Magellan Health Reports 2019 Financial Results and Provides 2020 Guidance

PHOENIX–(BUSINESS WIRE)–Magellan Health, Inc. (NASDAQ: MGLN) today announced financial results for the fourth quarter and full year ended December 31, 2019, as summarized below:

Three Months Ended Years Ended
December 31 December 31
(In millions, except per share results)

 

2019

 

 

2018

 

 

Chg

 

 

 

2019

 

 

2018

 

Chg

Net revenue

$

1,802.7

$

1,844.6

 

-2.3

%

$

7,159.4

$

7,314.2

-2.1

%

Net income (loss)

$

20.6

$

(28.0

)

n/m

 

$

55.9

$

24.2

131.2

%

Segment profit [1]

$

72.9

$

16.0

 

354.4

%

$

252.7

$

228.0

10.8

%

Adjusted net income (loss) [1]

$

30.8

$

(18.6

)

n/m

 

$

91.7

$

61.7

48.7

%

Diluted per share results:
Earnings (Loss) per share

$

0.84

$

(1.16

)

n/m

 

$

2.28

$

0.97

135.1

%

Adjusted earnings (loss) per share [1]

$

1.24

$

(0.77

)

n/m

 

$

3.73

$

2.46

51.6

%

[1] Refer to the Basis of Presentation for a discussion of non-GAAP financial measures.

Highlights Include:

  • Net revenue for the year ended December 31, 2019 was $7.2 billion largely consistent with 2018.
  • Net income for the year ended December 31, 2019 increased to $55.9 million from 2018.
  • Segment profit for the year ended December 31, 2019 increased to $252.7 million from 2018.
  • Adjusted net income for the year ended December 31, 2019 increased to $91.7 million from 2018.
  • Unrestricted cash and investments totaled $195.4 million, which represents an increase of $65.0 million from the balance at December 31, 2018. Approximately $134.8 million of the unrestricted cash and investments at December 31, 2019 is related to excess capital and undistributed earnings held at regulated entities.
  • On December 20, 2019, the Company entered into a contract with the California Department of Health Care Services (DHCS) for the provision of pharmacy benefit administration services statewide effective January 1, 2021.
  • On December 5, 2019, the Company’s Board of Directors announced the appointment of James Murray as president and chief operating officer of Magellan Health.
  • On February 3, 2020, the Company’s Board of Directors announced the appointment of David Haddock as general counsel and secretary of Magellan Health.

“We have made significant investments in Magellan Complete Care and Magellan Rx Management, and, as a result, we have experienced recent growth within those businesses, including the pharmacy PBA win in California,” said Kenneth J. Fasola, chief executive officer. “I believe we have far more growth potential across our businesses. In particular, I see a large market for a revitalized and expanded suite of payer solutions within our Behavioral and Specialty Health business.”

Net Revenue

For the year ended December 31, 2019, revenue was $7.2 billion, largely consistent with 2018. Net revenue growth in Magellan Complete Care (MCC) was largely offset by the loss of a health plan PBM customer due to an acquisition and the planned reduction in the geographic scope of the Company’s Part D pharmacy plan.

Segment Profit

For the year ended December 31, 2019, segment profit increased 10.8 percent to $252.7 million from $228.0 million for the year ended December 31, 2018.

  • Healthcare segment profit for the full year ended December 31, 2019, was $177.4 million compared to $149.1 million in 2018. The 2019 increase was primarily driven by MCC cost of care improvements in Virginia, partially offset by the contraction in the MCC Florida footprint and the Behavioral and Specialty utilization pressure.
  • Pharmacy Management segment profit of $110.4 million for the year ended December 31, 2019, which was an increase from the $104.4 million in 2018. The year-over-year increase was primarily due to the strong results in the specialty division and improved margins in the PBM business, partially off-set by lower discretionary benefits in 2018.
  • Corporate costs inclusive of eliminations, but excluding stock compensation expense, totaled $35.2 million for the year ended December 31, 2019, compared to $25.6 million in 2018. The increase is mainly due to lower discretionary benefits in 2018.

