Elevance Health Inc. reported its financial results for the third quarter of 2024, revealing a significant shortfall in earnings per share $(EPS)$, missing expectations by $1.33, or 13.7%, due to elevated medical costs in its Medicaid business. As a result, the company has revised its EPS guidance for 2024 downward from $37.20 to $33.00, reflecting an 11.3% decrease, anticipating continued challenges in its Medicaid segment. Following these disclosures, the price of Elevance common stock fell sharply by $52.61 per share, closing at $444.35 on October 17, 2024. The company had previously indicated on July 17, 2024, that it expected an increase in Medicaid utilization for the second half of the year, which led to a stock price decrease of $32.21 per share at that time. Elevance continues to face operational challenges associated with the redetermination process of Medicaid eligibility, which has impacted its financial performance.