Centene Clocks 9% Revenue Growth In Q4 On Higher Medicare Sales, Reiterates FY23 Outlook

Centene Corp (NYSE: CNC) has reported a Q4 FY22 adjusted EPS of $0.86, compared to $1.01 a year ago, slightly ahead of the consensus of $0.85.
Sales increased 9% Y/Y to $35.56 billion, slightly beating the consensus of $35.41 billion.
A health benefits ratio of 88.7% for the fourth quarter of 2022 represents an increase from 87.9% a year ago, primarily due to higher Medicaid utilization, higher flu costs, and increased investments in quality, partially offset by lower COVID testing and treatment costs.
Managed care membership reached 27.06 million, +4.83% Y/Y.
Related: Centene Agrees To Divest Magellan Specialty Health To Evolent Health.
The cash flow provided by operations for 2022 was $6.3 billion, or 5.2 times net earnings.
FY 2023 Guidance: Centene has increased the premium and service revenues guidance range by $2 billion to $131.5 billion-$133.5 billion.
The company reiterates its 2023 adjusted diluted EPS guidance of $6.25 to $6.40, compared to the consensus of $6.36.
Price Action: CNC shares are down 0.30% at $70.80 during the premarket session on the last check Tuesday.