From CNBC: 2024-04-16 09:35:56

UnitedHealth Group exceeded revenue expectations in the first quarter despite fallout from the cyberattack on its subsidiary Change Healthcare. The company reported $7.16 adjusted earnings per share and $100.08 billion adjusted revenue, up from $91.9 billion last year. The cyberattack had a 74 cents per share impact, with a full-year impact estimated between $1.15 and $1.35 per share.

The cyberattack, along with a Brazil operation sale, contributed to UnitedHealth’s net loss of $1.41 billion. The company reported a medical cost ratio of 84.3% for the quarter, higher than expected. Shares rose over 5%. UnitedHealth consists of Optum and UnitedHealthcare, with Optum generating $61.1 billion in revenue due to patient care and pharmacy growth.

Optum’s merger with Change Healthcare in 2022 facilitated Optum’s revenue growth. Change Healthcare processes over 15 billion billing transactions annually. UnitedHealth is working to restore Change Healthcare’s systems, having advanced over $6 billion to help health-care providers. CEO Andrew Witty highlighted the company’s efforts to deliver improved experiences amid challenges.

UnitedHealthcare, the insurance unit, reported $75.4 billion in revenue for the first quarter. The company revised its full-year earnings outlook to $17.60-$18.20 per share due to the cyberattack and Brazil sale. The total number of domestic consumers served by UnitedHealthcare increased by 2 million during the quarter.



Read more at CNBC:: UnitedHealth Group (UNH) Q1 2024 earnings