Healthcare Finance News May 2, 2024
CEO David Cordani says the company’s specialty businesses are the cornerstone of the accelerated growth.
Cigna reported a $277 million net loss during its Q1 earnings call on Thursday. This compares with profits of $1.27 billion a year earlier.
The loss is driven by a non-cash after-tax net realized investment loss of $1.8 billion, primarily related to a VillageMD impairment charge to write off assets.
The loss in value is excluded from adjusted income from operations and adjusted earnings per share, said Ralph Giacobbe, SVP of Investor Relations, during Thursday’s earnings call.
CFO Brian Evanko said this accounting item does not alter the company’s forward-looking value-based care strategy to align incentives with providers, including with VillageMD.
“Our partnership has already...
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