Humana released its earnings less than a week after purchasing a $100 million stake in Heal, an in-home primary care company.
Humana Inc. reported a quarterly pretax income of more than $2.5 billion, more than doubling its pretax income in Q2 2019, according to the company's latest earnings report released Wednesday morning.
The Louisville-based insurer's quarterly revenues topped $19 billion, up nearly $3 billion year-over-year, while both earnings per share (EPS) and adjusted EPS more than doubled the recorded metrics from this time last year.
Humana's operating cash flows more than doubled to top $3 billion for the quarter, its retail segment revenues almost reached $17 billion, and its parent company cash and short-term investments hit $2.4 billion.
The company's healthcare services revenues inched up by about $600 million while its group and specialty segment revenues slid by almost $40 million.
Related: Coronavirus Earnings Season: Anthem Withdraws Guidance, Humana Revises Outlook
Humana increased its full year guidance for individual Medicare Advantage growth to a range of 330,000 members to 360,000 members. Additionally, Humana reaffirmed its adjusted EPS guidance to a range of $18.25 to $18.75.
C-suite perspective:
"As we continue to navigate the global coronavirus pandemic, Humana is committed to ongoing investments in benefits and initiatives designed to improve access to care and ease the financial burden for our members, employer groups and providers," Bruce Broussard, CEO of Humana, said in a statement. "We remain focused on being responsive to our member and patient needs and providing convenient and safe choices of care. Among many preventive clinical interventions, we are distributing 1 million in-home screening kits to members. Members can also engage with nurse practitioners and primary care physicians in the home, or via telehealth, to identify and address gaps in care. These measures are increasing access to preventive and routine care that many members have delayed during the pandemic, ensuring proper diagnoses and improved clinical outcomes."
The company also contributed an additional $150 million to the Humana Foundation to support efforts to address social determinants of health.
Related: Humana: 'Unhealthy Days' for Medicare Population Fall as Social Determinants Screened
At the end of the quarter, Humana announced plans to collaborate with LabCorp, Walmart, and Quest Diagnostics on drive-thru testing for coronavirus disease 2019 (COVID-19).
Related: Humana to Pilot COVID-19 Home, Drive-Thru Testing With LabCorp, Walmart, Quest Diagnostics
Humana released its earnings less than a week after purchasing a $100 million stake in Heal, an in-home primary care company.
Related: Humana Buys $100 Million Stake in Primary Care House Call Company, Heal
For complete financial information, review Humana's filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.