Centene Corp. saw its revenues grow in the fourth quarter of fiscal year 2019, but experienced higher-than-expected flu costs, the insurer said Feb. 4.
Centene posted total revenues of $18.9 billion in the fourth quarter of 2019, up 14 percent year over year from $16.6 billion. The insurer attributed the increase to growth in its ACA exchange business, program expansions in new states and recent acquisitions in Spain.
At the same time, Centene saw its total operating expenses grow 14.9 percent year over year to $18.6 billion in the fourth quarter of 2019. The insurer attributed higher expenses in part to a moderate increase in flu-related costs.
Centene ended the quarter with a $209 million profit, down 13.3 percent year over year. After closing its acquisition of WellCare Health Plans, Michael Neidorff, chairman, president and CEO of Centene, said his company now covers 1 in every 15 Americans.
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