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Last $60.49 USD
Change Today -0.10 / -0.17%
Volume 147.5K
As of 2:55 PM 08/3/15 All times are local (Market data is delayed by at least 15 minutes).

magellan health inc (MGLN) Key Developments

Magellan Health, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Second Half and Full Year of 2015

Magellan Health, Inc. reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported adjusted net income was $14.7 million, and adjusted EPS was $0.56 per share on a diluted basis. For the second quarter of 2014, adjusted net income was $11.8 million, and adjusted EPS was $0.42 per share. The increase in adjusted net income between periods was mainly due to the increase in segment profit. Revenue in the second quarter of 2015 was $1.2 billion, which reflects an increase of 30.4% over the second quarter of 2014. Approximately half of this year-over-year revenue increase is attributable to revenue from acquired entities. The remaining revenue increase resulted primarily from the impact of new business, same-store growth and rate increases, which were partially offset by the loss of revenues associated with previously announced contract terminations. Net income for the second quarter of 2015 was $4.6 million or $0.17 per share on a diluted basis, and for the second quarter of 2014, net income was $5 million or $0.18 per share on a diluted basis. For six months, the company reported adjusted net income of $39.1 million, adjusted EPS of $1.47 and segment profit of $118.1 million. Results for this quarter reflect strong performance from Pharmacy segment, solid results in Specialty Solutions and some weakness in care results in the Commercial and Public Sector segments. GAAP cash flow from operations was $112.7 million compared to cash flow from operations of $137.1 million for the prior year year-to-date period. GAAP cash flow includes a shift between restricted cash and restricted investments, which affects the sources and uses of cash from operations and from investing activities. Adjusting for the impact of these shifts, cash flow from operations for the 6 months ended June 30, 2015, was $49.5 million compared to $124.8 million for the prior year period. The decrease of $75.3 million in operating cash flows is mainly due to net unfavorable working capital and other changes between periods of $80.8 million. For 2015, the company expects fully diluted EPS to be between $1.69 and $2.28 and fully diluted adjusted EPS between $3.45 and $3.90 based on average fully diluted shares of 26.7 million. This updated fully diluted share count reflects share repurchases and option exercises through July 22, but excludes any potential future activity. For the second half of 2015, the company expects to produce stronger earnings due to the following factors: improved results in MCC, mainly driven by care management initiatives, network recontracting and rates; the impact of business growth, primarily in pharmacy; and seasonality and timing of care results and customer settlements across businesses.

Magellan Health, Inc. Announces Board Changes

Magellan Heath, Inc. reported that its lead director, Robert Le Blanc, retired from the board of directors on July 23, 2015. Also on July 23, 2015, the board approved a reduction of the size of the board from 10 to 9 members and appointed William McBride, a member of the board since 2004, as its new lead director.

Magellan Health, Inc. to Report Q2, 2015 Results on Jul 27, 2015

Magellan Health, Inc. announced that they will report Q2, 2015 results at 10:00 AM, US Eastern Standard Time on Jul 27, 2015

Magellan Health, Inc., Q2 2015 Earnings Call, Jul 27, 2015

Magellan Health, Inc., Q2 2015 Earnings Call, Jul 27, 2015

Magellan Health, Inc. Appoints John Littel as Senior Vice President of Government Affairs and Communications

Magellan Health, Inc. announced that John Littel has joined the company as senior vice president of government affairs and communications. In this role, Littel will lead the government affairs strategy for the enterprise, while strengthening federal and state relationships across its business units. Littel will also help Magellan navigate the evolving healthcare marketplace, particularly opportunities and requirements under the Affordable Care Act, and enable new market entry in support of overall growth objectives. In addition, Littel will lead Magellan’s enterprise communications strategies to both internal and external audiences. Prior to joining Magellan, Littel served as interim senior vice president of government affairs for WellPoint, where he reorganized their public affairs efforts and led the integration of their newly-acquired Amerigroup team. For the preceding 12 years, he served as executive vice president of external affairs for Amerigroup, where he developed and managed a national public affairs program at the federal and state levels, and led the company’s growth and business development functions, including sales and marketing, eBusiness and corporate communications.

 

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Industry Analysis

MGLN

Industry Average

Valuation MGLN Industry Range
Price/Earnings 26.7x
Price/Sales 0.4x
Price/Book 1.4x
Price/Cash Flow 10.4x
TEV/Sales 0.3x
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