(Reuters) - Centene Corp reported a quarterly profit on Tuesday that edged past analysts' estimates, driven by its acquisition of Fidelis Care.
The company bought Fidelis for $3.75 billion last year, giving it access to over 1.6 million members in New York.
Centene's health benefits ratio, or the amount it spends on medical claims compared with its income from premiums, improved to 86.3 percent in the third quarter, compared to 88 percent a year earlier.
Revenue from the company's Medicaid business rose to $10.91 billion.
Centene, which primarily focuses on government-backed health insurance plans, reported a net income attributable to the company of $19 million, or 9 cents per share, in the third quarter ended Sept. 30, compared to $205 million, or $1.16 per share, a year earlier.
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Excluding items, the company earned $1.79 per share, beating Refinitiv estimates of $1.77 per share.
Total revenue rose 36 percent to $16.18 billion. Analysts were expecting revenue of $16.02 billion.
(Reporting by Aakash Jagadeesh Babu and Tamara Mathias in Bengaluru; Editing by Shounak Dasgupta)
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