In March, Centene signed a definitive merger agreement to acquire WellCare. The deal is expected to close in the first half of 2020, pending stockholder and regulatory approvals and customary closing conditions.
For the first three months of 2019, Centene posted revenues of $18.4 billion, up 39.8 percent from the same period a year prior. Centene primarily attributed the increase to its acquisition of Fidelis Care, state and program expansions, and growth in its health insurance marketplace business.
Centene saw operating expenses grow to $17.8 billion in the first quarter, up 40.3 percent year over year from $12.7 billion. The health insurer also saw its operating income increase in the first quarter of this year to $685 million, up 26.9 percent from $540 million in the same quarter a year prior.
Centene ended the first quarter with a $522 million profit, up 53.5 percent from $340 million in the first quarter of 2018.
As of March 31, Centene had a managed care membership of 14.7 million, an increase of 1.8 million members from March 31, 2018. If the WellCare deal closes, the combined insurer would cover 22 million members.
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