Elevance Stock Slides Despite Earnings Beat as Medicaid Membership Declines

Elevance Health (ELV) topped expert expectations pinch its second-quarter results, but shares of nan health insurance supplier fell successful intraday trading Wednesday amid declining Medicaid membership.

The Indianapolis institution posted adjusted earnings per stock (EPS) of $10.12 connected operating gross of $43.2 billion, topping analysts' statement estimates compiled by Visible Alpha of $10 per stock connected gross of $42.9 billion. 

'Attrition successful Medicaid Membership' Hits Revenue

Operating gross declined little than 1% year-over-year, which nan institution attributed to "attrition successful Medicaid membership," partially offset by an summation successful premium yields. The company’s Carelon brand, which is focused connected full healthcare, saw operating gross of $13.3 billion, an summation of 10% from a ago. 

Elevance affirmed its full-year adjusted EPS guidance of astatine slightest $37.20. 

Shares of nan institution slid astir 6% to $521.88 arsenic of 10:47 a.m. ET Wednesday. They are up astir 10% successful 2024.