Centene posted a net loss of $172 million, or 29 cents a share in the second quarter.
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The company recorded a one-time impairment loss of $1.4B on real estate in Q2. This was done strategically as part of the real estate downsizing plan. When you take that out Q2 was a great quarter.
Come on y'all. Google "The consultants are coming" and see what pops up. While clever, that post has Office Space written all over it. Centene doesn't have TPS reports and isn't coming for your Swingline staplers. Good grief.
@jxax+1hIaYHk6 One person's view of what may be happening behind the scenes. I am a former employee, now outsider (but shareholder) with a certain perspective--but these investor scenarios (Politan upending the board, now the consultants come in) tend to have a sameness about them, and I'm a long time observer.
Are these so called consultants in the Tampa office? I haven’t seen them so thought I would ask. Thank you.
What I overheard is happening from two bigwigs talking:
- They're gonna downsize us.
- What are you talking about? How do you know that?
- How do I know? They're bringing in a consultants, that's how I know.
- That's what this staff meeting is all about.
- It happened at Aetna last year.
- You have to interview with these consultants. They call them efficiency experts. But what you're really doing is interviewing for your own job.
- Every week you say you're going to lose your job, and you're still here.
- Not this time.
- I bet I'm the first one laid off.
- Just the thought of having to go to the state unemployment office, to stand in line with scumbags!
Beat alot of expectations and up 3 percent on the week when the rest of the market is down. People just trying to create rumors...
You missed a few things: The payer narrowed its loss from $535 million in Q2 2021. Despite the $172 million loss, Centene beat analyst expectations in a number of key metrics and raised its financial outlook for the remainder of the year. It expects to benefit from the sale of specialty pharmacy Pantherx. That deal closed this month.
Good try though stirring that layoff paranoia part!
Based on my experience at Centene and UHC, put your seatbelts on and get ready. Layoffs usually happen after a big miss for the shareholders meeting.
Sure this will be discussed at Sea Island this week at the high priced executive retreat!
Does anyone know what this means in the grand-scheme of things?
Any input would be greatly appreciated.