Molina Healthcare, Inc. reported significant financial performance for the third quarter and the nine months ended September 30, 2024, reflecting robust growth in premium revenue and net income. For Q3 2024, total revenue reached $10,340 million, a substantial increase from $8,548 million in Q3 2023. Premium revenue alone surged to $9,694 million, up 18% from $8,240 million in the prior year. The nine-month figures also showed strong growth, with total revenue of $30,151 million compared to $25,024 million in the same period of 2023.
Net income for Q3 2024 was $326 million, or $5.65 per diluted share, compared to $245 million, or $4.21 per diluted share, in Q3 2023. For the nine months, net income totaled $928 million, up from $875 million in the previous year. The company’s operating income for Q3 2024 was $467 million, an increase from $359 million in Q3 2023, while the nine-month operating income rose to $1,327 million from $1,257 million.
Molina's total operating expenses for Q3 2024 were $9,873 million, compared to $8,189 million in Q3 2023, reflecting increased costs associated with the growth in membership and services. The consolidated medical care ratio (MCR) for Q3 2024 was 89.2%, slightly up from 88.7% in Q3 2023, indicating rising medical costs in the Medicaid and Medicare segments.
The company’s membership increased to approximately 5.6 million as of September 30, 2024, up from 5.2 million a year earlier. This growth was driven by the addition of new Medicaid members, although the company experienced a loss of about 50,000 members due to redeterminations.
Strategically, Molina Healthcare has been active in expanding its market presence through acquisitions and contract awards. Notably, the company completed the acquisition of Bright Health Medicare for $441 million in January 2024 and announced the acquisition of ConnectiCare for approximately $350 million, expected to close in Q1 2025. Additionally, Molina secured several new contracts, including a Medicaid managed care contract in Florida and a contract for the Highly Integrated Dual Eligible population in Michigan.
As of September 30, 2024, Molina's total assets amounted to $15,758 million, up from $14,892 million at the end of 2023. The company reported total stockholders’ equity of $4,770 million, an increase from $4,215 million at the end of the previous year. Cash and cash equivalents decreased to $4,732 million from $4,848 million as of December 31, 2023, primarily due to funding acquisitions and share repurchases.
About MOLINA HEALTHCARE, INC.
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