UnitedHealth Group Inc (NYSE:UNH) has reported a strong rise in first-quarter revenue which it said reflected consistent broad-based growth at its Optum and UnitedHealthcare units.
The Minnetonka, Minnesota-based managed healthcare and insurance company said growth was led by serving more people across the enterprise and the company's expanding capabilities to care for them more comprehensively
Revenue for the quarter ended March 31 rose 15% to $91.9 billion, with earnings from operations improving by 16% to $8.1 billion. Adjusted diluted earnings per share (EPS) rose 14% to $6.26.
“Our strong, enterprise-wide growth this quarter is a direct result of our colleagues’ unwavering commitment to offering more health services to more people and connecting consumers with greater access to high-quality, affordable care,” UnitedHealth CEO Andrew Witty commented.
The company increased its full-year adjusted earnings outlook to $24.50 to $25.00 per share.
Meanwhile, Reuters reported on Tuesday that the health insurer warned of a spike in medical costs in the second quarter as more older adults undergo non-urgent procedures they had delayed during the pandemic.
"We're seeing that more seniors are just more comfortable accessing services for things that they might have pushed off a bit like knees and hips," Tim Noel, CEO of UnitedHealth's Medicare & Retirement business, said at a Goldman Sachs (NYSE:GS) healthcare conference, per Reuters.
The company’s shares fell 5.6% to $464 in pre-market trade.
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