In less than a month, this corporate giant had lost more than half its value. “This is a stock that every growth-oriented portfolio manager in the world owned for a decade and made money on it like clockwork,” Whit Mayo, an analyst at the Leerink healthcare investment bank, told Fortune at the time. “It’s stunning. It’s unthinkable.”

UnitedHealth Group is scheduled to report second-quarter results on Tuesday morning, capping a tumultuous first half of the year for the health insurance giant.

UnitedHealth (UNH) shares lost another 5% on July 29 after the company’s management warned elevated medical costs will result in lower-than-expected earnings in 2025. The world’s largest health insurer now sees its per-share earnings printing at $16 this year,