Centene Corp. reported solid results for the third quarter of 2021, achieving Medicare and Medicaid membership increases and raising revenue guidance for the full year. To Jefferies analyst David Windley, the company’s results “reflect an improvement from a messy 2Q.”

COVID-19-related costs, a headwind called out in Centene’s second-quarter earnings call, peaked in August. Their decline continued in October. “Similar to peers, [Centene’s management] noted an offset dynamic between rising COVID costs and declining non-COVID utilization due to Delta,” Windley noted. Centene was able to manage through this challenge with steady Medicaid and Medicare performance.

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