Magellan Health (MGLN) Says $144.5M/Yr. Contract Won't be Renewed
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Magellan Health Services, Inc. (Nasdaq: MGLN) currently provides behavioral health management services to a commercial health plan customer pursuant to a contract with a term ending December 31, 2013.
The Company’s revenue pursuant to such contract for the nine months ended September 30, 2012 was approximately $144.5 million. The customer has informed the Company that, after a competitive evaluation process, it has decided not to renew its contract with the Company and to contract with another behavioral health management vendor.
Since the contract expires on December 31, 2013, the notice by this customer that it will not renew the contract will have no effect on the Company's previously issued guidance for 2013.
The Company’s revenue pursuant to such contract for the nine months ended September 30, 2012 was approximately $144.5 million. The customer has informed the Company that, after a competitive evaluation process, it has decided not to renew its contract with the Company and to contract with another behavioral health management vendor.
Since the contract expires on December 31, 2013, the notice by this customer that it will not renew the contract will have no effect on the Company's previously issued guidance for 2013.
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