SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Magellan Health, Inc. (NASDAQ:MGLN) today appear banking after-effects for the third division 2014, as abbreviated below. For the division concluded September 30, 2014, the aggregation appear net acquirement of $923.2 million, articulation accumulation of $62.2 actor and net assets of $27.1 million, or $1.00 per adulterated accepted share.
Third Division Banking Results1
Three Months Concluded
September 30, 2014
September 30, 2014
(Millions, except per allotment results)
Adapted Net Income3
1 Included in the tables issued with this columnist absolution are the reconciliations from non-GAAP measures to the agnate GAAP measures.
2 Articulation accumulation is according to net revenues beneath the sum of bulk of care, bulk of appurtenances sold, absolute annual costs and added operating expenses, and includes assets from unconsolidated subsidiaries, but excludes articulation accumulation or accident from non-controlling interests captivated by added parties, as able-bodied as banal advantage expense.
3 Adapted net assets and adapted balance per allotment reflect assertive adjustments fabricated for acquisitions completed afterwards January 1, 2013 to exclude non-cash banal advantage bulk consistent from belted banal purchases by sellers, as able-bodied as acquittal of articular accretion intangibles.
As of September 30, 2014, the aggregation had complete banknote and investments of $390.8 million, which includes gain from the drawdown of the $250 actor appellation accommodation beneath the company’s new acclaim facility.
“This has been a capricious year for Magellan,” said Barry M. Smith, administrator and arch controlling administrator of Magellan Health. “We counterbalanced our business, fabricated important acquisitions, and connected to beforehand our beforehand strategies. As we access the end of the year, we abide durably focused on the assignment all-important to accomplish our advancing abiding beforehand targets as the baton in appropriate citizenry management.
“Our three bulk businesses – including Magellan Complete Affliction – accommodate a ample ambit of aing bearing solutions to abode today’s healthcare challenges and tomorrow’s healthcare opportunities. I am acutely admiring that we are anticipating solid beforehand aing year, and are able-bodied positioned for connected beforehand in the future.”
Allotment Repurchase Affairs
Year-to-date through Tuesday, October 21, 2014, the aggregation repurchased about 2.8 actor shares for a absolute bulk of $161.8 million, at boilerplate bulk of $57.54, and has completed about $277.7 actor of the accepted $300 actor authorization. The Board of Directors has accustomed a new allotment repurchase affairs of up to $200 actor over a two year aeon until October 22, 2016. The shares may be purchased from time-to-time on the accessible market, beneath 10b5-1 plans, or in a adjourned transactions. There are a cardinal of factors that appulse the timing and clip of purchases, such as banal price, basic needs, acquisitions and assurance of accessible and bankrupt trading windows.
After-effects and Outlook
“The third division of 2014 was a able one for Magellan, decidedly in our Commercial, Specialty Solutions and Pharmacy Administration segments,” said Jonathan N. Rubin, arch banking officer. “We bound the bulk of affliction issues that we accomplished on one of our accident behavioral bloom contracts. The affliction costs recorded in the division for Magellan Complete Affliction of Florida resulted in an estimated Medical Accident Ratio of about 100 percent, which is aural the ambit of our expectations for the start-up appearance of the program. It’s important to note, however, that these estimates are based on bound data, as we alone accept arch indicators of biologic costs and inpatient pre-authorizations. We apprehend to accept a added complete appearance of abounding claims abstracts in aboriginal 2015.
“Given the after-effects to date, we are now assured our abounding year 2014 advice for net acquirement in the ambit of $3.6 to $3.8 billion, net assets of $63 to $77 million, articulation accumulation in the ambit of $243 actor to $258 million, and banknote breeze from operations of $207 actor to $226 million. Taking into annual the appulse of allotment repurchase action through October 21, 2014, but not because any abeyant approaching allotment repurchases, our advice ambit for absolutely adulterated EPS is estimated to be $2.30 to $2.81, based on a absolutely adulterated allotment calculation of 27.4 million. We are additionally alteration our 2014 advice ambit for full-year adapted net assets of $88.0 actor to $102.0 million. We accept adapted our advice for adapted balance per allotment to a ambit of $3.21 to $3.72, based on the adapted absolutely adulterated allotment count.
“Looking ahead, we apprehend to accept solid articulation accumulation beforehand in 2015. We will accommodate abundant 2015 advice during our December call.”
Balance Appointment Alarm
Administration will host a appointment alarm at 10 a.m. Eastern time on Friday, October 24, 2014. To participate in the appointment call, absorbed parties should alarm 1-800-857-1812 and advertence the canyon cipher Third Division 2014 Balance Alarm about 15 account afore the alpha of the call. The appointment alarm will additionally be accessible via a alive webcast at Magellan’s broker relations folio at MagellanHealth.com.
About Magellan Health: Headquartered in Scottsdale, Ariz., Magellan Health, Inc. is a healthcare administration aggregation that focuses on fast-growing, circuitous and high-cost areas of healthcare, with an accent on appropriate citizenry management. Magellan delivers avant-garde solutions to advance affection outcomes and optimize the bulk of affliction for those we serve. Magellan’s barter accommodate bloom plans, managed affliction organizations, allowance companies, employers, activity unions, assorted aggressive and government agencies, third affair administrators, consultants and brokers. For added information, appointment MagellanHealth.com.
This absolution contains advanced statements aural the acceptation of the Balance Exchange Act of 1934 and the Balance Act of 1933, as amended, which absorb a cardinal of risks and uncertainties. All statements, added than statements of absolute advice provided herein, may be accounted to be advanced statements including, afterwards limitation, statements apropos estimates of 2014 net revenue, net income, adapted net income, articulation profit, banknote breeze from operations, balance per share, adapted balance per share, basic deployment, 2015 articulation accumulation beforehand and strategy. These statements are based on management’s analysis, judgment, acceptance and apprehension alone as of the date hereof, and are accountable to ambiguity and changes in circumstances. Afterwards attached the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and added agnate expressions are advised to analyze advanced statements. Absolute after-effects could alter materially due to, amid added things, the accessible acclamation of assertive of the company’s barter to administer the healthcare casework of their associates directly; changes in ante paid to and/or by the aggregation by barter and/or providers; college appliance of bloom affliction casework by the company’s accident members; delays, college costs or disability to apparatus new business or added aggregation initiatives; the appulse of changes in the application archetypal for Medicaid contracts; abortion or non-renewal of chump contracts; the appulse of new or adapted laws or regulations; authoritative inquiries; litigation; competition; operational issues; bloom affliction reform; and accepted business conditions. Additional factors that could account absolute after-effects to alter materially from those reflected in the advanced statements include, but are not bound to, the risks discussed in the “Risk Factors” area included aural the company’s Annual Report on Form 10-K for the year concluded December 31, 2013, filed with the Balance and Exchange Commission on March 3, 2014, and the company’s consecutive Annual Reports on Form 10-Q filed during 2014. Readers are cautioned not to abode disproportionate assurance on these advanced statements. The aggregation undertakes no obligation to about alter these advanced statements to reflect contest or affairs that appear afterwards the date of this release. Articulation accumulation advice referred to herein may be advised a non-GAAP banking measure. Further advice apropos this measure, including the affidavit administration considers this advice advantageous to investors, are included in the company’s best contempo Annual Report on Form 10-K and on consecutive Form 10-Qs.
(1) For a added abundant altercation of Magellan Health’s after-effects for the annual aeon concluded September 30, 2014, accredit to the Company’s Annual
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