Halifax Regional Police release Dartmouth suspect’s name and photo | SaltWire #news #novascotia - CVS Health Corp slashed its annual profit forecast and missed Wall Street estimates for first-quarter earnings on Wednesday, as elevated demand for non-urgent procedures increased medical costs at its health insurance business.
The U.S. healthcare giant cut its per-share adjusted earnings forecast for 2024 to at least $7.00 from at least $8.30, adding it anticipates the surge in medical procedures at its unit that houses health insurer Aetna to persist.U.S. health insurers have had to contend with rising medical costs over the past few quarters following higher demand for procedures, especially among older adults, that were delayed during the pandemic.
CVS in February reported an increase in costs in its Aetna Medicare Advantage plans for the fourth quarter, citing a rise in hip and knee surgeries, medical services related to the eyes, dental work and vaccinations including the RSV shot. The company's health care benefits segment, which houses the Aetna unit, recorded medical cost ratio - the percentage of premiums spent on healthcare - of 90.4% for the first quarter, compared with 84.6% a year earlier, and above the average of analysts' estimates of 88.43%, according to LSEG data.
On an adjusted basis, the company reported a profit of $1.31 per share for the three months ended March 31, below analysts' average estimate of $1.69.ADVERTISEMENT
Source: Healthcare Press (healthcarepress.net)
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