Oxford Health Plans reported a net loss of $78.2 million, or 99 cents per share, for the third quarter ended Sept. 30, compared with net income of $26.7 million, or 33 cents per share, in the year-ago quarter.
The loss is steeper than the $68.5 million anticipated loss Oxford announced two weeks ago that caused its stock to fall 62% to $25.88 per share Oct. 27 (Nov. 3, p. 8).
A day after reporting the loss, Oxford announced that Chief Financial Officer Andrew Cassidy will resign. He will stay on until a replacement is named, the company said.
The Norwalk, Conn.-based managed-care company said revenues for the third quarter grew 31% to $1.1 billion.
For the nine months, Oxford posted a net loss of $6.6 million, or 8 cents per share, compared with net income of $67.6 million, or 86 cents per share, in the year-ago period. Revenues grew 42% to $3.1 billion.