Molina Healthcare expects California Medicaid revenue to double to about $3.9 billion in 2024

Molina Healthcare Inc. said Tuesday it expects its California Medicaid revenue to double to about $3.9 billion for full year 2024 from about $1.9 billion now, after it was awarded Medi-Cal contracts by the California Department of Health Care Services. The news announced Dec. 30 confirms an announcement made last August regarding Medi-Cal awards in each of Riverside, Sacramento, San Bernardino, and San Diego Counties and as a subcontractor in Los Angeles County, the company said in a statement. The contracts will grow Molina’s Medi-Cal membership to about 1.2 million members in 2024 versus about 600,000 as of Sept. 30. The company expects its combined 2024 revenue including California, Nebraska and Iowa, to total $4.2 billion. It expects per-share earnings of at least $3.50 at full run rate. The stock has gained 4.3% in the last 12 months, while the S&P 500 has fallen 20%.

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