Molina Healthcare saw revenue and net income decline in the third quarter of fiscal year 2019, according to recent earnings statements.
Four things to know:
1. Molina's total revenue fell 9.7 percent to $4.2 billion in the three months ended Sept. 30, down from $4.7 billion in the same quarter a year prior. The insurer said the declines were expected.
2. Molina said its third-quarter results include a $2 million charge to repay convertible notes.
3. The health insurer also improved its medical care ratio, or the percentage of premium revenue Molina spent on medical claims versus overhead costs. Molina's MCR was 86.3 percent in the third quarter of this year, compared to 87.4 percent last year.
4. Molina ended the third quarter of fiscal 2019 with net income of $175 million, down about 11 percent from $197 million recorded in the same period a year prior. The health insurer's president and CEO, Joe Zubretsky, said the company is "pleased with our performance this quarter as we sustained our margin profile, produced significant excess capital, and increased our full year 2019 guidance."