Cash Flow & Balance Sheet

Cash flow from operations for the year ended December 31, 2019, was $115.8 million, compared to $164.8 million for the prior year. The decline is largely due to the timing of receipt of MCC capitation payments.

As of December 31, 2019, the Company’s unrestricted cash and investments totaled $195.4 million, which represents an increase of $65.0 million from the balance at December 31, 2018. Approximately $134.8 million of the unrestricted cash and investments at December 31, 2019 is related to excess capital and undistributed earnings held at regulated entities.

Restricted cash and investments at December 31, 2019, of $475.0 million reflected a decrease of $52.6 million from the balance at December 31, 2018. This decrease is primarily attributable to a delay in health plan capitation payments from the state of New York, partially off-set by growth in MCC Virginia.

2020 Guidance

The Company announced its 2020 full year guidance parameters:

2020 Guidance
(In millions, except per share results) Low High
Net revenue

$

7,000.0

$

7,400.0

Income before income taxes

$

79.0

$

109.0

Net income

$

42.0

$

62.0

Segment Profit[1]

$

250.0

$

280.0

Adjusted net income[1]

$

83.0

$

103.0

 
Diluted per share results:
Earnings per share[2]

$

1.69

$

2.49

Adjusted earnings per share[1][2]

$

3.34

$

4.14

[1] Refer to the Basis of Presentation for a discussion of non-GAAP financial measures.
[2] 2020 EPS and Adjusted EPS guidance includes share repurchases and option exercises through the close of business February 21, 2020, but excludes the impact of any potential future activity.

The Company expects net revenue in the range of $7.0 to $7.4 billion. Net income is expected to be in the range of $42 to $62 million, which equates to a diluted earnings per share range of $1.69 to $2.49. Adjusted net income is expected to be in the range of $83 to $103 million, which equates to an adjusted EPS range of $3.34 to $4.14. Segment profit for the full year 2020 is expected to be in the range of $250 to $280 million.

“We ended 2019 with solid fourth quarter results, and I believe that our 2020 guidance strikes a good balance between current earnings and the necessary investments to establish a strong foundation for growth and margin expansion in 2021 and beyond,” said Jonathan N. Rubin, chief financial officer.

Earnings Conference Call

Management will discuss the Company’s fourth quarter and year end results along with 2020 financial guidance on a conference call scheduled for Friday, February 28, 2020 at 8:30 a.m. Eastern. To participate in the conference call, dial 1-888-566-5773 and use passcode “4th Quarter 2019 Earnings and 2020 Guidance” approximately 10 minutes before the start of the call. The conference call will also be available live via webcast at Magellan’s investor relations page at MagellanHealth.com. A telephonic replay will be available shortly after the conclusion of the call through March 31, 2020. This replay may be accessed by dialing 1-800-766-1882 (Domestic) or 1-402-998-0968 (International). A replay of the webcast will also be available at the site listed above for 30 days, beginning approximately two hours after its conclusion.

Basis of Presentation

In addition to results determined under Generally Accepted Accounting Principles (GAAP), Magellan provides certain non-GAAP financial measures that management believes are useful in assessing the Company’s performance. Following is a description of these important non-GAAP measures.

Segment profit is equal to net revenue less the sum of cost of care, cost of goods sold, direct service costs and other operating expenses, and includes income from unconsolidated subsidiaries, but excludes segment profit or loss from non-controlling interests held by other parties, stock compensation expense, special charges or benefits, as well as changes in the fair value of contingent consideration recorded in relation to acquisitions.

Adjusted net income and adjusted earnings per share reflect certain adjustments made for acquisitions completed after January 1, 2013, to exclude non‑cash stock compensation expense resulting from restricted stock purchases by sellers, changes in the fair value of contingent consideration, amortization of identified acquisition intangibles, as well as impairment of identified acquisition intangibles.

Included in the tables issued with this press release are the reconciliations from GAAP measures to the corresponding non-GAAP measures.

About Magellan Health: Magellan Health, Inc., a Fortune 500 company, is a leader in managing the fastest growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of healthcare. Magellan supports innovative ways of accessing better health through technology, while remaining focused on the critical personal relationships that are necessary to achieve a healthy, vibrant life. Magellan’s customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. For more information, visit MagellanHealth.com.

