TAMPA, Fla. (Feb. 12, 2014) – WellCare Bloom Plans, Inc. (WCG) today appear after-effects for the fourth division and year concluded December 31, 2013. As bent beneath about accustomed accounting attempt (GAAP), net assets for the fourth division of 2013 was $42.9 million, or $0.97 per adulterated share, compared with $48.8 million, or $1.11 per adulterated share, for the fourth division of 2012. Adapted (non-GAAP) net assets for the fourth division of 2013 was $48.2 million, or $1.09 per adulterated share, compared with $57.6 million, or $1.32 per adulterated share, for the fourth division of 2012.
As bent beneath GAAP, the Company appear net assets for the year 2013 of $175.3 million, or $3.98 per adulterated share, compared with $184.7 million, or $4.22 per adulterated share, for 2012. Adapted net assets for 2013 was $203.7 million, or $4.63 per adulterated share, compared with $215.6 million, or $4.92 per adulterated share, for 2012.
“In 2013, we delivered able beforehand and added adapted our portfolio of government programs and markets,” said Dave Gallitano, administrator of the lath and CEO. “While 2014 industry altitude are challenging, we are assured that we are well-positioned to capitalize on approaching prudent, assisting beforehand opportunities and beforehand our continuing as a baton in government bloom affliction coverage.”
Highlights of Recent Accomplishments
Company Operations for the Fourth Division of 2013
Adjusted net assets per adulterated allotment for the fourth division of 2013 decreased $0.23 compared with the aforementioned aeon in 2012, primarily due to increases in the PDP and Medicare Advantage segments` medical allowances ratios (MBRs), college absorption expense, and a college able assets tax rate. These factors were account partially by increases in the Medicaid and Medicare Advantage segments` exceptional acquirement and decreases in the adapted authoritative bulk arrangement and Medicaid articulation MBR.
Membership as of December 31, 2013, added 7% to 2.8 actor compared with the aforementioned aeon in 2012. Exceptional acquirement for the fourth division of 2013 added 23% year over year to $2.4 billion. Medical allowances bulk for the fourth division of 2013 was $2.1 billion, an admission of 25% from the fourth division of 2012.
Selling, accepted and authoritative (SG&A) bulk as bent beneath GAAP was $219 actor in the fourth division of 2013, compared with $193 actor for the aforementioned aeon in 2012. Adapted (non-GAAP) SG&A bulk was $210 actor in the fourth division of 2013, an admission of 17% from $179 actor for the aforementioned aeon aftermost year. The admission was apprenticed primarily by added membership, including associates associated with acquisitions. The adapted authoritative bulk arrangement was 8.7% in the fourth division of 2013, compared with 9.1% for the aforementioned aeon in 2012. The abatement in the arrangement resulted from bigger operating advantage and abundance gains, account in allotment by investments in beforehand and account initiatives.
Medicaid Articulation Operations
Medicaid articulation associates added by 172,000, or 11% year over year, to 1.8 actor associates as of December 31, 2013. The admission resulted mainly from beforehand in the Kentucky and Florida programs and the acquisitions in Missouri and South Carolina in aboriginal 2013. These assets were partially account by the Company`s abandonment from the Ohio Medicaid affairs in June 2013. Exceptional acquirement was $1.5 billion for the fourth division of 2013, an admission of 24% year over year, and was apprenticed by changes in the demographic and geographic mix of associates as able-bodied as an admission in membership. The Medicaid articulation MBR of 88.4% for the fourth division of 2013 was constant with the Company`s expectation. The MBR decreased 30 base credibility compared with 88.7% in the fourth division of 2012 mainly as a aftereffect of beforehand in the Kentucky affairs performance.
Medicare Advantage Articulation Operations
Medicare Advantage articulation associates as of December 31, 2013, added by 77,000 year over year, or 36%, to 290,000 members. Exceptional acquirement for the division grew 37% year over year to $785 million. The beforehand resulted primarily from the Company`s California bloom plan accretion as able-bodied as amoebic sales action in New York, Florida, Georgia, and Texas. The Medicare Advantage articulation MBR was 88.0% for the fourth division of 2013, which was constant with the Company`s expectation. The MBR added 110 base credibility from 86.9% in the fourth division of 2012 primarily due to the achievement of the Company`s California plan, partially account by the bigger achievement of affairs in added markets.
Prescription Biologic Plan Articulation Operations
PDP articulation associates as of December 31, 2013, decreased 72,000 year over year, or 8%, to 797,000 members. The abatement primarily was due to a abridgement in associates assigned to WellCare`s affairs by CMS, account in allotment by beforehand in the Company`s added PDP product. Exceptional acquirement for the division decreased 19% to $173 actor as a aftereffect of the associates abatement and the aftereffect of the 2013 bids. In band with the Company`s expectation, the PDP articulation MBR was 74.6% in the fourth division of 2013. The MBR added from 66.9% in the fourth division of 2012, principally as a aftereffect of the achievement of the Company`s added product.
Cash Flow and Banking Condition
Net banknote provided by operating activities as bent beneath GAAP was $178.9 actor for the year concluded December 31, 2013, compared with net banknote acclimated in operating activities of $30.7 actor for the year concluded December 31, 2012.
On a non-GAAP basis, adapted for the timing of receipts from, and payments to, WellCare`s government customers, net banknote provided by operating activities was $296.5 actor for the year concluded December 31, 2013, compared with net banknote provided by operating activities of $145.1 actor for the aforementioned aeon in 2012.
