For the second quarter of 2022, total revenues increased 16% to $35.9 billion from $31.0 billion in the These items cannot be reconciled without unreasonable effort. Centene (CNC) stock forecast for 2023 Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue," and other similar words or expressions (and the negative thereof). In April 2023, the Company repurchased an additional 3.0million shares for $200 million. CENTENE CORPORATION REPORTS FIRST QUARTER 2023 Centene to grow geographic footprint in Medicare Advantage by We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, other quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs. Let's tackle 2023 and then get to 2024. True Sarah-Yeaple Sets found in the same folder healthcare services. WebCentene Corporation is followed by the analysts listed below. The effective tax rate for the fourth quarter of 2022 reflects the tax effects of pending and completed divestitures and impairments associated with our ongoing portfolio review, including the Magellan Rx divestiture gain, the non-deductible impairment of our Health Net Federal Services business, and tax impacts related to the reclassification of the Magellan Specialty Health business to held for sale. To provide clarity on the way management defines certain key metrics and ratios, the Company is providing a description of how the metric or ratio is calculated as follows: In addition, the following terms are defined as follows: Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. Investor Relations | Centene Corporation This list of important factors is not intended to be exhaustive. Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. In addition, a digital audio playback will be available until 9:00 AM (Eastern Time) on Tuesday, May 2, 2023, by dialing 1-877-344-7529 in the U.S., 1-855-669-9658 in Canada, or +1-412-317-0088 from abroad, and entering access code 7234123. Centene.com uses cookies. Centeneoffers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by theHealth Insurance Marketplace, the TRICARE program, and individuals in correctional facilities. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, https://investors.centene.com/. Centene to grow geographic footprint in Medicare Advantage by 26% for 2022 | Fierce Healthcare Fierce Pharma Fierce Biotech Fierce Healthcare Fierce Life Sciences Centene.com uses cookies. By continuing to use our site, you agree to our Privacy Policy Good day, and welcome to the Centene Corporation First Quarter 2023 Earnings Conference Call. Any reduction in the "Incurred related to: Prior period" amount may be offset as Centene actuarially determines the "Incurred related to: Current period." Specifically, the Company believes the presentation of non-GAAP financial information that excludes amortization of acquired intangible assets and acquisition and divestiture related expenses, as well as other items, allows investors to develop a more meaningful understanding of the Company's core performance over time. Centene Selects Express Scripts to Provide PBM Benefits in 2024 CENTENE CORPORATION REPORTS FIRST QUARTER 2022 Medicaid and Medicare membership includes 1,291,300 and 1,178,000 dual-eligible beneficiaries for the periods ending December31, 2022, and December31, 2021, respectively. The second largest ticketing platform of Thailand, Ticketmelon, will be expanding its services in Southeast Asia and in the Philippines. 2023 For the first quarter 2023, Samsung Biologics recorded a consolidated revenue of KRW 720.9 billion and an operating profit of KRW 191.7 billion. CENTENE CORPORATION REPORTS FIRST QUARTER 2022 RIP the Halo View. Investor Relations | Centene Corporation Centene At December31, 2022, the Company had cash, investments and restricted deposits of $30.3 billion and maintained $841 million of cash and cash equivalents in our unregulated entities. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions. Cash flow provided by operations for the full year 2022 was. In addition, for the three months ended March 31, 2023: Magellan Specialty Health divestiture gain of $0.14, for the year ended December 31, 2023, an estimated: $0.14 ($0.12 after-tax) of Magellan Specialty, The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. for the three months ended December 31, 2021: gain related to the divestiture of USMM of $0.25 ($0.23 after-tax) and PBM legal settlement expense of $0.00 ($0.04 after-tax); for the twelve months ended December 31, 2021: PBM legal settlement expense of $2.14 ($1.76 after-tax); gain related to the acquisition of the remaining 60% interest of Circle Health of $0.52 ($0.52 after-tax); impairment of our equity method investment in RxAdvance of $0.39 ($0.32 after-tax); gain related to the divestiture of USMM of $0.25 ($0.23 after-tax); debt extinguishment costs of $0.21 ($0.16 after-tax); reduction to the previously reported gain on divestiture of certain products of our Illinois health plan of $0.10 per share ($0.08 after-tax); and severance costs due to a restructuring