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Dienstag, 08.02.2022 06:00 von PR Newswire | Aufrufe: 80

CENTENE CORPORATION REPORTS 2021 RESULTS

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

ST. LOUIS, Feb. 8, 2022

ST. LOUIS, Feb. 8, 2022 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the fourth quarter and year ended December 31, 2021, reporting diluted earnings per share (EPS) of $1.01 and $2.28, respectively, and adjusted diluted EPS of $1.01 and $5.15, respectively.

In summary, the 2021 fourth quarter and full year results were as follows:

2021 Results

Full Year

Total revenues (in millions)

$ 32,568

ARIVA.DE Börsen-Geflüster

Kurse

Centene Corp.

76,19 $

+0,46%

$ 125,982

Premium and service revenues (in millions)

$ 30,493

$ 117,983

Health benefits ratio

87.9%

87.8%

SG&A expense ratio

9.3%

8.6%

Adjusted SG&A expense ratio ⁽¹⁾

9.2%

8.4%

GAAP diluted EPS

$ 1.01

$ 2.28

Adjusted diluted EPS ⁽¹⁾

$ 1.01

$ 5.15

Total cash flow provided by operations (in millions)

$ 675

$ 4,205


⁽¹⁾A full reconciliation of the adjusted SG&A expense ratio and adjusted diluted EPS is shown beginning on page 7 of this release.

"We ended 2021 with strong fourth quarter results at the high end of our previously provided earnings guidance range. Our portfolio is performing well as we executed across our three major product lines, building on our strong foundation and extending our market-leading position in government sponsored healthcare," said Michael F. Neidorff, Chairman and Chief Executive Officer of Centene. "As we look ahead, we are focused on advancing initiatives across the enterprise to deliver on our value creation goals and 2022 operational objectives."

Fourth Quarter and Full Year Highlights

December 31, 2021 managed care membership of 26.6 million, an increase of 1.1 million members, or 4%, compared to December 31, 2020.
Total revenues of $32.6 billion for the fourth quarter of 2021, representing 15% growth compared to the fourth quarter of 2020, and $126.0 billion for the full year 2021, representing 13% growth year-over-year.
Premium and service revenues of $30.5 billion for the fourth quarter of 2021, representing 15% growth compared to the fourth quarter of 2020, and $118.0 billion for the full year 2021, representing 14% growth year-over-year.
Health benefits ratio (HBR) of 87.9% for the fourth quarter of 2021, compared to 88.4% in the fourth quarter of 2020, and 87.8% for the full year 2021, compared to 86.2% for the full year 2020. New disclosures of HBR by product are included on page 16 of this release.
Selling, general and administrative (SG&A) expense ratio of 9.3% for the fourth quarter of 2021, compared to 10.3% for the fourth quarter of 2020. SG&A expense ratio of 8.6% for the full year 2021, compared to 9.5% for the full year 2020.
Adjusted SG&A expense ratio of 9.2% for the fourth quarter of 2021, compared to 9.7% for the fourth quarter of 2020. Adjusted SG&A expense ratio of 8.4% for the full year 2021, compared to 8.9% for the full year 2020.
Diluted EPS for the fourth quarter of 2021 of $1.01, compared to diluted loss per share of $(0.02) for the fourth quarter of 2020. Diluted EPS for the full year 2021 of $2.28, compared to $3.12 for the full year 2020.
Adjusted diluted EPS for the fourth quarter of 2021 of $1.01, compared to $0.46 for the fourth quarter of 2020. Adjusted diluted EPS for the full year 2021 of $5.15, compared to $5.00 for the full year 2020.
Operating cash flow of $675 million and $4.2 billion for the fourth quarter and full year 2021, respectively, representing 3.1 times net earnings for the full year 2021.

