April 25--Centene Corp. said it provided health care services to 605,000 more members during the first quarter compared to last year.
That 5 percent increase in membership contributed to a 69 percent increase in revenue, which reached $11.7 billion in the quarter that ended March 31.
The increase in members included those who buy individual health insurance coverage through HealthCare.gov exchanges.
Centene's core business is covering Medicaid beneficiaries by contracting with states, but the Clayton-based company covers nearly 1.2 million individuals via the online exchanges.
That's one-tenth of the 12 million Americans who buy health insurance through the exchanges.
Even as some insurers are pulling back from the exchanges, Centene Chief Executive Michael Neidorff said he sees "nothing out there" that will change his company's participation.
"We have the agility and the ability to adjust," he said Tuesday during a conference call.
Earnings attributable to the company increased to $139 million, or 79 cents a share, compared with a $16 million loss a year earlier.
Centene also raised its full-year earnings guidance to between $4.50 and $4.90 a share. Previously, it had estimated 2017 earnings of $4.40 to $4.85 a share.
Centene shares gained 2 percent Tuesday to close at $73.45.
The Associated Press contributed to this report.
(c)2017 the St. Louis Post-Dispatch
Visit the St. Louis Post-Dispatch at www.stltoday.com
Distributed by Tribune Content Agency, LLC.
© Tribune Content Agency, source Regional News