Centene profits up 65% in Q2

Centene saw double-digit growth in its revenue and profit during the second quarter of fiscal year 2019 that ended June 30, according to an earnings release.

Centene posted total revenues of $18.4 billion in the second quarter of this year, up 29.4 percent from $14.2 billion reported in the same period last year. Centene primarily attributed the increase to its acquisition of Fidelis Care, growth in its health insurance marketplace business and expansions into new states and programs, particularly in Arkansas, New Mexico and Pennsylvania.

Centene also saw its expenses rise 29.4 percent year over year to $17.7 billion, compared to $13.7 billion recorded in the second quarter of last year.

Centene ended the quarter with a $495 million profit, up 65 percent from $300 million reported in the same period in 2018. Centene also ended the quarter with managed care membership of 15 million, up 2.2 million members from the same time in 2018.

Michael Neidorff, chairman, president and CEO of Centene, addressed Centene's $17.3 billion bid for WellCare Health Plans in a press release: "Our pending WellCare acquisition will bolster and diversify our product offerings, significantly increase our scale and provide access to new markets — enhancing Centene's long-term growth outlook."

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