CENTENE CORP [CNC] has reported a net loss of $2.7 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $154.0 billion
Based in ST LOUIS, Missouri, CENTENE CORP operates in the FINANCE sector.
In the consolidated statements of operations for the year ended December 31, 2023, Centene Corporation reported total revenues of $153.999 million, showing an increase compared to the previous year's revenue of $144.547 million in 2022 and $125.982 million in 2021.
On the expense side, medical costs amounted to $118.894 million in 2023, higher than $111.529 million in 2022 and $98.602 million in 2021. The company's cost of services decreased to $3.564 million in 2023 from $7.032 million in 2022 but increased from $4.894 million in 2021. Selling, general, and administrative expenses also rose to $12.563 million in 2023 from $11.589 million in 2022 and $9.601 million in 2021.
Earnings from operations improved to $2.930 million in 2023 compared to $1.318 million in 2022 and $1.784 million in 2021. Centene Corporation's net earnings for 2023 were $2.699 million, a significant increase from $1.202 million in 2022 and $1.336 million in 2021.
The basic earnings per common share for 2023 were $4.97, up from $2.09 in 2022 and $2.31 in 2021. Similarly, diluted earnings per common share increased to $4.95 in 2023 from $2.07 in 2022 and $2.28 in 2021.
In the premium segment, revenues were reported at $135.636 million in 2023, rising from $127.131 million in 2022 and $112.319 million in 2021. Service revenues were $4.459 million in 2023, a decrease from $8.348 million in 2022 but an increase from $5.664 million in 2021.
Overall, Centene Corporation showcased growth in revenues, earnings, and earnings per share in the year ended December 31, 2023, compared to the previous year, reflecting a positive performance in its operations.
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