Molina Healthcare reported $309 million in net income in the second quarter of 2023, up 24.6 percent from the same time period last year, according to the company's earnings report published July 26.
Total revenue in the second quarter was $8.3 billion, up 3.3 percent year over year. The company boosted its earnings-per-share guidance for 2023 to $20.75.
"We continue to build the revenue base and new store earnings profile, our operating results provide a very solid earnings base, and we have seen nothing in the early stages of the Medicaid redetermination process that changes our view of the earnings trajectory of the business," CEO Joseph Zubretsky said in a news release.
The company's total membership in the second quarter of 2023 was 5,176,000. The company had 4,741,000 Medicaid members, down 13,000 from the end of 2022. There were 166,000 Medicare members, up 10,000 from the end of 2022, and 269,000 marketplace members, down 79,000 from the end of 2022.
Molina's medical loss ratio was 87.5 percent in the second quarter of 2023, down from 88.1 percent in the same time period last year.