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Molina Healthcare Inc (MOH-2.42%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a total revenue increase to $40.65 billion from $34.07 billion in 2023. Premium revenue rose to $38.63 billion, up from $32.53 billion the previous year.
Net income for the year was reported at $1.18 billion, an increase from $1.09 billion in 2023, with a net income per diluted share of $20.42 compared to $18.77 in the prior year.
The company reported a consolidated medical care ratio (MCR) of 89.1%, an increase from 88.1% in 2023, attributed to higher utilization and new contracts.
Molina's Medicaid segment saw premium revenue rise to $30.58 billion, up from $26.33 billion in 2023, driven by new contract wins and expansions.
The Medicare segment's premium revenue increased to $5.54 billion from $4.18 billion, reflecting acquisitions and membership growth.
Marketplace premium revenue grew to $2.51 billion from $2.02 billion, with membership increasing to 403,000 from 281,000.
The company completed the acquisition of Bright Health Medicare on January 1, 2024, for $441 million, and ConnectiCare on February 1, 2025, for $350 million.
Molina's board authorized a $1 billion stock repurchase program in October 2024, with $500 million remaining available as of February 11, 2025.
The company maintains a strong capital position with $9.3 billion in cash and investments as of December 31, 2024, and continues to focus on growth through acquisitions and contract expansions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Molina Healthcare Inc annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.