Centene Earnings Fall Short of Expectations as Woes Mount

(Bloomberg) – Centene Corp. has reported a three -month surprise loss on Friday, but another disappointment for safe health insurance, which has recently refers to income pressure.

The stock fell 11% before the markets were opened in New York. They had fallen 56% since the beginning of the year. Centene said that he would provide updated guidance at a conference meeting with the analysts that started at 8 am.

The insurer, the second quarter loss in the appropriate maintenance law in the business of a miscalculation of the challenge-footsteps of the same guidance attracted guidance. In this program, the insurers receive compensation to get patient patients and Centene said that this money would take less than before.

For the second quarter, Centene announced a loss of 16 cents per share. Wall Street analysts waited 55 cents snow per share.

Centene CEO Sarah London said, ık We are disappointed with our second quarter results, but we understand the tendencies that affect our performance and work with urgency and focus to recover our gain orbit. ”

In the second quarter, the company spent 93% of 91.6% premium medical cost revenues of the average analyst expectation. Investors prefer a lower number.

The company said that the health rate rate of health benefits increased to last year due to the percentage of premium revenues spent for medical costs. Centene, in addition to higher medical costs in ACA plans, mostly behavioral health, home health and expensive drugs from Medicaid’de increased costs, he said.

-There is help from John Tozzi.

(Updates with new information.)

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