Tenet Healthcare Corp (THC) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Earnings Press Release
10-Q Quarterly Report
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Tenet Healthcare Corp
Ticker: THC CIK: 70318

Exhibit 99.1

Tenet Reports Results for the Second Quarter Ended June 30, 2019


•	Tenet reported net income from continuing operations attributable to Tenet common shareholders of $15 million or $0.14 per diluted share in the second quarter of 2019 compared to $24 million or $0.23 per diluted share in the second quarter of 2018.


•	Adjusted diluted earnings per share from continuing operations were $0.56 in the second quarter of 2019, above the midpoint of the Company’s Outlook and compared to $0.49 in the second quarter of 2018.


•	Adjusted EBITDA for the second quarter of 2019 was $657 million, which was above the midpoint of the Company’s Outlook. Adjusted EBITDA consisted of $347 million in the Hospital Operations and other segment, $207 million in the Ambulatory Care segment and $103 million in the Conifer segment.


•	Hospital segment same-hospital net patient service revenues grew 5.7 percent in the second quarter of 2019: admissions increased 3.3 percent, adjusted admissions increased 2.2 percent and net revenue per adjusted admission increased 3.4 percent.


•	Ambulatory Care segment same-facility system-wide surgical revenue grew 5.2 percent in the second quarter of 2019, with surgical cases up 2.6 percent and surgical revenue per case up 2.5 percent. Adjusted EBITDA less facility-level noncontrolling interest increased 9.1 percent.


•	Conifer’s Adjusted EBITDA grew 13.2 percent and margins increased 540 basis points to 29.0 percent reflecting ongoing improvements in its cost structure. Conifer’s revenues decreased 8.0 percent in the second quarter of 2019 primarily as a result of divestitures by Tenet and other customers.


•	Updating 2019 Outlook for net income and earnings per share; reiterating previously provided 2019 Outlook for revenue, Adjusted EBITDA, Adjusted EPS and Adjusted Free Cash Flow.

DALLAS — Aug. 5, 2019 — Tenet Healthcare Corporation (NYSE: THC) reported net income from continuing operations attributable to Tenet common shareholders of $15 million in the second quarter of 2019 compared to net income of $24 million in the second quarter of 2018. Adjusted EBITDA was $657 million in the second quarter of 2019 above the midpoint of the Company’s Outlook range of $625 million to $675 million.

Ronald A. Rittenmeyer, Executive Chairman and CEO, said, “We delivered another strong quarter which included a very meaningful improvement in volume growth in our hospital portfolio, continued volume and earnings growth at USPI and strong financial results at Conifer. We are continuing to take appropriate actions to improve our cost structure and our focus on improving volume growth is showing results.”

The following information was filed by Tenet Healthcare Corp (THC) on Monday, August 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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