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News Breaks | | | | December 14, 2012 | | 06:08 EDT |  | CNC | Centene lowers FY12 diluted EPS to 10c-20c from 56c-66c
The change in FY12 diluted EPS guidance to 10c-20c from 56c-66c is due to higher medical costs associated with an earlier and more intensive flu season in our largest markets; an increase to the company's previously disclosed premium deficiency reserve for Kentucky; and in Texas, the off-cycle transfer of higher acuity members from another health plan and higher than anticipated utilization in our Hidalgo Star and Medicaid Rural Service Areas business.In regards to the latter, the company's Texas health plan has been in direct discussions with the State concerning these issues. The company received a written confirmation acknowledging the issues including the impact "of the negative effects of one Health Plan's efforts to shift higher acuity membership to its competitors." The State also confirmed their commitment to rectify the matter as soon as possible. The company anticipates any such adjustments will be made in 1Q13. | |
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| May 10, 2013 | | 08:02 EDT |  | CNC | Centene to receive California Medi-Cal contract
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