Elevance Health, Inc. - ELV STOCK NEWS

Elevance Health (NYSE: ELV) has appointed Nathan Rich as Vice President of Investor Relations, effective November 11, 2024. Rich will lead the company's investor relations efforts and join the executive leadership team, reporting to CFO Mark Kaye. He succeeds Stephen Tanal, who transitions to CFO of Elevance Health's Government Health Benefits business. Rich brings nearly two decades of experience, previously serving as VP in Global Investment Research at Goldman Sachs and as a sell-side research analyst at Citi.

Adam Herbst has joined Sheppard Mullin as a healthcare partner in New York, becoming the ninth healthcare partner to join in 2024. Previously serving as New York State Department of Health's Deputy Commissioner for Aging and Long Term Care, Herbst brings expertise in healthcare policy, Medicaid reform, and corporate governance. His experience includes overseeing regulation for New York's acute care, post-acute care, disability, and long-term care industries. The firm highlights its active long-term care practice, citing recent major transactions including a strategic partnership with Elevance Health and various joint ventures in the healthcare sector.

Elevance Health (NYSE: ELV) reported third quarter 2024 results with operating revenue of $44.7 billion, a $2.2 billion increase from the prior year. The company's adjusted operating gain was $2.4 billion, with diluted EPS of $4.36 and adjusted diluted EPS of $8.37. Elevance Health revised its 2024 outlook, now expecting GAAP net income per diluted share to be approximately $26.50 and adjusted net income per diluted share to be approximately $33.00.

The benefit expense ratio increased to 89.5%, up 270 basis points, primarily due to a timing mismatch between Medicaid rates and higher member acuity. The operating expense ratio improved to 11.8%, or 9.6% excluding adjustment items. The company's Health Benefits segment saw operating revenue increase to $38.3 billion, while Carelon's operating revenue grew to $13.8 billion. Elevance Health declared a fourth quarter 2024 dividend of $1.63 per share.

Elevance Health (NYSE: ELV) has announced its plans to release third quarter 2024 financial results on October 17, 2024, at 6:00 a.m. EDT. The company will host a conference call at 8:30 a.m. EDT on the same day to discuss the results and outlook. Investors can access the call using specific domestic and international numbers with an access code. A replay will be available from 11:30 a.m. EDT on October 17, 2024, until November 16, 2024. Additionally, a live webcast of the call will be accessible through the company's website under the "Investors" link, with a replay available afterwards.

Elevance Health and its Elevance Health Foundation are providing $500,000 in new grant funding to support communities affected by Hurricane Helene. This funding will help community-based organizations address critical needs such as access to food, shelter, hygiene kits, and recovery supplies.

In addition to this pledge, the Foundation has preemptively provided funding to several disaster-relief organizations:

• $1 million to the American Red Cross
• $300,000 to Team Rubicon
• $250,000 to Americares
• $100,000 to Direct Relief

Elevance Health is also matching employee donations to disaster relief efforts and making it easier for members to refill prescriptions and access healthcare services during the crisis.

Elevance Health (NYSE: ELV) has introduced the Whole Health Index (WHI), a groundbreaking tool for assessing individual and community health. Developed by Elevance Health's physicians, data scientists, and researchers, the WHI uses a 0-100 scale to evaluate health over time, considering physical, behavioral, and social factors.

The WHI incorporates over 90 data points across various health categories, including food insecurity, transportation accessibility, housing instability, preventative dental exams, immunizations, and mental health treatment. Elevance Health has begun providing access to WHI data for employer health plan members in Missouri and Virginia, with information available at the county level and always de-identified.

Elevance Health, in partnership with the Impact Fitness Foundation (IFF), has provided Irvington Preparatory Academy with its first-ever weight room and fitness space. This initiative is part of Elevance Health's commitment to improving health equity and social justice. The new facility eliminates the need for staff to drive students to public fitness centers for sports and physical education training.

The transformation included converting a storage room into a state-of-the-art training facility with new equipment for functional movement. Volunteers from Elevance Health and Indiana Fever players participated in the renovation. Following the unveiling, students and coaches attended a training clinic with IFF athletic trainers and Indiana Fever players to familiarize themselves with the new facility.

Elevance Health (NYSE: ELV) reported its Q2 2024 results, with operating revenue of $43.2 billion and adjusted operating gain of $2.8 billion. The company's diluted EPS increased by 26% to $9.85, while adjusted diluted EPS rose 12% to $10.12. Elevance Health declared a Q3 2024 dividend of $1.63 per share.

The benefit expense ratio improved to 86.3%, while the operating expense ratio increased to 11.7%. The company maintains its full-year outlook, expecting GAAP net income per diluted share to be at least $34.05 and adjusted diluted net income per share to be at least $37.20 in 2024.

Elevance Health's Health Benefits segment saw a 2% decrease in operating revenue, while Carelon segment's operating revenue increased by 10% compared to the prior year quarter.

Elevance Health has released its annual Impact Report, showcasing its transformation from a traditional health insurance company to a comprehensive healthcare services provider. Key achievements include receiving the Health Equity Accreditation Plus from the National Committee for Quality Assurance, supporting Medicaid eligibility renewals, and expanding Carelon. The company was recognized among America’s top 50 most community-minded companies and featured in JUST Capital’s JUST 100. The report emphasizes Elevance Health’s efforts to cater to the unique needs of each health plan member, assess and address health drivers, form community partnerships, and utilize data-driven insights to enhance and personalize healthcare services.