PITTSBURGH, Pa.—Highmark Health,  parent company of optical retailer Visionworks, reported this week record revenues and continued strong performance during 2018. This marked the company’s second consecutive year of strong financial performance, according to Highmark’s announcement earlier this week. Highmark reported “excess of revenue over expenses of $570 million and an operating gain of $526 million, driven by continued strong financial performance across all of its companies,” the announcement noted. Total revenues improved over prior year by more than $500 million to nearly $18.8 billion, while pre-tax results were $665 million.

“We've made much progress in building a strong enterprise since we formed Highmark Health six years ago, as reflected in our strong 2018 financial performance improvements across all of our business units,” president and chief executive officer David Holmberg said in the announcement. He noted that 2018 marked “the second highest results in company history, surpassed only by the record results we reported in 2017.”

Highmark Health's “diversified businesses” – which include Visionworks, dental, stop loss insurance – delivered operating earnings of $159 million, a $56 million improvement over 2017, which Highmark attributed to strong performances in its dental and stop loss segments. Visionworks, a 700-location vision retail and services company, “continues to deliver on its turnaround plan under its new leadership team,” according to Highmark. “The company reported an operating loss of $21 million in 2018, an improvement of $21 million over the prior year, excluding the results of managed vision care, according to the announcement.

Highmark sold the former Davis Vision managed care business unit to the private equity firm Centerbridge Partners in late 2017, as VMAIL reported.

Centerbridge combined Davis Vision with its Superior Vision company and the new entity subsequently was renamed Versant Health.

Holmberg added, “We've delivered on our promise to build a better, integrated health coverage and care system to meet consumer demand.”