Forward-Looking Statements

This release is intended to be disclosure through methods reasonably designed to provide broad, non-exclusionary distribution to the public in compliance with the Securities and Exchange Commission’s Fair Disclosure Regulation. This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the Securities Act of 1933, as amended, which involve a number of risks and uncertainties, many of which are out of our control. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements including, without limitation, statements regarding 2020 guidance for net revenue, income before income taxes, net income, earnings per share, segment profit, adjusted net income, adjusted earnings per share; growth and margin opportunities and initiatives; business environment, long term opportunities and strategy; and transformation, process improvement and innovation initiatives. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, the possible election of certain of the Company’s customers to manage the healthcare services of their members directly; changes in rates paid to and/or by the Company by customers and/or providers; higher utilization of healthcare services by the Company’s risk members; delays, higher costs or inability to implement new business or other Company initiatives including its transformation, process improvement and innovation initiatives; the impact of changes in the contracting model for Medicaid contracts; termination or non-renewal of customer contracts; the impact of new or amended laws or regulations; governmental inquiries; litigation; competition; operational issues; healthcare reform; and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, to be filed with the Securities and Exchange Commission later today, and the Company’s subsequent Quarterly Reports on Form 10-Q to be filed during 2020. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release. Segment profit, adjusted net income, and adjusted EPS information referred to herein may be considered a non-GAAP financial measure. Further information regarding these measures, including the reasons management considers this information useful to investors, are included in the Company’s most recent Annual Report on Form 10-K and on subsequent Form 10-Qs.

MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 
December 31, 2018 December 31, 2019
ASSETS
 
Current Assets:
Cash and cash equivalents

$

272,308

 

$

325,249

 

Accounts receivable, net

 

756,059

 

 

890,065

 

Short-term investments

 

382,582

 

 

334,489

 

Pharmaceutical inventory

 

40,818

 

 

44,962

 

Other current assets

 

95,400

 

 

78,278

 

Total Current Assets

 

1,547,167

 

 

1,673,043

 

Property and equipment, net

 

150,748

 

 

138,422

 

Long-term investments

 

3,161

 

 

10,668

 

Deferred income taxes

 

3,411

 

 

1,840

 

Other long-term assets

 

24,530

 

 

82,700

 

Goodwill

 

1,018,156

 

 

1,018,156

 

Other intangible assets, net

 

231,883

 

 

167,344

 

Total Assets

$

2,979,056

 

$

3,092,173

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current Liabilities:
Accounts payable

$

72,077

 

$

88,415

 

Accrued liabilities

 

231,356

 

 

284,024

 

Short-term contingent consideration

 

8,000

 

 

 

Medical claims payable

 

393,547

 

 

409,533

 

Other medical liabilities

 

169,639

 

 

124,684

 

Current debt, finance lease and deferred financing obligations

 

24,274

 

 

3,491

 

Total Current Liabilities

 

898,893

 

 

910,147

 

Long-term debt, finance lease and deferred financing obligations

 

728,608

 

 

679,125

 

Deferred income taxes

 

11,167

 

 

17,034

 

Tax contingencies

 

16,478

 

 

14,841

 

Long-term contingent consideration

 

2,124

 

 

 

Deferred credits and other long-term liabilities

 

36,483

 

 

73,243

 

Total Liabilities

 

1,693,753

 

 

1,694,390

 

 
Stockholders’ Equity:
Ordinary common stock

 

535

 

 

543

 

Additional paid-in capital

 

1,326,645

 

 

1,386,616

 

Retained earnings

 

1,419,449

 

 

1,475,207

 

Accumulated other comprehensive (loss) income

 

(324

)

 

144

 

Ordinary common stock in treasury, at cost

 

(1,461,002

)

 

(1,464,727

)

Total Stockholders’ Equity

 

1,285,303

 

 

1,397,783

 

Total Liabilities and Stockholders’ Equity

$

2,979,056

 

$

3,092,173

 

 
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share amounts)
 
 
 

Three Months Ended

 

Years Ended

December 31,

 

December 31,

 

2018

 

 

 

 

2019

 

 

 