of $0.09 ($0.06 after-tax). The Company is providing certain non-GAAP financial measures in this release as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, value creation strategy, competition, expected activities in connection with completed and future acquisitions and dispositions, our investments, and the adequacy of our available cash resources. To provide clarity on the way management defines certain key metrics and ratios, the Company is providing a description of how the metric or ratio is calculated as follows: In addition, the following terms are defined as follows: Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. Statement of Operations: Three Months Ended March 31, 2023. Terms & Conditions, For the fourth quarter of 2022, total revenues increased 9% to. Medical claims liabilities totaled $17.5 billion. It is the premier event technology solutions company for event 2023 Premium and service revenues (in billions). From this baseline, we remain confident in our ability to deliver 12-15% long-term adjusted earnings compound annual growth in the back half of the decade.". In summary, the 2022 fourth quarter and full year results were as follows: Premium and service revenues (in millions), Total cash flow (used in) provided by operations (in millions). Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). High-end Medical Insurance Market Size 2022 by Sales A webcast replay will be available for on-demand listening shortly after the completion of the call for the next twelve months or until 11:59 PM (Eastern Time) on Tuesday, April 23, 2024, at the aforementioned URL. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates due to the ongoing impact of COVID-19; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; the risk that the election of new directors, changes in senior management, and any inability to retain key personnel may create uncertainty or negatively impact our ability to execute quickly and effectively; uncertainty as to the expected financial performance of the combined company following the recent completion of the acquisition of Magellan Health, Inc. (the Magellan Acquisition); the possibility that the expected synergies and value creation from the Magellan Acquisition or the acquisition of WellCare Health Plans, Inc. (the WellCare Acquisition) (or other acquired businesses) will not be realized, or will not be realized within the respective expected time periods; disruption from the integration of the Magellan Acquisition or from the integration of the WellCare Acquisition; unexpected costs, or similar risks, from other acquisitions or dispositions we may announce or complete from time to time, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; the risk that the closing conditions, including applicable regulatory approvals, for the pending disposition of Magellan Specialty Health may be delayed or not obtained; impairments to real estate, investments, goodwill and intangible assets; a downgrade of the credit rating of our indebtedness; competition; membership and revenue declines or unexpected trends; changes in healthcare practices, new technologies, and advances in medicine; increased healthcare costs; changes in economic, political or market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder that may result from changing political conditions, the current administration or judicial actions; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; our ability to adequately price products; tax matters; disasters or major epidemics; changes in expected contract start dates; provider, state, federal, foreign and other contract changes and timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE or other customers); the difficulty of predicting the timing or outcome of legal or regulatory proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices, including at Envolve Pharmacy Solutions, Inc. (Envolve), as our pharmacy benefits manager (PBM) subsidiary, within the reserve estimate we previously recorded and on other acceptable terms, or at all, or whether additional claims, reviews or investigations relating to our PBM business will be brought by states, the federal government or shareholder litigants, or government investigations; the timing and extent of benefits from our value creation strategy, including the possibility that the benefits received may be lower than expected, may not occur, or will not be realized within the expected time periods; challenges to our contract awards; cyber-attacks or other privacy or data security incidents; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the undertakings in connection with any regulatory, governmental or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price and accretion for acquisitions or dispositions; restrictions and limitations in connection with our indebtedness; the availability of debt and equity financing on terms that are favorable to us; inflation; foreign currency fluctuations; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. Other adjustments include the following pre-tax items: Magellan Specialty Health divestiture gain of $79 million and real estate impairments of $26 million. