UnitedHealth Group (UNH), the biggest health insurer in the U.S, narrowly beat Wall Street forecasts with its second-quarter financial results.
The Minnesota-based company reported earnings per share of $6.80 U.S., which topped analyst estimates of $6.66 U.S.
Revenue during Q2 totaled $98.86 billion U.S., which was slightly ahead of forecasts that called for $98.84 billion U.S. in sales.
In its Q2 earnings release, UnitedHealth Group discussed the ongoing impact of a February cyberattack on its technology unit called “Change Healthcare.”
Specifically, UnitedHealth said that the cyberattack would impact its earnings for the year by $1.90 U.S. to $2.05 U.S. per share.
That was worse than a previous forecast that said the impact would amount to $1.15 U.S. to $1.35 U.S. a share.
The attack on Change Healthcare disrupted UnitedHealth’s payment system and has forced it to provide $9 billion U.S. worth of loans to some partners.
UnitedHealth has also warned that the hackers have likely stolen a substantial amount of data on its various customers.
The company’s medical loss ratio, which calculates the percentage of premium dollars that an insurer spends on medical claims, rose two percentage points to 85.1% in Q2.
UnitedHealth’s stock was trading flat on news of its Q2 print. Year-to-date, the stock is down 4% and trading at $515.37 U.S. per share.
