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Analysis

Cigna Revenues Hit $38.5B, Company Confident in 'Well-Positioned Growth Platforms'

By Jack O'Brien  
   April 30, 2020

Cigna has waived out-of-pocket costs for COVID-19 related testing and treatment through the end of May.

Cigna Corp.'s total revenues for Q1 2020 were $38.5 billion, according to the company's latest earnings report released Thursday morning.

The Bloomingfield, Connecticut–based insurer reported a net income of $1.2 billion during Q1 2020, which was down from $1.4 billion during Q1 2019, though its adjusted net income of $1.8 billion was an improvement on the $1.5 billion reported this time last year.

Year-to-date, Cigna has repurchased 5.9 million shares of common stock for $1.1 billion.

Related: Cigna's Net Income Grew 28% in 2019, Topping $5B

Unlike several other healthcare companies that have already released Q1 earnings reports amid the ongoing coronavirus disease 2019 (COVID-19) outbreak, Cigna did not withdraw its financial guidance for 2020.

The insurer projects full year adjusted revenues between $154 billion to $156 billion, with an adjusted income from operations of $18 to $18.60 per share.

Related: Health Insurers Prosper as COVID-19 Deflates Demand for Elective Treatments

Related: Cigna, United Underpaid Out-of-Network Claims, Lawsuit Alleges

Late last month, David Cordani, CEO of Cigna, told CNBC that the insurer was utilizing its resources to provide both providers and consumers with "peace of mind" during the crisis.

Related: Cigna CEO David Cordani on Managing the Global Coronavirus Pandemic

C-suite perspective: 

“The world is facing an unprecedented health crisis from COVID-19, and Cigna recognizes the many challenges that our customers, clients, health care partners, and communities are facing. We have always tackled the most complex health issues and are well prepared to continue meeting the needs of our customers and clients for greater affordability, predictability and simplicity, even in the most difficult times,” Cordani said in a statement. “Cigna entered 2020 with a long track record of growth, fueled by innovation and customer service. We delivered first quarter results that build on that foundation, and we remain confident in the strength of our four well-positioned growth platforms.”

Cigna has waived out-of-pocket costs for COVID-19 related testing and treatment through the end of May.

Additionally, the insurer has waived prior authorization for patient transfers and emergency department visits.

Related: Cigna, Humana Waive Patient Out-of-Pocket Costs for All Coronavirus Treatment

For complete financial information, review Cigna's filing with the Securities and Exchange Commission.

Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.

Photo credit: KONSKIE, POLAND - AUGUST 11, 2018: Cigna logo displayed on a modern smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com


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