Centene Corporation Reports Nineteenth Consecutive Quarter of Increased Profitability.Business Editors ST. LOUIS--(BUSINESS WIRE)--April 26, 2004 Centene Corporation Centene Corporation is in the industry of Medicaid managed care. Centene is a multi-line healthcare enterprise operating primarily in two segments: Medicaid Managed Care and Specialty Services. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) today announced its financial results for the quarter ended March 31, 2004. First Quarter Highlights -- Revenues of $225.5 million, a 27% increase over the first quarter of 2003. -- Earnings from operations of $14.7 million, a 45% increase over the first quarter of 2003. -- Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.47. -- Organic membership growth of 15% over the first quarter of 2003. -- Medicaid Medicaid, national health insurance program in the United States for low-income persons; established in 1965 with passage of the Social Security Amendments and now run by the Centers for Medicare and Medicaid Services. Managed Care segment G&A of 10.4% (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) and 9.9% (non-GAAP), exclusive of the effect of the premium tax. -- Operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of $12.4 million, a 25% increase over the first quarter of 2003. -- Entered fifth market, Ohio, effective January January: see month. 1, 2004. -- Days in claims payable of 55.4. -- New management and board appointments. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. F. Neidorff, Centene's president and chief executive officer, said, "Our financial results continue to be in line with our expectations and are an ongoing validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our ability to work effectively with states to implement our Margin Protection Program(TM). This program combines rate protection with policy initiatives that reduce costs and improve health outcomes for our recipients. To date, we have been successful in effecting changes that reduce inappropriate inappropriate Medtalk adjective A diagnostic or therapeutic procedure proven to be unnecessary for the efficient management of a particular Pt. See Appropriateness, Canadian plan, Practice guidelines Neurology adjective Referring to a response or behavior emergency room visits, and each of our markets has approved the implementation of our preferred drug list. We will continue to work with our states on policies which we believe will enable them to have better control over their Medicaid expenditures." "Growth in our markets has been consistent with our objectives, and we are particularly pleased with the trends in Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). and Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee . In Texas, the state altered administrative enrollment procedures that resulted in a sequential One after the other in some consecutive order such as by name or number. quarter decrease in membership in the SCHIP SCHIP State Children's Health Insurance Program population. We are working with our members to make them aware of such changes and are demonstrating to the state that the savings we generate will enable them to expand the enrollment base within existing budgetary goals. In Ohio, our newest market, we are on track in Toledo Toledo, city, Spain Toledo, city (1990 pop. 60,671), capital of Toledo province, central Spain, in Castile–La Mancha, on a granite hill surrounded on three sides by a gorge of the Tagus River. and remain focused on building our provider network in additional markets for future expansion," continued Neidorff. "I would like to welcome Lisa Wilson Lisa Marie Wilson (born April 14, 1980) is a beauty queen and singer from Rome, Georgia who has competed in the Miss USA pageant and appeared on American Idol. Wilson won the Miss Georgia USA 2006 title in a state pageant held in Newnan in late 2006. , the newest member of our senior management team. Ms. Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. has been working with Centene since our initial public offering in 2001 and has made significant contributions to our investor relations Investor relations The process by which the corporation communicates with its investors. program, along with building awareness of the Company with the Wall Street investment community. I also welcome John Roberts, Executive Director of Civic Progress, and a former managing partner of Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP LLP - Lower Layer Protocol , to our Board of Directors and Audit Committee. Mr. Roberts' perspective on corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and financial transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. will be invaluable as we continue to build Centene to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the highest standards," concluded Neidorff. Membership totaled 522,400 at March 31, 2004, a 24.6% increase from 419,300 at March 31, 2003. The Company experienced solid growth in its Indiana, Texas and Wisconsin markets year-over-year, while membership in the New Jersey market was stable. Ohio contributed 23,800 members to the quarter through the acquisition of certain Medicaid-related assets from Family Health Plan, Inc., effective January 1, 2004. The state of Texas implemented administrative policy changes that require SCHIP members to re-enroll every six months versus annually and implemented a 90-day waiting period for enrollment. The net effect of these changes was a reduction in the state's SCHIP membership and in the Company's membership in this category from the fourth quarter of 2003. The Company is proactively reaching out to its members to make them aware of the new procedures required for enrollment under the new guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . The following table depicts membership in Centene's managed care organizations by state at March 31, 2004 and 2003:
