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Illustration: Aïda Amer/Axios

Health care's third-quarter earnings season has started, and if the quarter is anything like the previous one, the industry will continue to fare relatively well even amid the broader economic turmoil.

The bottom line: The coronavirus dominated the spring and summer, which forced people to put off care, but people have resumed getting procedures and seeing their doctors.

Between the lines: The second quarter was extremely profitable for health insurers — UnitedHealth Group, for example, posted its highest-ever profit.

  • Health insurers still aren't paying as many medical claims as before the pandemic, which likely will keep their profit figures at high levels.

Yes, but: The persistent amount of coronavirus cases is no longer stunting all demand for pharmaceuticals, surgeries, medical devices, hospital stays, doctor visits and other health care services.

  • The highest net profit margins in Q2 belonged to pharmaceutical companies and hospitals, according to the Axios health care earnings tracker.
  • Almost all hospital systems we track posted a net profit in Q2, due largely to the rebounding stock market boosting their investment portfolios. But patient volumes have also continued to increase since their low point in the spring.
  • Orlando Health, an eight-hospital system, ended June sitting on $2.7 billion and an 8% operating margin — and also received $82 million in taxpayer bailout funds to offset the coronavirus.
  • Hospital executives "expect a sharp recovery [in volumes] over the next twelve months," according to a new SVB Leerink survey.
  • Medical device sales are "recovering faster than expected," Johnson & Johnson executives said on their Q3 investor call yesterday.

Go deeper: Follow our earnings tracker

Go deeper

Nov 29, 2020 - Sports

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground, and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

21 hours ago - Health

Restaurants fight COVID restrictions

Diners in the Wicker Park neighborhood in Chicago, Illinois, on Nov. 11. Photo: Scott Olson/Getty Images

Restaurants in several states — including Kentucky, Illinois and California — are staying open and defying restrictions, as states try to manage skyrocketing coronavirus cases and hospitalizations with more safety measures.

The big picture: Restaurant industry trade groups have been desperately lobbying for federal aid from a coronavirus stimulus package that has yet to see any traction in Congress.

Nov 29, 2020 - Health

New York City to reopen public schools with weekly testing

New York Mayor Bill de Blasio in New York on Nov. 28. Photo: Kena Betancur/AFP via Getty Images

Some New York City schools will be allowed to reopen for in-person learning as early as Dec. 7, Mayor Bill de Blasio announced Sunday.

The state of play: De Blasio said schools will no longer be forced to shutter when the city hits a 3% COVID-19 test positivity rate, but he did not specify what the new threshold will be. The school district will mandate weekly tests for 20% of children in each school, and students will not be tested before they return.