Centene said revenue from premium and service revenues rose to $36.0 billion in Q2 2024, up 3% from a year earlier. Diluted earnings per share (EPS) was $2.16 for Q2 2023, compared with $1.92, and adjusted diluted EPS was $2.42 for Q2 2023, compared with $2.10.

10-QQuarterly reportFiled Jul 26, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Centene said revenue from premium and service revenues rose to $36.0 billion in Q2 2024, up 3% from a year earlier. Diluted earnings per share (EPS) was $2.16 for Q2 2023, compared with $1.92, and adjusted diluted EPS was $2.42 for Q2 2023, compared with $2.10.
The company said the health benefits ratio (HBR) for Q2 2024 was 87.6%, compared with 87.0% in the same period a year earlier. It cited higher acuity in Medicaid during the redetermination process and Medicare Star rating impacts as drivers, and said Marketplace membership growth partially offset the increase.
Centene said operating activities provided cash of $1.7 billion in the 6 months ended June 30, 2024, compared with cash used of $6.8 billion in 2023. The company said operating cash flows in 2024 were driven by net earnings, partially offset by the timing of pharmacy rebate remittances as it transitioned to a new PBM.
Centene said it repurchased 10.7 million shares for $800 million under its share repurchase program in Q2 2024. It said approximately $4.4 billion remained available under the program as of June 30, 2024.

Key figures

Quarter ended June 30, 2024

Operating income: $1.2B
Net income: $1.1B
EPS: $2.16
Gross profit: $4.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2024 EPS and Revenue

Centene said revenue from premium and service revenues rose to $36.0 billion in Q2 2024, up 3% from a year earlier. Diluted earnings per share (EPS) was $2.16 for Q2 2023, compared with $1.92, and adjusted diluted EPS was $2.42 for Q2 2023, compared with $2.10.

Source · Based on the MD&A text of the filing

Q2 HBR 87.6% and Company Explanation

The company said the health benefits ratio (HBR) for Q2 2024 was 87.6%, compared with 87.0% in the same period a year earlier. It cited higher acuity in Medicaid during the redetermination process and Medicare Star rating impacts as drivers, and said Marketplace membership growth partially offset the increase.

Source · Based on the MD&A text of the filing

6-Month Operating Cash Flow $1.7 billion

Centene said operating activities provided cash of $1.7 billion in the 6 months ended June 30, 2024, compared with cash used of $6.8 billion in 2023. The company said operating cash flows in 2024 were driven by net earnings, partially offset by the timing of pharmacy rebate remittances as it transitioned to a new PBM.

Source · Based on the MD&A text of the filing

Q2 Share Repurchases and Remaining Authorization

Centene said it repurchased 10.7 million shares for $800 million under its share repurchase program in Q2 2024. It said approximately $4.4 billion remained available under the program as of June 30, 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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