WellCare posts Q2 turnaround of $59.5M

Tampa, Fla.-based WellCare Health Plans, a private Medicare and Medicaid managed care company, has reported adjusted net income of $59.5 million for the second quarter of fiscal year 2015, compared with an adjusted net loss of $3.1 million for the second quarter of last year.

WellCare said the year-over-year improvement in adjusted net income is the result of operating improvement in all three of its business segments.

The company reported its premium revenue increased 10.3 percent in the second quarter of FY 2015 compared to the same period of 2014, primarily due to membership growth in its Medicaid health plans segment. As of June 30, WellCare's Medicaid health plans membership had grown to approximately 2.4 million members, an increase of 233,000 members from June 30, 2014.

"We are pleased with our strong performance in the second quarter of 2015, which reflects our focus on disciplined execution and delivering consistent results," said Kenneth A. Burdick, CEO of WellCare. "As a result of this performance and our confidence for the remainder of the year, we are raising our 2015 adjusted earnings per diluted share guidance to a range of $3.30 to $3.45."

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