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. Samsung Biologics Reports First Quarter 2023 Financial Results Centene Transforming the health of the community, one person at a time. Centene Corporation will host an investor meeting today live from the New York Stock Exchange, including a question-and-answer session. Health benefits ratio (HBR) of 87.0% for the first quarter of 2023 represents a decrease from 87.3% in the comparable period in 2022. Centene anticipates that subsequent events and developments may cause its estimates to change. We also delivered strong financial results, exceeding our most recent full year guidance," said Sarah M. London, Chief Executive Officer of Centene. Statement of Operations: Three Months Ended March 31, 2023. Centene believes it has consistently applied its claims reserving methodology. CENTENE By continuing to use our site, you agree to our Privacy Policy for the three months ended December 31, 2021: gain related to the divestiture of USMM of $150 million; adjustments to previously recorded severance costs due to a restructuring of $5 million; and PBM legal settlement expense of $3 million; for the twelve months ended December 31, 2021: PBM legal settlement expense of $1,264 million; gain related to the acquisition of the remaining 60% interest of Circle Health of $309 million; impairment of our equity method investment in RxAdvance of $229 million; gain related to the divestiture of USMM of $150 million; debt extinguishment costs of $125 million; reduction to the previously reported gain on divestiture of certain products of our Illinois health plan of $62 million; and severance costs due to a restructuring of $54 million. Adjusted SG&A expense ratio of 8.2% to 8.7%. for the three months ended December 31, 2022: impairments of assets associated with the divestitures of our Centurion and HealthSmart businesses of $0.52 ($0.37 after-tax); Magellan Rx divestiture gain of $0.47 ($0.17 after-tax); Health Net Federal Services asset impairment of $0.41 ($0.40 after-tax); real estate impairments of $0.11 ($0.09 after-tax); and gain on debt extinguishment related to the repurchases of senior notes of $0.01 ($0.01 after-tax); for the twelve months ended December 31, 2022: real estate impairments of $2.82 ($2.08 after-tax); PANTHERx divestiture gain of $0.84 ($0.65 after-tax); impairments of assets associated with the divestitures of our Spanish and Central European, Centurion, and HealthSmart businesses of $0.78 ($0.60 after-tax); Magellan Rx divestiture gain of $0.46 per share ($0.17 after-tax); Health Net Federal Services asset impairment of $0.40 ($0.39 after-tax); gain on debt extinguishment of $0.04 ($0.03 after-tax); increase to the previously reported gain related to the divestiture of USMM due to the finalization of working capital adjustments of $0.02 ($0.02 after-tax); and costs related to the PBM legal settlement of $0.01 ($0.00 after-tax). All forward-looking statements included in this press release are based on information available to us on the date hereof. The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. -- Diluted EPS of $2.04; Adjusted Diluted EPS of $2.11 --, --Increases 2023 Full Year Guidance and Updates 2024 Target --. WebQuestion text Centene's 2023 product expansion represents a __% increase from 2022. a. Any reduction in the "Incurred related to: Prior period" amount may be offset as Centene actuarially determines "Incurred related to: Current period." The following table sets forth supplemental revenue information ($ in millions): Medicare includes Medicare Advantage, Medicare Supplement, and Medicare Prescription Drug Plan (PDP). The Company's days in claims payable was 54 days, which is flat as compared to the fourth quarter of 2022, and an increase of one day as compared to the first quarter of 2022. 1 b. The Company references adjusted SG&A expense ratio guidance, which excludes estimated acquisition related expenses of approximately $36 million and estimated real estate rationalization costs of approximately $14 million. In January 2023, the Company repurchased an additional 3.5 million shares for $277 million. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, value creation strategy, competition, expected activities in connection with completed and future acquisitions and dispositions, our investments and the adequacy of our available cash resources. CENTENE CORPORATION REPORTS FIRST QUARTER 2023 RESULTS. Centenefocuses on long-term growth and value creation as well as the development of its people, systems, and capabilities so that it can better serve its members, providers, local communities, and government partners. The effective tax rate for the fourth quarter of 2021 reflects the gain on the sale of our majority stake in U.S. Medical Management (USMM).
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