2018

 

 

 

 

2019

 

(unaudited) (unaudited)
Net revenue:
Managed care and other

$

1,207,552

 

$

1,292,335

 

$

4,878,442

 

$

5,103,393

 

PBM

 

637,093

 

 

510,322

 

 

2,435,709

 

 

2,056,030

 

Total net revenue

 

1,844,645

 

 

1,802,657

 

 

7,314,151

 

 

7,159,423

 

 
Costs and expenses:
Cost of care

 

959,906

 

 

983,678

 

 

3,762,412

 

 

3,940,531

 

Cost of goods sold

 

593,793

 

 

465,614

 

 

2,283,022

 

 

1,898,871

 

Direct service costs and other operating expenses (1)(2)

 

277,835

 

 

286,051

 

 

1,071,535

 

 

1,090,731

 

Depreciation and amortization

 

35,358

 

 

33,154

 

 

132,660

 

 

131,509

 

Interest expense

 

9,362

 

 

8,898

 

 

35,396

 

 

36,153

 

Interest and other income

 

(4,090

)

 

(4,224

)

 

(14,068

)

 

(19,189

)

Total costs and expenses

 

1,872,164

 

 

1,773,171

 

 

7,270,957

 

 

7,078,606

 

(Loss) income before income taxes

 

(27,519

)

 

29,486

 

 

43,194

 

 

80,817

 

Provision for income taxes

 

448

 

 

8,902

 

 

19,013

 

 

24,915

 

Net (loss) income

$

(27,967

)

$

20,584

 

$

24,181

 

$

55,902

 

 
Weighted average number of common shares outstanding — basic

 

24,048

 

 

24,491

 

 

24,349

 

 

24,243

 

Weighted average number of common shares outstanding — diluted

 

24,048

 

 

24,905

 

 

25,035

 

 

24,563

 

 
Net (loss) income per common share — basic

$

(1.16

)

$

0.84

 

$

0.99

 

$

2.31

 

Net (loss) income per common share — diluted

$

(1.16

)

$

0.84

 

$

0.97

 

$

2.28

 

 
Net (loss) income

$

(27,967

)

$

20,584

 

$

24,181

 

$

55,902

 

Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities (3)

 

48

 

 

(173

)

 

56

 

 

468

 

Comprehensive (loss) income

$

(27,919

)

$

20,411

 

$

24,237

 

$

56,370

 

(1) Includes stock compensation expense of $2,067 and $5,669 for the three months ended December 31, 2018 and 2019, respectively, and $29,472 and $25,501 for the years ended December 31, 2018 and 2019, respectively.
 
(2) Includes changes in fair value of contingent consideration of $856 and $(123) for the three months ended December 31, 2018 and 2019, respectively, and $1,307 and $(2,124) for the years ended December 31, 2018 and 2019, respectively.
 
(3) Net of income tax provision (benefit) of $15 and $(52) for the three months ended December 31, 2018 and 2019, respectively, and $18 and $150 for the years ended December 31, 2018 and 2019, respectively.
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 

Years Ended

December 31,

 

2018

 

 

 

 

2019

 

Cash flows from operating activities:
Net income

$

24,181

 

$

55,902

 

Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization

 

132,660

 

 

131,509

 

Non-cash interest expense

 

1,221

 

 

1,537

 

Non-cash stock compensation expense

 

29,472

 

 

25,501

 

Non-cash income tax (benefit) provision

 

(1,725

)

 

7,052

 

Non-cash amortization on investments

 

1,344

 

 

(433

)

Changes in assets and liabilities, net of effects from acquisitions of businesses:
Accounts receivable, net

 

(99,295

)

 

(133,999

)

Pharmaceutical inventory

 

127

 

 

(4,144

)

Other assets

 

(25,774

)

 

19,492

 

Accounts payable and accrued liabilities

 

9,139

 

 

56,843

 

Medical claims payable and other medical liabilities

 

72,347

 

 

(28,969

)

Contingent consideration

 

1,307

 

 

(3,877

)

Tax contingencies

 

1,803

 

 

(1,352

)

Deferred credits and other long-term liabilities

 

18,020

 

 

(10,668

)

