TEANECK, N.J., July 2, 2015 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today provided an update on the status of its relationship with Health Net, Inc. (NYSE: HNT) and reaffirmed its 2015 guidance following the announcement that Health Net has entered into an agreement to be acquired by Centene Corporation (NYSE: CNC).
Health Net Relationship
"Today's announcement by Health Net and Centene is yet another example of how the healthcare landscape is rapidly changing, with increasing focus on medical costs, consumerization and a changing regulatory environment driving consolidation as well as an ongoing search for solutions that fundamentally change the business model and economics of healthcare management," said Gordon Coburn, President, Cognizant. "As we congratulate Health Net and Centene today, we look forward to continuing to partner with them to support their technology and operations requirements."
Key updates on the relationship include:
Coburn, added, "With our extensive healthcare expertise and 2014 acquisition of healthcare software leader TriZetto, Cognizant is well positioned to capitalize on the dynamic healthcare market and offer solutions that help payers and providers evolve as a digital enterprise and change their cost structures to address customer needs and meet regulatory requirements."
Cognizant today also reaffirmed its fiscal 2015 guidance, previously stated on May 4, 2015:
"Despite the anticipated loss of approximately $100 million in incremental revenues during the second half of 2015, we are pleased to reaffirm our guidance for the year due to continued strong demand and projected over-performance in other parts of our business. Today's announcement by Health Net will not impact our ability to achieve our goals for the year," said Karen McLoughlin, Chief Financial Officer, Cognizant.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 217,700 employees as of March 31, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our expectations regarding opportunities in the marketplace and our anticipated financial performance, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. With respect to our expectations in the "2015 Outlook" section above, reconciliation of non-GAAP diluted EPS guidance to GAAP diluted EPS guidance cannot be provided without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to net non-operating foreign currency exchange gains or losses which are excluded from the non-GAAP diluted EPS.
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