Centene's acquisition of WellCare Health Plans is set to close in the first half of 2020, and may even close sooner, Centene's CEO said in July.
Below are three things to know about WellCare's finances ahead of the pending transaction, according to the insurer's second-quarter earnings release:
1. WellCare posted adjusted revenue of $7 billion in the second quarter of 2019, up 53.5 percent year over year. The increase was primarily due to the insurer's 2018 acquisition of Meridian Health in addition to organic growth.
2. WellCare's adjusted net income for the second quarter of this year was $219 million, up 31.2 percent from $166.9 million in the second quarter of fiscal 2018. The increase primarily reflects growth across all of the insurer's business segments.
3. WellCare's total membership is up 44 percent year over year. The insurer reported 6.3 million members in the second quarter of 2019, up from 4.4 million recorded in the same period a year prior, due to acquisitions and organic growth.
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