2004 2003
--------- --------
Indiana 125,400 104,800
New Jersey 54,000 52,700
Ohio 23,800 --
Texas 154,000 122,700
Wisconsin 165,200 139,100
--------- --------
TOTAL 522,400 419,300
========= ========
The following table depicts membership in Centene's managed care organizations by member category at March 31, 2004 and 2003:
2004 2003
--------- --------
Medicaid 446,900 344,700
SCHIP 65,900 66,600
SSI 9,600(a) 8,000(b)
--------- --------
TOTAL 522,400 419,300
========= ========
(a) 4,400 at-risk; 5,200 ASO
(b) 4,200 at-risk; 3,800 ASO
Statement of Earnings Highlights -- For the first quarter of 2004, revenues increased 27.1% to $225.5 million from $177.4 million in the first quarter of 2003. Net of acquisitions, revenue growth was $27.1 million, or 15.3%, over the same prior year period. -- The health benefits ratio (HBR HBR Harvard Business Review HBR Harbor HBR High Bit Rate HBR Human Behavioral Representation HBR Heijmans Blackwell Remediation HBR Hydrobromide Acid HBR House Budget Resolution HBR Hybrid Block Repair HBR Host-Based Replication ), which reflects medical services costs as a percent of premium revenues, was 81.0% (GAAP) compared to 83.4% (GAAP) for the same period in 2003. Excluding $1.1 million in premium revenue attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the premium tax imposed by the state of Texas on September September: see month. 1, 2003, the HBR was 81.4% (non-GAAP) for the current quarter. This was slightly below the Company's targeted range of 81.5% to 83.5%, due primarily to the successful implementation of initiatives to reduce inappropriate emergency room usage and to establish preferred drug lists. -- Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: general and administrative (G&A) expenses, which includes the Medicaid Managed Care segment and Specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. Services, as a percent of revenues increased to 12.6% (GAAP) in 2004 from 10.9% (GAAP) in the first quarter of 2003. Excluding the effect of the premium tax on G&A expenses and including the effects of the Company's specialty business, which has a higher overall G&A ratio, the expense ratio was 12.2% (non-GAAP) in total, and 9.9% (non-GAAP) for the Medicaid Managed Care segment compared to 10.5% (GAAP) for the same prior year period. -- Earnings from operations increased 44.7% to $14.7 million from $10.1 million in 2003. -- Net earnings improved to $10.1 million, or $0.47 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $7.2 million, or $0.40 per diluted share, for the first quarter of 2003. Balance Sheet and Cash Flow Highlights At March 31, 2004, the Company held cash and investments of $288.7 million, a portion of which is restricted due to state regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Medical claims liabilities totaled $109.8 million, representing 55.4 days in claims payable. Cash flows from operating activities of $12.4 million for the quarter ended March 31, 2004, reflect a 25.4% increase year-over-year. Outlook Karey L. Witty wit·ty adj. wit·ti·er, wit·ti·est 1. Possessing or demonstrating wit in speech or writing; very clever and humorous. 2. , Centene's chief financial officer, commented, "We are updating our guidance and anticipate 2004 revenue in the range of $940 to $950 million and net earnings of $1.91 to $1.96 per share. This does not include the potential impact of any acquisitions we may undertake during 2004." Conference Call As previously announced, the Company will host a conference call tomorrow, April 27, 2004, at 8:15 a.m. (Eastern Time) to review the financial results for the first quarter ended March 31, 2004, and to discuss its business outlook. Michael F. Neidorff and Karey L. Witty will host the conference call. Investors are invited to participate in the conference call by dialing (800) 273-1254 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , and (706) 679-8592 for international participants, or via a live Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the broadcast at the Company's website, www.centene.com. A replay of the call will be available from April 27, 2004, shortly after completion of the call and ending on May 11, 2004, at 11:59 p.m. Investors may dial (800) 642-1687 in the United States and (706) 645-9291 from abroad and enter access number 6572189. Additionally, the webcast will be archived for the same period at www.centene.com. Financial Presentation The Company is providing certain non-GAAP financial measures in this release as the Company believes that these figures are helpful in allowing individuals to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently. The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma (non-GAAP) information presented above in the fifth bullet under "First Quarter Highlights", second and third bullet under "Statement of Earnings Highlights" and presented below in tables excludes the impact of a premium tax enacted in September 2003. This assumption has been made in the non-GAAP financial measures as management believes that this assumption generally provides a more consistent measure of the Company's performance. The Company uses the presented non-GAAP financial measures internally to focus management on period-to-period changes in the Company's core business. