St. Louis-based Centene Corp. saw fourth quarter total revenues jump 89 percent in 2016 to $11.9 billion, compared to the same period last year. Centene said the jump primarily reflects the insurer's $6.3 billion acquisition of Woodland Hills, Calif.-based Health Net.
Centene's total revenues for full-year 2016 were $40.6 billion, up 78 percent from $22.8 billion in 2015. The payer attributed the year-over-year revenue increase to its Health Net purchase, as well as continued growth in its health insurance marketplace business and recent expansions, acquisitions and new programs.
The payer reported an operating cash flow of $1.6 billion and $1.9 billion for Q4 and full-year 2016, respectively. Centene said the cash accumulated by operating activities during Q4 reflect a decrease in premium and related receivables and an increase in accounts payable and accrued expenses.
The insurer saw its managed care membership increase 124 percent to 11.4 million, up from 5.1 million at the end of 2015.
Centene projects full-year 2017 revenues between $46 billion and $46.8 billion, with adjusted diluted earnings per share ranging from $4.40 to $4.85.