(Reuters) – UnitedHealth Group Inc on Monday forecast full-year 2023 profit below Wall Street estimates, sending shares down about 1% in extended trading.
UnitedHealth, an industry bellwether, had said in October the direct impact of COVID-19 – which has led to fluctuations in health insurers’ medical costs – is expected to ease next year, while recovery in non-urgent procedures could slow due to inflation and labor shortages.
The company sees adjusted 2023 profit between $24.40 and $24.90 per share, compared with analysts expectations of $24.94, according to Refinitiv data.
However, UnitedHealth expects 2023 revenue to be between $357 billion and $360 billion, above average analysts’ estimate of $352.38 billion.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri)
