Additionally, the company recorded a GAAP diluted earnings per share (EPS) of $0.97 as well as an adjusted EPS of $1.26.
Centene Corp. reported just over $29 billion in total revenues for Q3, according to the company's latest earnings report released Tuesday morning.
The St. Louis-based insurer recorded a total membership of 25.1 million, which marked an increase of nearly 10 million members year-over-year. Centene also experienced membership growth across its dual-eligible, health insurance marketplace, and Medicaid expansion populations.
Additionally, the company recorded a GAAP diluted earnings per share (EPS) of $0.97 as well as an adjusted EPS of $1.26. Centene was boosted by a net benefit of $0.17 per diluted share associated with "the ACA risk corridor benefit and charitable contribution commitment to our foundation."
The insurer said this would be invested in "enhanced growth and profitability initiatives" for the Medicare and health insurance marketplace businesses during Q4.
Related: Facing COVID Headwinds, Centene Total Revenues Jump 51% Year-Over-Year
Centene maintained its total revenue guidance for the rest of 2020 in a range between $109 billion to $111.4 billion, though the company increased its adjusted EPS guidance by $0.12.
C-suite perspective:
"We reported strong third quarter results with revenues up 53% as a result of the WellCare acquisition as well as product and geographic expansions, new programs and growth in many of our states," Michael Neidorff, CEO of Centene, said in a statement. "As we benefited from the one-time risk corridor settlement this quarter, we've made the decision to reinvest the proceeds in the growth of our business as well as the communities in which we serve and live. Looking ahead, we expect our underlying businesses to continue to perform well in an uncertain environment and remain focused on executing our growth strategy across our diversified healthcare enterprise."
The company reported a negative cash flow of $952 million for Q3, due to payment of the health insurer fee and the 2019 risk adjustment liability.
Earlier this month, Centene also announced the expansion of its Medicare Advantage offerings for 2021, weeks after announcing plans to expand its health insurance marketplace offerings.
Related: Centene Will Expand ACA to 400 New Counties for 2021
One major development during Q3 was a federal jury's decision in August to award $9.4 million in a breach-of-contract to Southeastern Emergency Physicians, LLC after determining Centene subsidiaries systematically underpaid physicians.
Related: Jury Awards ER Docs $9.4M in Centene Breach of Contract Suit
For complete financial information, review Centene's filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: KIEV, UKRAINE - Dec 11, 2018: Centene Corporation Insurance company logo seen displayed on smart phone. - Image / Editorial credit: IgorGolovniov / Shutterstock.com