Centene Corporation (NYSE: CNC) has announced its financial results for the third quarter ending September 30, 2024. Key highlights include:
- Total Revenues: $42.023 billion
- Premium and Service Revenues: $36.899 billion
- Health Benefits Ratio: 89.2%
- SG&A Expense Ratio: 8.3%
- GAAP Diluted EPS: $1.36
- Adjusted Diluted EPS: $1.62
- Cash Flow Used in Operations: $(978) million
CEO Sarah M. London noted, “Our diversified portfolio has allowed us to successfully navigate a dynamic landscape this quarter. We are confident in our outlook for adjusted diluted EPS of greater than $6.80.”
Other Events
- Centene improved its Medicare Advantage Star Ratings, with 46% of members enrolled in plans rated 3.5 stars or higher.
- The company’s subsidiary, Meridian Health Plan of Michigan, was selected to provide integrated Medicare and Medicaid services starting January 1, 2026.
- Centene completed the sale of Collaborative Health Systems and won several contracts for Medicaid and managed care services across various states.
Community Engagement
In response to Hurricanes Helene and Milton, Centene prioritized employee and member safety, providing medical supplies and donations to affected areas. The company was also recognized for its workplace culture and support for families and veterans.
Membership Overview
As of September 30, 2024, Centene’s membership breakdown is as follows:
- Total Medicaid: 13.068 million
- Total Commercial: 4.928 million
- Total Medicare: 1.130 million
- Total At-Risk Membership: 25.893 million
- TRICARE Eligibles: 2.747 million
- Total Membership: 28.640 million
Premium and Service Revenues
Revenue Breakdown for Q3:
- Medicaid: $21.316 billion (down 1%)
- Commercial: $8.693 billion (up 35%)
- Medicare: $5.643 billion (up 4%)
- Other: $1.247 billion (down 15%)
- Total Premium and Service Revenues: $36.899 billion (up 6%)