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP. About Centene Corporation Centene Corporation provides multi-line managed care programs and related services to individuals receiving benefits under Medicaid, including Supplemental Security Income Supplemental Security Income A Social Security program established to help the blind, disabled, and poor. (SSI (1) See server-side include and single-system image. (2) (Small-Scale Integration) Less than 100 transistors on a chip. See MSI, LSI, VLSI and ULSI. 1. (electronics) SSI - small scale integration. 2. ) and the State Children's Health Children's Health Definition Children's health encompasses the physical, mental, emotional, and social well-being of children from infancy through adolescence. Insurance Program (SCHIP). The Company operates health plans in Indiana, New Jersey, Ohio, Texas and Wisconsin. In addition, the Company contracts with other healthcare organizations to provide specialty services including behavioral health Behavioral health was first used in the 1980's to name the combination of the fields mental health and substance abuse. As an example, an organization serving both mental health and substance abuse clients might refer to its practice as behavioral health or , nurse triage triage Division of patients for priority of care, usually into three categories: those who will not survive even with treatment; those who will survive without treatment; and those whose survival depends on treatment. and pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. compliance. Information regarding Centene is available via the Internet at www.centene.com. The information provided in the first and second paragraphs following the bullet listing under "First Quarter Highlights" and in the paragraph under "Outlook" above contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that relate to future events and future financial performance of Centene. Subsequent events and developments may cause the Company's estimates to change. The Company disclaims any obligation to update this forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. financial information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , competitive and other factors that may cause Centene's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. Actual results may differ from projections or estimates due to a variety of important factors, including Centene's ability to accurately predict and effectively manage health benefits and other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , competition, changes in healthcare practices, changes in federal or state laws or regulations, inflation, provider contract changes, new technologies, reduction in provider payments by governmental payors, major epidemics This article is a list of major epidemics. Worldwide Pandemics
2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created , cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. or suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of Centene's Medicaid managed care contracts by state governments would also negatively affect Centene. (Tables Follow)
CENTENE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31, December 31,
2004 2003
----------- ---------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $44,363 $64,346
Premium and related receivables, net
of allowances of $718 and $607,
respectively 21,634 20,308
Short-term investments, at fair
value (amortized cost $32,705 and
$15,192, respectively) 32,708 15,160
Deferred income taxes 3,174 2,732
Other current assets 9,231 7,755
----------- ---------------
Total current assets 111,110 110,301
Long-term investments, at fair value
(amortized cost $189,432 and $183,749,
respectively) 191,057 184,811
Restricted deposits, at fair value
(amortized cost $20,190 and $20,201,
respectively) 20,592 20,364
Property, software and equipment 24,056 23,106
Goodwill 18,408 13,066
Intangible assets 7,428 6,294
Other assets 4,732 4,750
----------- ---------------
Total assets $377,383 $362,692
=========== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Medical claims liabilities $109,841 $106,569
Accounts payable and accrued
expenses 17,733 17,965
Unearned revenue 3,736 3,673
Current portion of long-term debt
and notes payable 288 579
----------- ---------------
Total current liabilities 131,598 128,786
Long-term debt 7,544 7,616
Other liabilities 5,613 6,175
----------- ---------------
Total liabilities 144,755 142,577
Stockholders' equity:
Common stock, $.001 par value;
authorized 40,000,000 shares;
issued and outstanding 20,255,580
and 20,131,924 shares, respectively 20 20
Additional paid-in capital 159,237 157,380
Accumulated other comprehensive income:
Unrealized gain on investments, net
of tax 1,258 740
Retained earnings 72,113 61,975
----------- ---------------
Total stockholders' equity 232,628 220,115
----------- ---------------
Total liabilities and
stockholders' equity $377,383 $362,692
=========== ===============
CENTENE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three Months Ended
March 31,
-----------------------
2004 2003
----------- -----------
(Unaudited)
Revenues:
Premiums $222,690 $176,212
Services 2,835 1,222
----------- -----------
Total revenues 225,525 177,434
----------- -----------
Expenses:
Medical costs 180,448 146,907
