June 8, 2012 |
Investors in Molina Healthcare Inc. took a wild ride this week. Shares of the Long Beach-based health insurer plunged 31% Thursday after it withdrew its full-year profit forecast because of sharply higher costs in its Texas business. Shares rallied Friday nearly 30% after Molina announced that its appeal in Ohio was successful and the state will renew the company's lucrative Medicaid contract there, which analysts say accounts for more than 20% of the company's annual earnings.
April 27, 2012 |
Healthcare companies are tripping over themselves to profit from a flood of government contracts for treating the poor and disabled, and a family-run company in Long Beach with nearly $5 billion in revenue is trying to stay ahead of the pack. Amid the growing competition,Molina Healthcare Inc.is facing new hurdles. It has lost two key state contracts in Ohio and Missouri and its shares have tumbled 23% in recent weeks. J. Mario Molina, the company's 53-year-old chief executive, said that these are temporary setbacks and that the company remains in expansion mode.
August 5, 2010 |
Shares of Molina Healthcare Inc. fell after the managed healthcare provider, controlled by a family and its trusts, filed for a stock sale. Molina declined $3.40, or 11%, to $28.31, the biggest single-day drop since Dec. 1, 2008. The Long Beach company is selling 4 million shares through underwriters, and together with the Molina Siblings Trust may sell an additional 600,000, according to a filing Wednesday. The filing didn't specify the price at which shares in the offering would be sold.
May 23, 2010 |
The gig: J. Mario Molina and John Molina, who are brothers, run Molina Healthcare Inc., a health maintenance organization provider that operates 19 clinics in 10 states. The company, based in Long Beach, has 2,900 employees and more than 1.4 million customers, most of whom receive Medicaid, Medi-Cal and other government healthcare assistance. Last year the company took in $3.7 billion, of which $31 million was profit. Founding father: In 1980, emergency-room physician C. David Molina started Molina Healthcare after noticing an influx of patients in the ER who had been turned away from doctors who wouldn't accept Medi-Cal.
January 20, 2010 |
Molina Healthcare Inc., based in Long Beach, announced Tuesday that it has agreed to buy Unisys Corp.'s health information management unit for $135 million in cash. The unit of Unisys, which is an information technology services company, designs, develops and implements medical record systems outsourced by state governments to run their Medicaid systems, said J. Mario Molina, Molina Healthcare's chief executive. "Every state has a Medicaid system, and Medicaid contracts are big contracts and they don't come up to often," Molina said.
February 12, 2009 |
Molina Healthcare Inc. said its profit shrank in the fourth quarter on higher medical costs, though the health insurer's performance still met Wall Street estimates. For the period ended Dec. 31 the Long Beach company reported net income of $15.5 million, or 58 cents a share, compared with $17.9 million, or 63 cents, a year earlier. Revenue climbed to $812.5 million from $678.6 million on increased membership and higher premium payments. However, those gains were offset by higher expenses, which rose to $785 million from $648 million, driven by rising medical costs.