UnitedHealth Group (UNH), a diversified healthcare company, has been named as a possible suitor in the sale of Tenet Healthcare’s (THC) Conifer unit. If a deal takes place between the two firms, analysts expect Tenet to value its wholly owned operating subsidiary, Conifer Health Solutions to about $2 billion.
In 2017, Tenet — under the pressure of its largest shareholder Glenview Capital Management — put its healthcare management subsidiary Conifer up for sale. In 2017, Confier accounted for 8% of the total sales. The sale of Conifer is a part of the company’s larger plan of restructuring that includes cutting workforce, divesting hospitals, breaking business segments and cut cost by $100 million by the end of this year.
According to the latest reports by the Wall Street Journal, the insurance giant is one of the companies that is aiming to acquire Tenet’s Conifer unit. There are no details on the other potential suitors. However, there is no certainty that the deal between UnitedHealth and Tenet will be consummated. If it does, Conifer would be a part of UnitedHealth’s fastest growing business Optum.
This week, UnitedHealth Group reported its Q2 earnings that topped analyst estimates. It posted a 12% growth in its revenues to $56.1 billion, generating profits of $2.98 per share. Adjusted EPS totaled $3.14 for the quarter. Both GAAP and adjusted EPS grew 28% year-over-year. Despite the strong results, the company’s stock is trading in the red. As of today, the company’s share price is down 0.95% to $252.96.
UnitedHealth Group Q2 Infographic
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus
Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000