Elevance Health Inc. released its financial results for the third quarter of 2024, reporting a significant miss in earnings per share $(EPS)$ expectations. The company reported an EPS shortfall of $1.33, or 13.7%, primarily due to increased medical costs within its Medicaid business. Consequently, Elevance has lowered its EPS guidance for the year 2024 from $37.20 to $33.00, representing an 11.3% reduction, as they anticipate these Medicaid issues to persist. Following the announcement, Elevance's stock price experienced a notable decrease, falling by $52.61 per share, or 10.6%, closing at $444.35 on October 17, 2024. Elevance, headquartered in Indianapolis, provides health insurance plans, including managing Medicaid benefits for state-contracted beneficiaries. The company previously indicated expectations of increased Medicaid utilization for the second half of 2024, which had already impacted its stock price earlier in the year.
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