Centene reported a 31 percent increase in premium and service revenue compared to the third quarter of FY 2014. Revenue rose from $4.2 billion in the third quarter of FY 2014 to $5.5 billion in the same period of FY 2015. The increase is attributed to the impact of Centene’s new programs in states such as Florida, Illinois, Louisiana, Mississippi, Ohio and Texas.
Diluted earnings per share were at $0.75 for the third quarter, or $0.84 excluding $0.09 of diluted EPS related to Health Net merger expenses. In early July, Centene agreed to buy Health Net in a $6.3 billion deal. This compares to diluted EPS of $0.67 in FY 2014, or $0.61 excluding expenses associated with a health insurer fee, transaction costs and a tax benefit associated with final regulations on the deduction of compensation.
Centene’s operating cash flow was $62 million for the third quarter of FY 2015. Operating cash flow for the third quarter of FY 2014 was $441.8 million.
The company’s managed care membership grew by 933,600 members — or 24 percent — compared to the third quarter of FY 2014. The company’s managed care membership in Illinois grew the most, increasing from 31,300 members in the third quarter of FY 2014 to 211,300 members in the same period this year.
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