As of December 31, 2013, able banknote and investments were about $495 million, compared with $392 actor as of September 30, 2013. The admission resulted primarily from the $588 actor in net gain accustomed from the November 2013 chief agenda arising and from assets accustomed from the Company`s adapted subsidiaries, partially account by the acclimation of the Company`s antecedent $337 actor appellation accommodation as able-bodied as the $134 actor beforehand of the acquirement bulk for Windsor Bloom Group.
Days in claims payable were 42 canicule as of December 31, 2013, compared with 41 canicule as of September 30, 2013, and 40 canicule as of December 31, 2012.
WellCare currently anticipates that for the year catastrophe December 31, 2014, adapted net assets per adulterated allotment will be amid about $3.75 and $4.05. Afterward are highlights of assertive important 2014 developments that are impacting the Company`s guidance:
Estimated Appulse to Adapted Net Assets per Adulterated Share
WellCare additionally anticipates that basic expenditures will admission by as abundant as 50% in 2014 compared with 2013 primarily as a aftereffect of added investments to strengthen the Company`s basement and beforehand initiatives.
Important elements of the Company`s 2014 banking angle are as follows:
The Company`s angle does not accommodate the awaiting accretion of assertive assets from Healthfirst NJ. In 2014, the Company`s new Medicare Supplement articles will be appear aural the Medicare Advantage segment. All elements of the Company`s angle exclude the appulse of Medicaid exceptional taxes.
Complete account release
The complete account absolution anecdotic WellCare`s fourth division and anniversary 2013 after-effects has been appear on the Company`s web armpit at www.wellcare.com.
A altercation of WellCare`s fourth division 2013 after-effects will be webcast alive on Wednesday, February 12, 2014, alpha at 8:30 a.m. Eastern Time. A epitomize will be accessible alpha about one hour afterward the cessation of the alive advertisement and will be accessible for 30 days. The webcast is accessible via the Company`s web armpit at www.wellcare.com.
About WellCare Bloom Plans, Inc.
WellCare Bloom Plans, Inc. provides managed affliction casework targeted to government-sponsored bloom affliction programs, absorption on Medicaid and Medicare. Headquartered in Tampa, Fla., WellCare offers a array of bloom affairs for families, children, and the aged, blind, and disabled, as able-bodied as decree biologic plans. The Company served about 2.8 actor associates civic as of December 31, 2013. For added advice about WellCare, amuse appointment the Company`s website at www.wellcare.com.
Basis of Presentation
In accession to after-effects bent beneath GAAP, exceptional acquirement as declared in this account absolution excludes the appulse of exceptional taxes. Both the Company and articulation MBRs, as able-bodied as the Company`s authoritative bulk ratio, are affected as a allotment of exceptional revenue, excluding exceptional taxes. Additionally, net assets and assertive added operating after-effects declared in this account absolution are appear afterwards acclimation for assertive SG&A costs accompanying to ahead appear government investigations and accompanying action and resolution costs that administration believes are not apocalyptic of abiding business operations. Amuse accredit to the agenda in this account absolution that provides added advice reconciling after-effects bent beneath GAAP to adapted (non-GAAP) results.
Cautionary Statement Apropos Forward-Looking Statements
This account absolution contains “forward-looking” statements that are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Action Reform Act of 1995. Statements that are predictive in nature, that depend aloft or accredit to approaching contest or conditions, or that accommodate words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and agnate expressions are advanced statements. For example, statements apropos the Company`s banking outlook, the timing of the closing of the Healthfirst NJ acquisition, and agreement of the ACA fee by accompaniment Medicaid programs accommodate advanced statements. Advanced statements absorb accepted and alien risks and uncertainties that may account WellCare`s absolute approaching after-effects to alter materially from those projected or advised in the advanced statements. These risks and uncertainties include, but are not bound to, WellCare`s advance on top priorities such as convalescent bloom affliction affection and access, ensuring a aggressive bulk position, and carrying prudent, assisting growth, WellCare`s adeptness to finer administer growth, WellCare`s adeptness to abode operational challenges apropos to new business, WellCare`s adeptness to finer assassinate and accommodate acquisitions, abeyant reductions in Medicaid and Medicare revenue, including due to sequestration, WellCare`s adeptness to appraisal and administer medical allowances effectively, WellCare`s adeptness to accommodate with its accompaniment Medicaid barter apropos agreement of the ACA fee, the achievement of the closing altitude for the accretion and the cancellation of authoritative approval for the acquisition.
Additional advice apropos these and added important risks and uncertainties can be begin in the Company`s filings with the U.S. Securities and Exchange Commission (the SEC), included beneath the captions “Forward-Looking Statements” and “Risk Factors” in the Company`s Quarterly Abode on Form 10-Q for the division concluded September 30, 2013, and added consecutive filings by WellCare with the SEC, which accommodate discussions of WellCare`s business and the assorted factors that may affect it. WellCare undertakes no assignment to amend these advanced statements to reflect any approaching events, developments, or otherwise.
CONTACTS:Investor relationsGregg [email protected]
Media relationsCrystal Warwell [email protected]
WellCare Bloom Affairs account absolution — fourth division 2014 results
This advertisement is broadcast by NASDAQ OMX Corporate Solutions on account of NASDAQ OMX Corporate Solutions clients.
The issuer of this advertisement warrants that they are alone amenable for the content, accurateness and dness of the advice independent therein.Source: WellCare Bloom Plans, Inc. via GlobeNewswireHUG#1760928
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