losses year over year.
- In the first six months of 2022, the company's net earnings were $677 million, compared to $164 million in the first six months of 2021.
- The company's membership across all lines has grown by over 1.76 million people year over year, with 26.4 million members currently.
- The company's full-year revenue outlook ranges from $141.6 billion to $143.6 billion.