Molina Healthcare reported a 61 percent increase in net income in the third quarter of 2022 compared to the same quarter in 2021, according to the company's Oct. 26 earnings report.
"We are very pleased with our third quarter financial and operating performance, which includes the announcement of significant new business wins," President and CEO Joseph Zubretsky said. "We executed well, delivered strong operating earnings, and continued to deliver on our growth strategy. Our projected 2022 earnings baseline is solid, and the embedded earnings power of the company continues to build. In summary, the company’s financial and operational performance validates our long-term revenue growth strategy and its value creation potential."
Five notes:
1. Molina had a net income of $230 million in the quarter ended Sept. 30, up from $143 million over the same period last year.
2. Total revenue was $7.9 billion in the third quarter, up from $7 billion during the same period last year.
3. Molina raised its annual revenue earnings outlook by $500 million to $30.5 billion. The increase was attributed to third quarter outperformance, the Oct. 1 closure of its AgeWell acquisition and the expected impact of the extension of the COVID-19 Public Health Emergency through Jan. 11, 2023.
4. In the nine months ended Sept. 30, Molina had $736 million in net income on $2.38 billion in revenues, up from $556 million in net income on $2.04 billion in revenues over the same period last year.
5. As of Sept. 30 the company had 5.2 million members, a 7 percent increase over the same period last year.