Other

 

17

 

 

1,452

 

Net cash provided by operating activities

 

164,844

 

 

115,846

 

 
Cash flows from investing activities:
Capital expenditures

 

(68,275

)

 

(60,402

)

Acquisitions and investments in businesses, net of cash acquired

 

(958

)

 

(727

)

Purchases of investments

 

(557,232

)

 

(514,324

)

Proceeds from maturities and sales of investments

 

498,032

 

 

555,960

 

Net cash used in investing activities

 

(128,433

)

 

(19,493

)

 
Cash flows from financing activities:
Payments to acquire treasury stock

 

(62,640

)

 

(4,125

)

Proceeds from exercise of stock options

 

23,064

 

 

32,708

 

Payments on debt, finance lease and deferred financing obligations

 

(122,239

)

 

(67,511

)

Payments on contingent consideration

 

 

 

(6,247

)

Other

 

(1,020

)

 

1,763

 

Net cash used in financing activities

 

(162,835

)

 

(43,412

)

 
Net (decrease) increase in cash and cash equivalents

 

(126,424

)

 

52,941

 

Cash and cash equivalents at beginning of period

 

398,732

 

 

272,308

 

Cash and cash equivalents at end of period

$

272,308

 

$

325,249

 

 
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
 
 

Three Months Ended

 

Years Ended

December 31,

 

December 31,

 

2018

 

 

 

 

2019

 

 

 

2018

 

 

 

 

2019

 

(unaudited) (unaudited)
Healthcare
Managed care and other revenue

$

1,149,694

 

$

1,219,565

 

$

4,638,622

 

$

4,838,546

 

Cost of care

 

(959,906

)

 

(983,678

)

 

(3,762,412

)

 

(3,940,531

)

Direct service costs and other

 

(192,108

)

 

(191,261

)

 

(735,366

)

 

(726,937

)

Stock compensation expense (1)

 

(875

)

 

2,071

 

 

6,982

 

 

8,467

 

Changes in fair value of contingent consideration (1)

 

856

 

 

(123

)

 

1,307

 

 

(2,124

)

Healthcare segment (loss) profit

 

(2,339

)

 

46,574

 

 

149,133

 

 

177,421

 

 
Pharmacy Management
Managed care and other revenue

 

58,017

 

 

72,928

 

 

240,427

 

 

265,439

 

PBM revenue

 

684,691

 

 

558,168

 

 

2,625,417

 

 

2,236,829

 

Cost of goods sold

 

(640,843

)

 

(512,599

)

 

(2,468,170

)

 

(2,076,509

)

Direct service costs and other

 

(77,695

)

 

(84,909

)

 

(298,713

)

 

(323,162

)

Stock compensation expense (1)

 

1,206

 

 

2,369

 

 

5,458

 

 

7,834

 

Pharmacy Management segment profit

 

25,376

 

 

35,957

 

 

104,419

 

 

110,431

 

 
Corporate and Elimination (2)
Managed care and other revenue

 

(159

)

 

(158

)

 

(607

)

 

(592

)

PBM revenue

 

(47,598

)

 

(47,846

)

 

(189,708

)

 

(180,799

)

Cost of goods sold

 

47,050

 

 

46,985

 

 

185,148

 

 

177,638

 

Direct service costs and other

 

(8,032

)

 

(9,881

)

 

(37,456

)

 

(40,632

)

Stock compensation expense (1)

 

1,736

 

 

1,229

 

 

17,032

 

 

9,200

 

Corporate and Elimination

 

(7,003

)

 

(9,671

)

 

(25,591

)

 

(35,185

)

 
Consolidated
Managed care and other revenue

 

1,207,552

 

 

1,292,335

 

 

4,878,442

 

 

5,103,393

 

PBM revenue

 

637,093

 

 

510,322

 

 

2,435,709

 

 

2,056,030

 

Cost of care

 

(959,906

)

 

(983,678

)

 

(3,762,412

)

 

(3,940,531

)

Cost of goods sold

 

(593,793

)

 

(465,614

)

 

(2,283,022

)

 

(1,898,871

)

Direct service costs and other

 

(277,835

)

 

