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WELLCARE HEALTH PLANS, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Oct 30, 2019. Its latest SEC filing is a SC 13G/A from Feb 14, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Provides managed Medicaid and Medicare health plans, including prescription drug coverage, for families, seniors and people with complex medical needs.

How Did They Make Money?

State agencies and CMS pay monthly per-member premiums for Medicaid and Medicare coverage, generally in the month WellCare provides services. Members also pay any premiums they owe for the period of service.

FY2018 revenue

Who Were Their Customers?

State Medicaid agencies and CMS contract with WellCare for plans; individuals enroll by choosing a plan or, for some prescription-drug members, through government assignment.

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2018.

Operating income, FY2018
3% of revenue
▲ +49% vs FY2017 ($469M, 3%)
Net income, FY2018
2% of revenue
▲ +18% vs FY2017 ($373.7M, 2%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q3 FY2019, the three months to Sep 30, 2019
Revenue
▲ +41%
vs $5.1B in Q3 FY2018
Net income
▲ +85%
vs $130.6M in Q3 FY2018
  • Jan 23, 2020 Centene completed its acquisition of WellCare WellCare shareholders' stock was converted into Centene shares and cash.

Grew. Revenue grew 58% in 4 years, from $13B in FY2014 to $20.4B in FY2018, about 12% a year.

Marketplace coverage The latest report includes Health Insurance Marketplace members alongside its government-sponsored Medicaid, Medicare Advantage and prescription drug plans; the older report described its focus as exclusively government-sponsored managed care.

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