Molina Healthcare reported a 34 percent increase in net income compared to the same time last year, but lost 80,000 members in the first six months of 2022, according to the company's second-quarter earnings report filed July 27.
"We are very pleased with our second quarter and year-to-date performance," President and CEO Joseph Zubretsky said. "We executed well, provided high quality care to our members, delivered solid operating earnings, and continued to deliver on our growth strategy."
Five things to know:
- Total revenue was nearly $8.1 billion, an increase of 18.4 percent from $6.8 billion year over year. This was led by acquisitions and organic Medicare and Medicaid growth.
- The company raised its annual revenue earnings outlook to $30 billion.
- Total operating expenses were $7.7 billion, rising 17.9 percent from $6.5 billion year over year.
- Net income was $248 million, an increase of 34 percent from $185 million year over year.
- As of June 30, the company had 5.1 million members across 19 states, an increase of 422,000 members, or 9 percent year over year. Enrollment did decrease by 81,000 members in the first six months of 2022.