(286,051

)

 

(1,071,535

)

 

(1,090,731

)

Stock compensation expense (1)

 

2,067

 

 

5,669

 

 

29,472

 

 

25,501

 

Changes in fair value of contingent consideration (1)

 

856

 

 

(123

)

 

1,307

 

 

(2,124

)

Consolidated segment profit

$

16,034

 

$

72,860

 

$

227,961

 

$

252,667

 

 
 
Reconciliation of (loss) income before income taxes to segment profit:
(Loss) income before income taxes

$

(27,519

)

$

29,486

 

$

43,194

 

$

80,817

 

Stock compensation expense

 

2,067

 

 

5,669

 

 

29,472

 

 

25,501

 

Changes in fair value of contingent consideration

 

856

 

 

(123

)

 

1,307

 

 

(2,124

)

Depreciation and amortization

 

35,358

 

 

33,154

 

 

132,660

 

 

131,509

 

Interest expense

 

9,362

 

 

8,898

 

 

35,396

 

 

36,153

 

Interest and other income

 

(4,090

)

 

(4,224

)

 

(14,068

)

 

(19,189

)

Segment profit

$

16,034

 

$

72,860

 

$

227,961

 

$

252,667

 

(1) Stock compensation expense, changes in the fair value of contingent consideration recorded in relation to acquisitions and impairment of intangible assets are included in direct service costs and other operating expenses; however, these amounts are excluded from the computation of segment profit.
 
(2) Healthcare subcontracts with Pharmacy Management to provide pharmacy benefits management services for certain of Healthcare’s customers. In addition, Pharmacy Management provides pharmacy benefits management for the Company’s employees covered under its medical plan. As such, revenue, cost of goods sold and direct service costs and other related to these arrangements are eliminated.
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(In thousands, except per share amounts)
 
 

Three Months Ended

 

Years Ended

December 31,

 

December 31,

 

2018

 

 

 

 

2019

 

 

 

2018

 

 

 

 

2019

 

(unaudited) (unaudited)
 
Net (loss) income

$

(27,967

)

$

20,584

 

$

24,181

 

$

55,902

 

Adjusted for acquisitions starting in 2013
Stock compensation expense

 

 

 

 

 

530

 

 

 

Changes in fair value of contingent consideration

 

856

 

 

(123

)

 

1,307

 

 

(2,124

)

Amortization of acquired intangibles

 

12,402

 

 

14,273

 

 

49,078

 

 

51,090

 

Tax impact

 

(3,858

)

 

(3,906

)

 

(13,435

)

 

(13,167

)

Adjusted net (loss) income

$

(18,567

)

$

30,828

 

$

61,661

 

$

91,701

 

 
 
Net (loss) income per common share—diluted

$

(1.16

)

$

0.84

 

$

0.97

 

$

2.28

 

Adjusted for acquisitions starting in 2013
Stock compensation expense

 

 

 

 

 

0.02

 

 

 

Changes in fair value of contingent consideration

 

0.03

 

 

(0.01

)

 

0.05

 

 

(0.09

)

Amortization of acquired intangibles

 

0.52

 

 

0.57

 

 

1.96

 

 

2.08

 

Tax impact

 

(0.16

)

 

(0.16

)

 

(0.54

)

 

(0.54

)

Adjusted (loss) earnings per share

$

(0.77

)

$

1.24

 

$

2.46

 

$

3.73

 

 
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
FISCAL 2020 GUIDANCE
(In millions, except per share amounts)
 
 

February 28, 2020

Low

 

 

High

 
Net revenue

$

7,000.0

$

7,400.0

Income before income taxes

 

79.0

 

109.0

Net income

 

42.0

 

62.0

Segment profit (1)

 

250.0

 

280.0

Adjusted net income (1)

 

83.0

 

103.0

Diluted per share results:
Earnings per share (2)

 

1.69

 

2.49

Adjusted earnings per share (1)(2)

 

3.34

 

4.14

Contacts

Media Contact: Lilly Ackley, ackleyl@magellanhealth.com, (860) 507-1923

Investor Contact: Joe Bogdan, jbogdan@magellanhealth.com, (860) 507-1910

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