Magellan Health (MGLN) Tops Q1 EPS by 43c

Magellan Health (NASDAQ: MGLN) reported Q1 EPS of $1.15, $0.43 better than the analyst estimate of $0.72. Revenue for the quarter came in at $1.79 billion versus the consensus estimate of $1.8 billion.

Highlights:

• Net revenue increased 3.2 percent over the first quarter of 2019 to $1.8 billion.
• Net income increased 4134.3 percent over the first quarter of 2019 to $18.3 million.
• Segment profit increased 64.3 percent over the first quarter of 2019 to $74.8 million.
• Adjusted net income increased 199.3 percent over the first quarter of 2019 to $28.6 million.
• Unrestricted cash and investments were $281.2 million as of March 31, 2020. Approximately $123.3 million of the unrestricted cash and investments at March 31, 2020 is related to excess capital and undistributed earnings held at regulated entities.
• The Company is maintaining its full year 2020 earnings guidance.
• On March 18, 2020, the Company announced the offering of several services and resources in response to the spread of the novel coronavirus (COVID-19) including the digital cognitive behavioral therapy (DCBT) app, RESTORE®, at no cost for individuals experiencing sleep difficulty and insomnia.
• On March 20, 2020, the Company expanded telehealth services and implemented additional initiatives to help support clients during the COVID-19 pandemic.
• On April 10, 2020, the Company opened a free national 24-hour crisis line for all first responders and healthcare workers who are serving on the front lines battling the coronavirus pandemic.
• On April 30, 2020, the Company and Molina Healthcare, Inc. entered into definitive agreements to divest Magellan Complete Care.

“Magellan Health has a vital, ongoing and shared responsibility in protecting the mental and physical health of millions of people,” said Kenneth Fasola, chief executive officer of Magellan Health. “In fact, the coronavirus pandemic has made abundantly clear what we already knew – the behavioral health of individuals remains a critical societal need, presenting challenges for health plans, employers and government payors – a challenge and opportunity Magellan is well positioned to address.”

For earnings history and earnings-related data on Magellan Health (MGLN) click here.

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