Magellan Health Services Inc. (MGLN, Financial) filed Quarterly Report for the period ended 2009-06-30.
Magellan Health Services is the country\'s leading behavioral managed care organization. Its customers include health plans corporations and government agencies. Magellan Health Services Inc. has a market cap of $1.12 billion; its shares were traded at around $31.8 with a P/E ratio of 15.2 and P/S ratio of 0.4.
Total net revenues from the Company\'s contracts with WellPoint were $100.6 million and $88.5 million during the six months ended June 30, 2008 and 2009, respectively, including radiology benefits management revenue of $84.1 million and $81.6 million, respectively.
Two customers generated greater than ten percent of Commercial net revenues for the six months ended June 30, 2008 and 2009. The first customer has a contract that extends through December 31, 2012 and generated net revenues of $104.5 million and $116.8 million for the six months ended June 30, 2008 and 2009, respectively. The second customer has a contract that extends through June 30, 2014 and generated net revenues of $44.4 million and $42.2 million for the six months ended June 30, 2008 and 2009, respectively.
For the six months ended June 30, 2008, five customers each exceeded ten percent of the net revenues for the Specialty Pharmaceutical Management segment. Four of such customers generated $33.8 million, $25.1 million, $14.3 million, and $13.4 million of net revenues during the six months ended June 30, 2008. The other contract generated net revenues of $15.4 million for the six months ended June 30, 2008, and this contract terminated as of December 31, 2008. For the six months ended June 30, 2009, four customers each exceeded ten percent of the net revenues for this segment. Such customers generated $42.4 million, $26.8 million, $19.3 million, and $15.2 million of net revenues during the six months ended June 30, 2009. The previously mentioned contract that terminated as of December 31, 2008 generated net revenues for run-off activity of $6.9 million for the six months ended June 30, 2009.
Net revenue related to Commercial decreased by 2.3 percent or $3.8 million from the Prior Year Quarter to the Current Year Quarter. The decrease in revenue is mainly due to terminated contracts of $7.9 million and other net unfavorable variances of $0.9 million, which decreases were partially offset by favorable rate changes of $2.2 million, net favorable retroactive membership and rate adjustments of $1.0 million recorded in the Current Year Quarter, revenue from new contracts implemented after (or during) the Prior Year Quarter of $1.0 million, and increased membership from existing customers of $0.8 million.
Cost of care increased by 4.4 percent or $3.7 million from the Prior Year Quarter to the Current Year Quarter. The increase in cost of care is primarily due to unfavorable medical claims development for the Prior Year Quarter which was recorded after the Prior Year Quarter of $5.2 million, increased membership from existing customers of $0.3 million, and care trends and other net variances of $6.7 million, which increases were partially offset by terminated contracts of $4.8 million, the favorable impact of contractual settlements in the Current Year Quarter of $2.7 million, favorable prior period medical claims development recorded in the Current Year Quarter of $0.5 million, and unfavorabl
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Magellan Health Services is the country\'s leading behavioral managed care organization. Its customers include health plans corporations and government agencies. Magellan Health Services Inc. has a market cap of $1.12 billion; its shares were traded at around $31.8 with a P/E ratio of 15.2 and P/S ratio of 0.4.
Highlight of Business Operations:
Commercial. The Managed Behavioral Healthcare Commercial segment ("Commercial") generally reflects managed behavioral healthcare services and EAP services provided under contracts with managed care companies, health insurers and other health plans for some or all of their commercial, Medicaid and Medicare members, as well as with employers, including corporations and governmental agencies, and labor unions. Commercial\'s contracts encompass risk-based, ASO and EAP arrangements. As of June 30, 2009, Commercial\'s covered lives were 4.1 million, 13.6 million and 20.6 million for risk-based, EAP and ASO products, respectively. For the six months ended June 30, 2009, Commercial\'s revenue was $203.1 million, $52.3 million and $63.5 million for risk-based, EAP and ASO products, respectively.Total net revenues from the Company\'s contracts with WellPoint were $100.6 million and $88.5 million during the six months ended June 30, 2008 and 2009, respectively, including radiology benefits management revenue of $84.1 million and $81.6 million, respectively.
Two customers generated greater than ten percent of Commercial net revenues for the six months ended June 30, 2008 and 2009. The first customer has a contract that extends through December 31, 2012 and generated net revenues of $104.5 million and $116.8 million for the six months ended June 30, 2008 and 2009, respectively. The second customer has a contract that extends through June 30, 2014 and generated net revenues of $44.4 million and $42.2 million for the six months ended June 30, 2008 and 2009, respectively.
For the six months ended June 30, 2008, five customers each exceeded ten percent of the net revenues for the Specialty Pharmaceutical Management segment. Four of such customers generated $33.8 million, $25.1 million, $14.3 million, and $13.4 million of net revenues during the six months ended June 30, 2008. The other contract generated net revenues of $15.4 million for the six months ended June 30, 2008, and this contract terminated as of December 31, 2008. For the six months ended June 30, 2009, four customers each exceeded ten percent of the net revenues for this segment. Such customers generated $42.4 million, $26.8 million, $19.3 million, and $15.2 million of net revenues during the six months ended June 30, 2009. The previously mentioned contract that terminated as of December 31, 2008 generated net revenues for run-off activity of $6.9 million for the six months ended June 30, 2009.
Net revenue related to Commercial decreased by 2.3 percent or $3.8 million from the Prior Year Quarter to the Current Year Quarter. The decrease in revenue is mainly due to terminated contracts of $7.9 million and other net unfavorable variances of $0.9 million, which decreases were partially offset by favorable rate changes of $2.2 million, net favorable retroactive membership and rate adjustments of $1.0 million recorded in the Current Year Quarter, revenue from new contracts implemented after (or during) the Prior Year Quarter of $1.0 million, and increased membership from existing customers of $0.8 million.
Cost of care increased by 4.4 percent or $3.7 million from the Prior Year Quarter to the Current Year Quarter. The increase in cost of care is primarily due to unfavorable medical claims development for the Prior Year Quarter which was recorded after the Prior Year Quarter of $5.2 million, increased membership from existing customers of $0.3 million, and care trends and other net variances of $6.7 million, which increases were partially offset by terminated contracts of $4.8 million, the favorable impact of contractual settlements in the Current Year Quarter of $2.7 million, favorable prior period medical claims development recorded in the Current Year Quarter of $0.5 million, and unfavorabl
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