Molina's profit drops $134M in Q4

Although Molina Healthcare saw its revenue grow by nearly $1 billion year over year, its profit fell in the fourth quarter when compared to the same period one year prior, according to an earnings report released Feb. 10. 

Molina Healthcare recorded revenue of $5.24 billion in the quarter ended Dec. 31, up from $4.27 billion recorded in the same quarter in 2019. 

Despite the revenue growth, Molina saw its profit fall $134 million year over year to $34 million. 

Expenses grew 27.6 percent to $5.14 billion in the fourth quarter. This compares to expenses of $4.03 billion recorded in the fourth quarter of 2019. 

The insurer ended the fourth quarter of 2020 with an operating income of $91 million, down from the $242 million recorded in the fourth quarter one year prior. 

For the full 2020 calendar year, Molina's revenue grew 15 percent compared to 2019 to $19.4 billion. 

The insurer recorded an operating income of $1.08 billion in 2020, up 3.3 percent compared to 2019.

It also recorded a profit of $673 million in 2020, down from the $737 million profit recorded in 2019. 

"2020 presented an unprecedented environment, and I am proud of our performance as we focused on delivering for all of our stakeholders. We ensured our members had access to high quality care, we implemented innumerable special protocols for providers and our state customers, and we delivered growth and excellent financial results," said Joseph Zubretsky, president and CEO of Molina Healthcare.

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