Centene Corp. (CNC) has increased the company's 2023 premium and service revenues guidance range by $2.0 billion. The new 2023 premium and service revenues guidance range is $131.5 billion to $133.5 billion. The company reiterated its 2023 adjusted EPS guidance of $6.25 to $6.40.
Fourth quarter net loss to company was $213 million or $0.38 per share compared to profit of $599 million or $1.01 per share, last year.
Fourth quarter adjusted EPS declined to $0.86 from $1.01 prior year. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.85, for the quarter. Analysts' estimates typically exclude special items.
For the fourth quarter, total revenues increased 9% to $35.6 billion from $32.6 billion. The company said the increase was driven by organic Medicaid growth, primarily due to the ongoing suspension of eligibility redeterminations, 21% membership growth in the Medicare business, and the acquisition of Magellan, partially offset by the PANTHERx Rare divestiture. Analysts on average had estimated $35.41 billion in revenue. Premium and service revenues increased to $33.55 billion from $30.49 billion.
At December 31, 2022, the company had cash, investments and restricted deposits of $30.3 billion and maintained $841 million of cash and cash equivalents in unregulated entities.
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