Cost of services 2,016 975
General and administrative expenses 28,377 19,405
----------- -----------
Total operating expenses 210,841 167,287
----------- -----------
Earnings from operations 14,684 10,147
Other income (expense):
Investment and other income 1,510 974
Interest expense (90) (27)
----------- -----------
Earnings before income taxes 16,104 11,094
Income tax expense 5,966 4,233
Minority interest -- 300
----------- -----------
Net earnings $10,138 $7,161
=========== ===========
Earnings per share:
Basic earnings per common share $0.50 $0.44
Diluted earnings per common share $0.47 $0.40
Weighted average number of shares outstanding:
Basic 20,192,009 16,348,274
Diluted 21,533,870 17,757,266
CENTENE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended
March 31,
--------------------
2004 2003
---------- ---------
(Unaudited)
Cash flows from operating activities:
Net earnings $10,138 $7,161
Adjustments to reconcile net earnings to net
cash provided by operating activities --
Depreciation and amortization 2,271 1,379
Stock compensation expense 19 5
Minority interest -- (300)
Gain on sale of investments (253) (293)
Changes in assets and liabilities --
Premium and related receivables (1,326) (1,982)
Other current assets (1,476) (626)
Deferred income taxes (755) 803
Other assets 13 58
Medical claims liabilities 3,272 3,586
Accounts payable and accrued expenses 1,211 (187)
Unearned revenue 63 19
Other operating activities (812) 236
---------- ---------
Net cash provided by operating
activities 12,365 9,859
---------- ---------
Cash flows from investing activities:
Purchase of property, software and equipment (2,126) (684)
Purchase of investments (93,742) (42,055)
Sales and maturities of investments 69,814 35,218
Acquisitions, net of cash acquired (6,983) (2,283)
---------- ---------
Net cash used in investing
activities (33,037) (9,804)
---------- ---------
Cash flows from financing activities:
Reduction of long-term debt and notes payable (363) --
Proceeds from stock options and employee stock
purchase plan 1,052 259
---------- ---------
Net cash provided by financing
activities 689 259
---------- ---------
Net (decrease) increase in cash
and cash equivalents (19,983) 314
---------- ---------
Cash and cash equivalents, beginning of period 64,346 59,656
---------- ---------
Cash and cash equivalents, end of period $44,363 $59,970
========== =========
Interest paid $91 $18
Income taxes paid $3,390 $1,230
CENTENE CORPORATION
SUPPLEMENTAL FINANCIAL DATA
Q1 Q4 Q3 Q2
2004 2003 2003 2003
-------- -------- -------- --------
MEMBERSHIP
Indiana 125,400 119,400 112,100 109,000
New Jersey 54,000 54,000 52,700 52,700
Ohio 23,800 -- -- --
Texas 154,000 158,400 152,100 131,400
Wisconsin 165,200 157,800 150,200 145,600
-------- -------- -------- --------
TOTAL 522,400 489,600 467,100 438,700
======== ======== ======== ========
Medicaid 446,900 411,800 389,200 361,700
SCHIP 65,900 68,400 68,600 68,800
SSI 9,600 9,400 9,300 8,200
-------- -------- -------- --------
TOTAL 522,400 489,600 467,100 438,700
======== ======== ======== ========
REVENUE PER MEMBER $145.19 $142.38 $143.98 $142.26
CLAIMS
Period-end inventory 102,300 131,000 59,400 109,900
Average inventory 107,400 102,500 75,600 85,400
Period-end inventory per member 0.20 0.27 0.13 0.25
DAYS IN CLAIMS PAYABLE (a) 55.4 59.0 52.5 52.0
(a) Days in Claims Payable is a calculation of Medical Claims
Liabilities at the end of the period divided by average claims
expense per calendar day for such period.
ANNUALIZED RETURN ON EQUITY (b) 17.9%(c) 18.1%(c) 21.3%(c) 27.1%
(b) Annualized Return on Equity is calculated as follows: (net income
for quarter x 4) divided by ((beginning of period equity + end of
period equity) divided by 2).
(c) Reflects a 3,450,000 share follow-on offering completed August 13,
2003.
HEALTH BENEFITS RATIO BY CATEGORY:
THREE MONTHS ENDED
MARCH 31,
-------------------
2004 2003
--------- --------
Medicaid (excluding SSI) and SCHIP 80.6% 82.4%
SSI 99.3 104.2
Total (GAAP) 81.0 83.4
Total (non-GAAP), excluding effect of
premium tax 81.4 83.4
GENERAL AND ADMINISTRATIVE EXPENSE RATIO BY BUSINESS SEGMENT:
THREE MONTHS ENDED
MARCH 31,
--------------------------
2004 2003
-------------------- -----
GAAP non-GAAP (d)
------ ------------
Medicaid Managed Care 10.4% 9.9% 10.5%
Specialty Services 52.9 52.9 26.6
Total 12.6 12.2 10.9
(d) Excluding effect of premium tax.
MEDICAL CLAIMS LIABILITIES
(In thousands)
Four rolling quarters of the changes in medical claims liabilities
are summarized as follows:
2004
---------
Balance, March 31, 2003 $94,767
Incurred related to:
Current period 672,473
Prior period (12,740)
---------
Total incurred 659,733
---------
Paid related to:
Current period 569,940
Prior period 74,719
---------
Total paid 644,659
---------
Balance, March 31, 2004 $109,841
=========
Centene's claims reserving process utilizes a consistent actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin methodology to estimate Centene's ultimate liability. Any reduction in the "Incurred related to: Prior period" claims may be offset as Centene actuarially determines "Incurred related to: Current period." As such, only in the absence of a consistent reserving methodology would favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. development of prior period claims liability estimates reduce medical costs. Centene believes it has consistently applied its claims reserving methodology in each of the periods presented. |
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