Molina reports $321M profit in Q1

Molina Healthcare reported double-digit growth in net income since the same period last year and raised its year-end earnings guidance, according to the company's first-quarter earnings posted April 26.

"We delivered strong financial performance and continued our momentum of winning new state contracts, providing additional visibility into future premium and earnings growth," President and CEO Joseph Zubretsky said.

Total revenue in the first quarter was $8.1 billion, up 4.9 percent year over year. 

Total net income in the first quarter was $321 million, up 24.4 percent year over year.

The company increased its full year 2023 adjusted earnings guidance to at least $20.25 per diluted share.

The company's medical loss ratio was 87.1 percent in the first quarter, which is unchanged since last year. Days claims payable were 48 in the first quarter, compared to 51 a year ago.

Total membership is nearly 5.3 million, with growth in the Medicaid and Medicare spaces. As of March 31, there are 4.8 million Medicaid members, 271,000 exchange members and 161,000 Medicare Advantage members.


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