Centene forecasts 2023 profit, revenue below estimates

Dec 16 (Reuters) - Centene Corporation (CNC.N) said on Friday it expects to post 2023 adjusted profit between $6.25 per share and $6.40 per share, that would be marginally below analysts' estimates of $6.34 at midpoint.

The health insurer said it sees total revenue forecast for 2023 between $137.4 billion to $139.4 billion, lower than analysts estimates of $144.48 billion, according to Refinitiv data.

The 2023 medical loss ratio is expected to be in range of 87.2% to 87.8%, Centene said.

Analysts were expecting a medical loss ratio of 87.77%, according to Refinitiv IBES data.

The company, which also said it has authorized a $2 billion increase to its existing stock repurchase program, is expected to give further details about its outlook in its investor day conference later today.

Reporting by Khushi Mandowara; Editing by Nivedita Bhattacharjee

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