Centene Corporation (NYSE: CNC) has announced its financial results for the second quarter ending June 30, 2024. Here’s a summary of the key figures:
- Total Revenues: $39.836 billion
- Premium and Service Revenues: $35.973 billion
- Health Benefits Ratio: 87.6%
- SG&A Expense Ratio: 8.0%
- Adjusted SG&A Expense Ratio: 8.0%
- GAAP Diluted EPS: $2.16
- Adjusted Diluted EPS: $2.42
- Cash Flow from Operations: $2.175 billion
Note: Adjusted EPS and SG&A Expense Ratios are non-GAAP financial measures. Reconciliations are available in the Non-GAAP Financial Presentation section.
Sarah M. London, CEO of Centene, commented, “Despite challenges with Medicaid redeterminations, our diversified portfolio is performing well and we remain on track to meet our 2024 adjusted EPS guidance. We’re making strides in operations and quality to support long-term growth.”
Other Key Developments:
- Sale of Collaborative Health Systems: In July, Centene agreed to sell Collaborative Health Systems to Astrana Health, Inc., with the deal expected to close by the end of 2024.
- Sunflower Health Plan Contract Extension: Centene’s Kansas subsidiary was selected to continue providing managed health care services under a new three-year contract starting January 1, 2025, with potential renewals.
Awards & Community Engagement:
- Rankings: Centene was ranked No. 22 on the Fortune 500 and No. 224 on the Forbes Global 2000 list, up from No. 259 in 2023. It was also named one of the Best Companies to Work For in Health Services by US News and World Report.
- Diversity and Inclusion: For the fifth consecutive year, Centene was named one of the Top 50 Companies for Diversity by Fair360, moving up to No. 26. The company was also recognized as a Top Disability-Friendly Company and one of America’s Greatest Workplaces for Mental Wellbeing.
- Philanthropy: The Centene Foundation partnered with McCormack Baron Salazar to increase affordable housing access, aiming to create thousands of units and improve outcomes for Medicaid-eligible populations.
