On you thank call I'll and morning, Good this us joining Joe. you, today. the discuss morning, Thank our for all following topics.
going to the on comment our financial the results First, for and I'm XXXX to guidance. quarter reduction
I'll success that I'll some along our the we Second, observations growth, way. in faced discuss business new make challenges acquisitions. and integrating winning also about
highlights operational from third provide I'll the of the an of update quarter. Third, some
Finally, current to business focus areas will detailed I Jon's each of update. share focus, of our before financial transitioning
per reported For income and of quarter net of revenue XXXX, share. the $XX.X of billion, net of $X.X EPS third million $X.XX we
out results Our million profit of per adjusted $XX.X million. in achieved net $XX.X income $XX or of segment included $X.XX approximately favorability. we period And quarterly was share. million, The
business and costs network both which late in details XXXX segments, Jon timing pressures we factors: in severance on of models are taking the our of other result to to our earnings and results outlook guidance rate and XXXX's healthcare; the unexpected of also in for cost additional the will to later recent is near financial are efficiency and lowering operating pharmacy; XXXX. In provide on performance the year. both the priorities this commentary improve provide the will for light of in and guidance are actions the along it our comparison our Jon improvement we rate call. We some in actions a with lowering adjustments expectations earnings following due guidance, initial timely opportunity Medical will for our term us consider and and vision pause our future. in quarterly today to where
and the Magellan executed upon against a based Magellan platforms: X growth we strategy years, X Rx Over have past our Management. Healthcare
we over of time, that MCC, or revenue. Magellan Complete our Care, XX% launched represents which During today Healthcare
in drug In addition, a administrator full-service and we've management PBM. grown our Medicaid from a specialty to company small XXXX Pharmacy business
we of of healthcare As combination our growth organic transformed the Magellan and efforts, a legacy of which acquisitions, execution manager accomplished to specialty from populations, company. the of a company size rapid health manager result through and behavioral pharmacy. a doubled our of have than more complex this
growth significant in pharmacy. ability Our has win demonstrated and our to both healthcare business
financial recent Senior Health, a our resources meet expectations. limits. their in undertook of our In did In of Whole initiatives performance we retrospect, We time significant very a launching to new in short several integrating extended number are markets, that acquisition the not our while frame. disappointed Healthcare, MCC
to expertise, grown have from better prepare plan have we future added which forward. manage improve growth. will resources and discipline, We banked importantly, key performance experiences. operating with these additional more and help gained We've going solid knowledge a Most specific us
engine landscape the execution good -- to pharmacy we unlock look top our MCC growth, and a believe line we and earnings evolving. an While be bottom the business acknowledge that In Medicaid our power managed PBM work is the as we for market, is will Magellan's of shortfalls, portfolio. care
in that we pending more specialty differentiated the time, care a services largest long we PBM Magellan that independent emerge including will to we Rx as organizations provide. create opportunity aggressive for We highlighted believe medical term pricing the same market, more employers. for mergers are quarter, the demand are and managed we carve-out seeing the for the ever seeing At the space. in last than As
very the as market educating of while disciplined in unique to about respond We clinical will value competitive PBM. our and capabilities management specialty continue a drug to manner, the and our environment a the independence
some provide with an with phasing the the specific within Healthcare update the management program have under on businesses during you the me of quarter, gone operational in TANF our began population our we let X.X the Medallion Now Virginia, in implementations smoothly. segment. of beginning aspects In third All developments August.
risk year, management for As approximately the are remaining grow approximately of capitation we January which of we the fully population, received the Medicaid to the managing regions assume levels corridor we Readiness protect to phased a population. new expansion when end X, for in. XX,XXX CCC include which responsibility are capitation TANF plans We rates expect this program. October, population. are from rates on plans XX,XXX track and risk draft Plus to unknown our received the morbidity still for will the members, adjustment and On XXXX we've by XXXX, of
XXXX revenue. an for to line unfavorable expectations, were our rates impact apply will on While in risk retroactively will likely XXXX adjustment our with have XXXX and
this Overall, as market to have health does we other work incorporated our into rates. ensure with in continues the with business of guidance. our Along future this to state adequacy updated our grow, We plans, the experience. to continue
but and eligible managed members Gila care In our X and initial we resolve, activities have some the on Maricopa, for completed implementation-readiness specific quarter counties. and we progress. plan October address Arizona, Medicaid have in made have during issues We plans Pinal to to them launched
While to plans assign there state initial new the lives. was Magellan, will members membership smaller an reach they not block XX,XXX assigned to auto until
year. to the by Our expect current the end we membership of X,XXX is approximately X,XXX X,XXX lives and
XXXX. noted we the we XXXX or previously, As expecting from are material a financial not contribution plan in Arizona
update Now let you me on Florida.
