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The California-based insurer also outlined how it remains acquisitive, despite the ConnectiCare deal announced earlier this week.
Dive Brief:
- Investors came into second-quarter earnings for Molina concerned about how challenges in its core Medicaid business might affect the insurer. However, Molina exceeded Wall Street’s expectations for earnings and revenue in finances released aftermarket Wednesday.
- Molina reported revenue of $9.9 billion, up almost 19% year over year thanks to the insurer winning new Medicaid contracts and growing its existing businesses. Net income of $301 million was down slightly year over year due to an increase in spending on Medicaid beneficiaries, but still better than analyst forecasts.
- Medicaid pressures should ameliorate over the back half of the year, Molina executives told...
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