All forward-looking statements included in this press release are based on information available to us on the date hereof. removing social barriers to health, and prioritizing responsible Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. 3 All PDPs will continue to offer $0 tier 1 preferred cost-sharing through CVS Medication Home Delivery 2023 Membership includes Aged, Blind, and Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term Services and Supports (LTSS), and Medicare-Medicaid Plans (MMP) Duals. Verizon begins 2023 with rapid network expansion and the most 2023 CENTENE CORPORATION ANNOUNCES INCREASED By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs. Centene believes it has consistently applied its claims reserving methodology. WebCentene offers health insurance plans and solutions that meet the unique needs of individuals and familes. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. "We look forward to sharing more about Centene's long-term strategy and our plan to deliver profitable growth and increasing value to shareholders into the future during our investor day.". ST. LOUIS, April 25, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2023. High-end Medical Insurance Market Size 2022 by Sales, Share, Growth Opportunity and Forecast to 2030 with Top Players are Anthem, Centene, Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. CENTENE 2022 The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Wall Street Thinks These 2 Value Stocks Could Soar "This positive momentum positions us well for 2023 and beyond as we maximize the opportunities ahead forour core business.". WebCentenes foundational belief that everyone deserves access to high-quality, affordable healthcare with dignity drives its determination to expand the range of products we offer In-person attendance to the event is by invitation only. "Centene'sfirst quarter results were strong, reflective of continued positive momentum operationally and the beginning of another year of disciplined execution against our strategic framework," said Sarah M. London, Chief Executive Officer of Centene. (1) Medicare includes Medicare Advantage, Medicare Supplement, and Medicare PDP. The effective tax rate was 38.7% for 2022, compared to 26.3% for 2021. Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. In October 2022, Centene announced that its Health Insurance Marketplace product, Ambetter Health, will expand into Alabama and extend its footprint by more than 60 counties across 12 existing states in 2023. CENTENE CORPORATION REPORTS 2022 RESULTS - Feb 7, 2023 > Press Releases Press Releases CENTENE CORPORATION REPORTS 2022 The Company is unable to provide a reconciliation of its 2022 Adjusted Diluted EPS guidance range to the corresponding GAAP measure without unreasonable effort. The amount of the "Incurred related to: Prior period" above represents favorable development and includes the effects of reserving under moderately adverse conditions, new markets where we use a conservative approach in setting reserves during the initial periods of operations, receipts from other third party payors related to coordination of benefits and lower medical utilization and cost trends for dates of service December31, 2021, and prior. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables, and events including, but not limited to: our ability to design and price products that are competitive and/or actuarially sound including but not limited to any impacts resulting from Medicaid redeterminations; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates; competition, including our ability to reprocure our contracts and grow organically; the timing and extent of benefits from our value creation strategy, including the possibility that the benefits received may be lower than expected, may not occur, or will not be realized within the expected time periods; our ability to manage our information systems effectively; disruption, unexpected costs, or similar risks from business transactions, including acquisitions, divestitures, and changes in our relationships with third parties; impairments to real estate, investments, goodwill, and intangible assets; the risk that the election of new directors, changes in senior management, and any inability to retain key personnel may create uncertainty or negatively impact our ability to execute quickly and effectively;membership and revenue declines or unexpected trends; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; changes in healthcare practices, new technologies, and advances in medicine; increased healthcare costs; inflation; changes in economic, political, or market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder; tax matters; disasters or major epidemics; changes in expected contract start dates; provider, state, federal, foreign, and other contract changes and timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE, or other customers); the difficulty of predicting the timing or outcome of legal or regulatory proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices, including at Centene Pharmacy Services (formerly Envolve Pharmacy Solutions, Inc. (Envolve)), as our pharmacy benefits manager (PBM) subsidiary, within the reserve estimate we previously recorded and on other acceptable terms, or at all, or whether additional claims, reviews or investigations will be brought by states, the federal government or shareholder litigants, or government investigations; challenges to our contract awards; cyber-attacks or other privacy or data security incidents; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the undertakings in connection with any regulatory, governmental, or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price, or accretion for acquisitions or dispositions; restrictions and limitations in connection with our indebtedness; a downgrade of the credit rating of our indebtedness; the availability of debt and equity financing on terms that are favorable to us; foreign currency fluctuations; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. Centene Cert. 2023 Flashcards | Quizlet Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). The SG&A expense ratio was 9.5% for the fourth quarter of 2022, compared to 8.8% in the fourth quarter of 2021. Centene Welcare 2023 Flashcards | Quizlet The effective tax rate for the first quarter of 2023 reflects the tax effects of the distribution of long-term stock awards to the estate of the Company's former CEO as well as the Magellan Specialty Health gain. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): GAAP net earnings (loss) attributable to Centene, Amortization of acquired intangible assets, Acquisition and divestiture related expenses. True Which stage of coverage is referred to as the "donut hole" as the member is paying the most for These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments, and other factors we believe appropriate. Centene Diluted earnings per share (EPS) of $5.25 to $5.40. As of February 7, 2023, there was $700 million available under the senior note debt repurchase program. CENTENE CORPORATION REPORTS 2022 RESULTS Centene, like other insurers before it, will be broadening its reach in the Medicare Advantage space in 2022, expanding into 327 new counties and three new WebCentene Corporation is followed by the analysts listed below. acquired in January 2022. In January 2023, the Company repurchased an additional 3.5 million shares for $277 million. Specifically, the Company believes the presentation of non-GAAP financial information that excludes amortization of acquired intangible assets and acquisition and divestiture related expenses, as well as other items, allows investors to develop a more meaningful understanding of the Company's core performance over time. The effective tax rate for the fourth quarter of 2022 reflects the tax effects of pending and completed divestitures and impairments associated with our ongoing portfolio review, including the Magellan Rx divestiture gain, the non-deductible impairment of our Health Net Federal Services business, and tax impacts related to the reclassification of the Magellan Specialty Health business to held for sale. Increases were also driven by costs associated with Medicare marketing, including annual enrollment, and value creation investment spending. During the first quarter of 2023, the Company repurchased 4.9million shares for $377 million. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, https://investors.centene.com/. (3)Adjusted effective tax rate excludes income tax effects of adjustments of approximately $250 million to $260 million. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. The Company is providing certain non-GAAP financial measures in this release as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. Other adjustments include the following pre-tax items: for the three months ended December 31, 2022: impairments of assets associated with the divestitures of our Centurion and HealthSmart businesses of $293 million; Magellan Rx divestiture gain of $269 million; Health Net Federal Services asset impairment of $233 million; real estate impairments of $61 million; gain on debt extinguishment related to the repurchases of senior notes of $4 million; and costs related to the pharmacy benefits management (PBM) legal settlement of $1 million; for the twelve months ended December 31, 2022: real estate impairments of $1,642 million; PANTHERx divestiture gain of $490 million; impairments of assets associated with the divestitures of our Spanish and Central European, Centurion, and HealthSmart businesses of $458 million; Magellan Rx divestiture gain of $269 million; Health Net Federal Services asset impairment of $233 million; gain on debt extinguishment of $27 million; increase to the previously reported gain on the divestiture of USMM due to the finalization of working capital adjustments of $13 million; and costs related to the PBM legal settlement of $6 million.
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