The third-quarter financial report from Molina Healthcare showed a wide revenue increase offset by a 22% drop in net income. Earnings per diluted share were $2.46 under GAAP and $2.83 under adjusted GAAP.
- Total revenue: Molina Healthcare’s total revenue was up over $2 billion from 2020’s third quarter, currently sitting at $7 billion. However, profits were down this quarter, with the insurer reporting a net income of $143 million. This is a 22 percent decrease from the 2020s $185 million in profits during the same quarter.
- Membership: The insurer’s membership has increased 20 percent since September 2020, currently sitting at 4.8 million lives. Premium revenue also saw a jump over last year’s third quarter. Molina Healthcare reported $6.8 billion in premium revenue, which is up 43 percent year-over-year.
- Outlook: The insurer maintained an optimistic outlook on the year’s results, anticipating $27.5 billion in revenue by the end of the year. This would place 2021’s revenue 42 percent over 2020’s full-year revenue.
- Diluted share: Net income for the nine months ended September 30, 2021, was $556 million, or $9.51 per diluted share, compared to $639 million, or $10.65 per diluted share, in the nine months ended September 30, 2020. Adjusted net income for the nine months ended September 30, 2021, was $623 million, or $10.66 per diluted share, compared to $670 million, or $11.15 per diluted share, in the nine months ended September 30, 2020.
- Reactions: “We are pleased with our third quarter and year-to-date performance. With the backdrop of a continuing pandemic, we executed well, delivered solid operating earnings, and continued to drive our growth strategy,” said Joseph Zubretsky, president and CEO of Molina Healthcare. “The Nevada contract award and the AgeWell acquisition reflect that the components of our growth engine are well established and working.”
