Molina Healthcare released preliminary results from its second-quarter financials as it braces for elevated medical costs. | Molina Healthcare released preliminary results from its second-quarter financials as it braces for elevated medical costs.

Molina Healthcare on Monday cut its annual profit forecast and warned of weaker-than-expected quarterly earnings, joining a growing list of health insurers grappling with a spike in medical costs.

Molina Healthcare reduced its full-year profit expectations as CEO Joseph Zubretsky pointed to rising costs that have outpaced insurance premiums.