CMS published the final 2023 benefit year risk adjustment results on July 22, 2024, resulting in a final $0.0 billion receivable for Centene, the company said. As of March 31, 2024, Centene had recorded a 2023 risk adjustment payable, net of $1.3 billion.

1. 01

   CMS published the final 2023 benefit year risk adjustment results on July 22, 2024, resulting in a final $0.0 billion receivable for Centene, the company said. As of March 31, 2024, Centene had recorded a 2023 risk adjustment payable, net of $1.3 billion.

2. 02

   Centene said it recorded net outperformance from the final 2023 benefit year risk adjustment of $0.7 billion in Q2 2024, reflecting an increase in the minimum MLR payable of $0.3 billion and estimated other offsets of $0.3 billion primarily resulting from competitor inability to pay into the CMS risk adjustment program due to insolvency.

3. 03

   The company said it expects to report GAAP diluted EPS of $2.16 and adjusted diluted EPS of $2.42 for Q2 2024, inclusive of the 2023 risk adjustment outperformance. It added that actual results may differ from these preliminary estimates.

4. 04

   Centene said it expects to reaffirm its full-year 2024 GAAP diluted EPS guidance floor of greater than $5.94 and adjusted diluted EPS guidance floor of greater than $6.80 on its earnings call on Friday, July 26, 2024.

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