The Minnetonka, Minnesota–based insurer's latest financials mark the beginning of Q3 earnings season for healthcare companies.
In the face of continued headwinds stemming from the COVID-19 pandemic, UnitedHealth Group reported over $65 billion in quarterly revenues, according to its latest earnings report released Wednesday morning.
By segment, the insurer benefited from the sustained performance from both Optum and UnitedHealthcare.
Optum's earnings from operations and revenues for Q3 both rose, with revenues nearly hitting $35 billion. Though earnings from operations slid, UnitedHealthcare's quarterly revenues were up $2.3 billion year-over-year.
Related: Despite COVID Outbreak, UnitedHealth Revenues Rose $1.5B During Q2
UnitedHealth did experience a decline in earnings from operations, down $300 million year-over-year, which the company attributed to consumer financial assistance measures taken and broader costs associated with COVID-19 testing.
Additionally, the insurer's net earnings per share (EPS) and adjusted net EPS were both down 10% year-over-year.
Forward-looking, the company updated its year-end EPS to a range of $15.65 to $15.90 per share, with adjusted net EPS of $16.50 to $16.75 per share.
Opinion: Why we are Changing our Rating on UnitedHealth
The Minnetonka, Minnesota–based insurer's latest financials mark the beginning of Q3 earnings season for healthcare companies.
C-suite perspective:
"The people of UnitedHealth Group continue to deliver more innovative and modern solutions for customers, physicians and consumers, while responding to the needs of the people and communities affected by the pandemic," David S. Wichmann, CEO of UnitedHealth, said in a statement. "We’re encouraged to see those we serve respond to the incentives we offered
to safely seek care as the health system continued to recover in the quarter."
UnitedHealth's earnings were released just over two weeks after the company acquired DivvyDose, a privately-held pharmacy startup, and a competitor to PillPack, a subsidiary of Amazon.
Related: UnitedHealth has Acquired DivvyDose, a Competitor to Amazon's PillPack
For complete financial information, review UnitedHealth'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 10, 2018: UnitedHealth Group Managed care company logo seen displayed on smart phone. - Image / Editorial credit: IgorGolovniov / Shutterstock.com