Molina Healthcare Inc. said late Thursday that despite revenue growth, higher medical costs lead to a net loss in its fourth quarter.

After the markets closed, Long Beach managed care provider reported a net loss of $4.5 million (-18 cents per share), compared with net income of $14.8 million (55 cents) a year earlier. Revenue rose 19 percent to $964 million.

Analysts surveyed by Thomson Reuters on average expected a per-share loss of 16 cents on revenue of $961 million.

Molina, which primarily targets the Medicaid market, said its expenses jumped 23 percent to nearly $968 million. Its medical care ratio, percentage of premiums paid to cover medical claims, increased from 84.8 percent to 86.8 percent.

“Despite an extremely difficult environment in 2009, particularly in the fourth quarter, our company weathered the conditions and remained profitable,” said Chief Executive J. Mario Molina in a press release.

Looking ahead to the full year, the company expects net income of about $1.50 per share on $3.9 billion in revenue. Analysts are expecting net income of $1.55 per share on revenue of $4 billion.

Shares earlier closed up 24 cents, or 1 percent, to $21.61 on the Nasdaq.