Magellan Health Reports Second Quarter 2020 Financial Results
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UPDATE: Magellan Health (MGLN) Tops Q2 EPS by 2c, Revenues Beat; Provides Updated FY20 EPS/Revenue Guidance Below Consensus
July 29, 2020 6:35 AM EDT(Updated - July 29, 2020 6:37 AM EDT)
Magellan Health (NASDAQ: MGLN) reported Q2 EPS of $0.84, $0.02 better than the analyst estimate of $0.82. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.03 billion.
Second Quarter 2020 Highlights (all percentage changes compare second quarter 2020 to second quarter 2019 for continuing operations unless otherwise noted):
Net revenue decreased 4.7 percent to $1.1 billion.Net income increased 552.9 percent to $47.1 million.Segment profit increased 6.4 percent to $57.0 million.Adjusted net income increased 64.7 percent to $21.3 million.Unrestricted cash and investments were $161.5 million as of June 30, 2020.... More