10:55 AM EDT, 07/31/2024 (MT Newswires) -- (Updates with the latest stock price movement and remarks about inpatient admissions.)

Humana (HUM) shares were down more than 8% in recent Wednesday trading after the health insurer warned of higher-than-expected inpatient hospital admissions even as its Q2 financial results topped market estimates.

The company saw "higher-than-anticipated" inpatient admissions in the quarter, it said in prepared remarks posted on its website. "We continue to assess the durability of the higher admissions, including clinical appropriateness and potential mitigation activities."

Humana reported Q2 adjusted earnings of $6.96 per diluted share, down from $8.94 a year earlier.

Analysts polled by Capital IQ expected $5.86.

Revenue for the quarter ended June 30 was $29.54 billion, compared with $26.75 billion a year earlier.

Analysts polled by Capital IQ expected $28.51 billion.

The company reiterated its 2024 adjusted EPS forecast of about $16.

Analysts polled by Capital IQ expect $16.37.

Price: 369.20, Change: -35.33, Percent Change: -8.73