Molina's Q2 profit drops as COVID-19 expenses climb


Molina Healthcare reported its second-quarter earnings July 28.

Four things to know:

1. The payer brought in $185 million in net income during its second quarter, a $91 million decrease from its second-quarter earnings in 2020.

2. The report states the year-over-year profit drop was due to the net effect of COVID-19, "while, in contrast, the prior year quarter was positively impacted by the net effect of COVID."

3. The net effect of COVID-19 decreased net income by approximately $1 per diluted share in the second quarter ended June 30.

4. As of June 30, Molina served 4.7 million members, an increase of just over 1 million members from the second quarter ended June 30 last year.

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