Feb 15 (Reuters) - Medicaid-focused health insurer Molina Healthcare Inc on Wednesday reported a fourth-quarter loss and forecast 2017 profit far below Wall Street estimates, sending its shares down 14 percent.
Molina placed the blame for its disappointing performance on the Affordable Care Act (ACA), former President Barack Obama’s signature healthcare reform law commonly referred to as Obamacare.
“Today’s results highlight the continuing challenges we face in the ACA marketplace,” Chief Executive Officer J. Mario Molina said in a statement.
For 2017, Molina forecast adjusted earnings of $2.09 per share, while analysts on average were forecasting $3.69, according to Thomson Reuters I/B/E/S. (Reporting by Bill Berkrot in New York; Editing by Lisa Shumaker)