Other Events

In January 2022, we acquired all of the issued and outstanding shares of Magellan Health, Inc. (Magellan) for $95.00 per share in cash for a total purchase price of approximately $2.6 billion. The Magellan acquisition enables Centene to provide whole-health, integrated healthcare solutions to deliver better health outcomes at lower costs for complex, high-cost populations.
In January 2022, Ken Burdick, Christopher Coughlin, Wayne DeVeydt, Leslie Norwalk and Theodore Samuels were appointed to the Centene Board of Directors. James Dallas was appointed Lead Independent Director and will assume the role of Independent Chairman by the end of 2022. Also in January, Robert Ditmore, John Roberts and Tommy Thompson retired from the Board of Directors.
In December 2021, Centene sold a majority stake in U.S. Medical Management, LLC (USMM) and recognized a gain. The Company believes this best positions USMM to expand its reach and impact while helping Centene to deliver on its value creation plan. The Company used the cash proceeds to repurchase common stock in December 2021.
In November 2021, Centene announced its Arizona subsidiaries Arizona Complete Health-Complete Care Plan and Care1st Health Plan Arizona were selected by the Arizona Health Care Cost Containment System for a Competitive Contract Expansion to continue providing access to physical and behavioral healthcare services to persons with Serious Mental Illness and to administer the state's crisis system, grant-funded services and court ordered evaluations. The new agreement is anticipated to commence in October 2022.
In July 2021, Chairman and Chief Executive Officer Michael Neidorff informally communicated to the Board that he may decide for personal reasons to step down before the end of his contract, after which the Board and Mr. Neidorff established a succession planning initiative to ensure a full continuity plan. This succession planning process was discussed in the Company's Preliminary Prospectus Supplement, filed July 29, 2021. Subsequently, in December 2021, Centene announced Mr. Neidorff's intent to retire as Chief Executive Officer in 2022. Mr. Neidorff will serve as Executive Chairman throughout the remainder of 2022, upon his retirement as Chief Executive Officer. The Board of Directors will be responsible for appointing a new CEO following a thorough selection process, including evaluating internal and external candidates with the support of an external search firm.

Accreditations & Awards

In February 2022, FORTUNE magazine named Centene to its 2022 list of World's Most Admired Companies.
In January 2022, the Human Rights Campaign (HRC) Foundation named Centene a 2022 Best Place to Work for LGBTQ+ Equality for the fifth consecutive year, after receiving a score of 100 percent on the HRC's Corporate Equality Index (CEI). The CEI is a national benchmarking tool on corporate policies, benefits, and practices that improve the experiences of lesbian, gay, bisexual, transgender and queer employees.
In December 2021, WellCare of Massachusetts earned Accreditation from the NCQA.
In November 2021, Military Times named Centene to its 2021 list of Best for Vets Employers.

Membership

The following table sets forth our membership by line of business:

	December 31,
	2021	2020
Traditional Medicaid ⁽¹⁾	13,328,400	12,055,400
High Acuity Medicaid ⁽²⁾	1,686,100	1,554,700
Total Medicaid	15,014,500	13,610,100
Commercial	2,602,600	2,633,600
Medicare ⁽³⁾	1,252,200	955,400
Medicare PDP	4,070,500	4,469,400
International	597,600	597,700
Correctional	194,500	147,200
Total at-risk membership	23,731,900	22,413,400
TRICARE eligibles	2,874,700	2,877,900
Non-risk membership	4,000	231,600
Total	26,610,600	25,522,900


⁽¹⁾Membership includes TANF, Medicaid Expansion, CHIP, Foster Care and Behavioral Health.
⁽²⁾Membership includes ABD, IDD, LTSS and MMP Duals.
⁽³⁾Membership includes Medicare Advantage and Medicare Supplement.

The following table sets forth additional membership statistics, which are included in the membership information above:

	December 31,
	2021	2020
Dual-eligible⁽⁴⁾	1,178,000	1,066,800
Health Insurance Marketplace	2,140,500	2,131,600
Medicaid Expansion	2,468,100	2,181,400


⁽⁴⁾Membership that is eligible for both Medicaid and Medicare benefits.

Revenues

The following table sets forth supplemental revenue information ($ in millions):

Three Months Ended December 31,

Year Ended December 31,

2021

2020

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