may with went you the we recall, a renewal through As RFP state.
unsuccessful, the alongside we Illness to X members protest first their recognized XXXX Regions contract or managed plan. Agency servicing Florida's intent in and new the XX, This state. merits X Mental begins award September a with of contract initially in Health of another care filed the Care notified and continue XXXX. runs with us Although Administration, quarter X, the to through Magellan Serious a protest Medicaid AHCA, for of and
health service collaborate family to home improve able outcomes ensure our disappointed existing of but and forward, appreciate to placement the to contract, While continue that opportunity to that This program a our to out with we going to we cost-effective that members, a the Louisiana's of we'll with business, risk risk -- healthcare helps innovative, three members young now to years will next not support wraparound Magellan people continue current model. with have with awarded at In we services renewals. Care proven we XX,XXX to over outcomes. through continued the services our I were and of the to be contract March over report able the has basis. state program, happy has XX% provide receive all significant ASO improved Since one-year behavioral served been two the are Louisiana Magellan carve-out health supports are am behavioral Similar and Coordinated of for behavioral integrated to exhibited Florida System youth health challenges of participants they and XXXX, need. in the on of
reduce you Now only XXXX representing of process, total PDP our the on quarterly through four D our and our XX% with highlights Rx. Magellan let the for regions, enrollment. elected, to In Part some me provide bidding we approximately renewing business, of operational our footprint largest focus
assigned all a bid. four result, will rates were we rates our bid auto XXXX. Our we as low-income members for benchmark in retain below the regions And that
As care the growth participation PBM past, play primarily we've books. our our remains and Part next to and care we year managed from XXXX in in expecting differentiate capabilities the us experience managed in in a that both business PBM PBMs strong. We're is marketplace. other in business capability business, D commercial new for date healthy mentioned of the Magellan's many and the PDP the developed employer core for pipeline
employers. We move larger as with see have also to up continued traction market we
services. we focus reshaping way the On the our sell competitive environment continue business, pharmacy carve-out on the and to by responding products we specialty to
services, incremental proactively we our our Specifically, are savings, deliver to and contract offerings, terms. with enhance product extending while expand our engaging customers
also we quarter experienced you any have an I drug launched within this earlier we experienced and specialty This to earnings re-contracting year reducing cost we need in includes perspective, improving administrative more incremental infrastructure company business, notifications core Pharmacy remind of retaining of business. terminations, acquisition costs across this and our Pharmacy, goods earning sold. improving business. Healthcare, our specialty notification since We acknowledge will network growth managing cost impact the new customers our to While has to our competitive a of we rates, management, sold care, the been while In that pharmacy PBM formulary on year for the Magellan. We've and initiative are the, our not quality. carve-out for broad call, continued challenging terms enhance for From have we our material our a focused become position. an on termination XXXX. goods our Within efficient continue second our improve to in improving focus distribution cost the
have initiatives details on for more consolidate efficiencies. call review We and current December. to already deploy platforms, technology our We'll improved structures operational and sharing processes be in begun these on guidance
Before strategy I'd to has turning top are call and not changed ensure emphasize line to our over Jon, while that achieve to with this working strong the earnings like commensurate growth. growth, achieved we we we've
acknowledge and to expect see have Healthcare healthcare to areas. the but significant growing, term, challenging, Pharmacy remain our expectations. opportunity on our the businesses. complex we for long focus We delivering solutions below we short term been most continue both We financial innovative environment results fastest in our that the In
partnering our and care of for with increase our customers managing while of quality the the healthcare both on to focused administrative effectively are expenses. cost We members,
our Chief Officer, I'll Financial to Now Jon? Rubin. time turn Jon the over
