The following is a summary of the Molina Healthcare, Inc. (MOH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Molina Healthcare reported Q1 2024 adjusted earnings per share of $5.73 on $9.5 billion of premium revenue.

• The company registered an 88.5% consolidated Medical Care Ratio (MCR), denoting competent medical cost management in all business segments.

• Despite earnings guidance reporting a $0.30 component, the overall strength of the underlying business counterbalanced it.

• Molina Healthcare's Q1 MCR for Medicaid was 89.7%, Medicare was at 88.7% and Marketplace stood at 73.3%.

• Molina has reaffirmed its full-year 2024 guidance of $38 billion of premium revenue and a minimum of $23.50 in earnings per share.

Business Progress:

• Over half a million members were added through expansion in California and a new health plan in Nebraska.

• The company won a substantial RFP contract in Texas, retained a contract in Michigan, and has a robust growth pipeline with imminent opportunities in Kansas, Georgia, and North Carolina.

• Application of mergers and acquisitions is viewed as a key growth strategy, manifested in the acquisition of Bright HealthCare.

• Molina projects its Medicaid footprint to be a significant growth catalyst for dual-eligible membership following future CMS directives.

• The company aims to yield a High Single Digit pre-tax margin by year-end, maintaining a target MCR range of 78% to 80% for the year.

• Molina expects its Dual-eligible Special Needs Plan (D-SNP) business to be a major growth category.

• The company anticipates significant growth by 2026 due to a combination of contract wins, M&A, and organic growth.

More details: Molina Healthcare IR

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