UnitedHealth Stock Gains 6% on Profit Beat

Bloomberg04-16

Wall Street was bracing for hit from care, cyberattack costsCompany says hack reduced adjusted profit by 25 cents a shareUnitedHealth Group Inc. reported first-quarter profit that beat Wall Street’s ...

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UnitedHealth’s shares have dropped 15% so far this year, compared to a 6% rise in the S&P 500.Adjusted earnings of $6.91 a share exceeded analysts’ average estimate of $6.59 a share, the health-care giant said in a statement Tuesday. UnitedHealth affirmed its outlook for adjusted net earnings of $27.50 to $28.00 a share in 2024. Revenue of $99.8 billion also topped analyst estimates.Analysts had cautioned that the results could be unpredictable in the wake of the February cyberattack that’s impeded the flow of data and payments across the health-care industry. The incident left investors — already spooked by rising care costs — wondering whether insurers would have a clear view of their medical expenses.The cyberattack on the company’s Change Healthcare unit knocked out crucial networks for payments and data used by entities across the health-care system. The repair is still underway, and UnitedHealth says it has sent $6 billion in advanced payments and loans to providers affected.UnitedHealth “continues to make significant progress in restoring the affected Change Healthcare services while providing financial support to impacted health care providers,” the company said in the statement.UnitedHealth also excluded the impact of a previously disclosed $7 billion charge on the sale of its Brazil unit.The company said the cyberattack would have a small effect on its adjusted profit. While it will reduce earnings by $1.15 to $1.35 a share in 2024, much of the costs of directly responding to the incident will be excluded from its adjusted results. In the first quarter, the adjusted results included just a 25 cent per share disruption from the hack, according to the statement.A closely-watched gauge of medical expenses was higher than analysts were looking for in the first quarter, as the company’s response to the hack drove up costs. UnitedHealth reported a medical-loss ratio — a key measure of medical expenses as a proportion of premiums — of 84.3% in the first quarter, worse than the 83.9% average analyst estimate.The metric was 40 basis points higher due to “accommodations to support care providers,” according to the statement. The company said it waived some restrictions on care while systems to process requests for treatment approvals were down because of the hack.The patterns of people getting medical care in the quarter were as expected, the company said. Wall Street analysts had been concerned about the risk of rising care expenses after they came in higher than anticipated at the end of 2023.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1161238534"}