Tenet Healthcare Corp (THC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Home SEC Filings Tenet Healthcare Corp (THC) 10-Q Quarterly Report Mon Aug 03 2020

Exhibit 99.1

tenethealthrgb.jpg
Tenet Reports Results
for the First Quarter Ended March 31, 2020
and Provides Update on Effects of COVID-19
 
•
Net income from continuing operations attributable to common shareholders of $94 million, or $0.89 per diluted share, in 1Q20 versus a net loss from continuing operations of $20 million, or $0.19 per diluted share in 1Q19
•
Strong operating performance through mid-March and ahead of expectations. Impact of COVID-19 pandemic in the latter half of March suppressed otherwise solid financial results for 1Q20 lowering net income from continuing operations attributable to common shareholders by approximately $73 million, or $0.69 per diluted share, and Adjusted EBITDA by approximately $125 million.
•
Actively managing COVID-19 patient needs and adapting to the rapidly evolving environment continuing to provide the highest level of care to our patients. The Company’s hospital system is not being overwhelmed. As of May 1, 2020, the Company had 771 active COVID-19 patients in-house across its portfolio of 65 hospitals and 308 Patients Under Investigation (PUI) cases, many of which are inpatients with test results pending.
•
Patient volumes declined significantly in the latter half of March due to governmental shelter-in-place orders and elimination of elective surgery related to COVID-19.
•
The Company has taken numerous actions in April 2020 to enhance its liquidity.
•
Due to the uncertainty of the current environment, projections of volumes and earnings for the remainder of the year create difficulty in predicting, with any precision, full year guidance. Significant impact from the pandemic is anticipated in 2Q20 with stabilization and recovery targeted in the second half of this year. The Company may provide updates as events unfold over the next several months.

DALLAS — May 4, 2020 — Tenet Healthcare Corporation (Tenet) (NYSE: THC) today announced its results for the quarter ended March 31, 2020 (1Q20).

“Our first quarter represents results that were trending above our expectations through early March and then, in a virtual snap of the finger, hit a wall created by the COVID-19 pandemic and the quick shutdown of elective surgeries and normal patient traffic,” said Ronald A. Rittenmeyer, Executive Chairman and Chief Executive Officer. “Our team responded quickly, focused on the safety of our patients and staff while ensuring we were caring for the potential and actual surge of COVID patients. This included forward purchasing of PPE and other supplies and equipment regardless of price, implementation of staffing deployment plans tailored to the unique elements of various markets, and the establishment of clear clinical protocols and safety measures standardized across operations.”

“We acted swiftly to mitigate the impact of significant volume reductions in our hospitals and surgery centers, enhance our operational and financial flexibility and redirect resources to



The following information was filed by Tenet Healthcare Corp (THC) on Monday, May 4, 2020 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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Ticker: THC
CIK: 70318
Form Type: 10-Q Quarterly Report
Accession Number: 0000070318-20-000036
Submitted to the SEC: Mon Aug 03 2020 4:19:41 PM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Tuesday, June 30, 2020
Industry: General Medical And Surgical Hospitals

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