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Tenet Reports Fourth Quarter 2010 Results
Earnings of $0.14 per diluted share in Q410, compared to $0.04 in Q409
Company Confirms 2011 Outlook
Fourth Quarter 2010 Key Metrics
Net income attributable to common shareholders of $74 million in Q410, compared to $21 million in Q409, an increase of 252 percent
Adjusted EBITDA of $281 million in Q410, compared to $218 million in Q409, an increase of 28.9 percent
Adjusted EBITDA margin of 12.2 percent in Q410, compared to 9.6 percent in Q409, an increase of 260 basis points
2010 Key Metrics
Net income attributable to common shareholders of $1.119 billion in 2010, compared to $181 million in 2009 (2010 net income included the recognition of $1.043 billion of tax benefits)
Earnings of $2.04 per diluted share in 2010, compared to $0.37 per diluted share in 2009
Adjusted EBITDA of $1.050 billion in 2010, compared to $982 million in 2009, an increase of 6.9 percent
Adjusted EBITDA margin of 11.4 percent in 2010, compared to 10.9 percent in 2009, an increase of 50 basis points
Subsequent Events in Q111
California Provider Fee Program received CMS final approval on January 18, 2011
$64 million will be recorded in net revenue in Q111
DALLAS Feb. 25, 2011 Tenet Healthcare Corporation (NYSE:THC) today reported adjusted EBITDA of $281 million for the fourth quarter ended December 31, 2010, an increase of $63 million, or 28.9 percent, compared to $218 million for the fourth quarter of 2009. Net income attributable to common shareholders for the fourth quarter of 2010 was $74 million, or $0.14 per diluted share, compared to $21 million, or $0.04 per diluted share, for the fourth quarter of 2009.
Our volume trends showed significant improvement in November and December compared to the first ten months of the year. Those strengthening trends have continued into January and February 2011. In the fourth quarter of 2010 we achieved a 3.2 percent increase in paying outpatient visits compared to 2009s fourth quarter. Strong pricing growth and continued excellent cost performance also contributed to a solid quarter. Our full year 2010 adjusted EBITDA of $1.05 billion is the highest in seven years, and the seventh consecutive year of EBITDA growth. Our adjusted EBITDA margin of 12.2 percent in the fourth quarter is the highest fourth quarter margin weve reported in seven years, and our full year 2010 margin of 11.4 percent is the highest in seven years, said Trevor Fetter, president and chief executive officer. We are reconfirming our 2011 outlook for adjusted EBITDA in a range of $1.150 billion to $1.250 billion and we are introducing our 2011 outlook for net cash provided by operating activities in the range of $570 million to $740 million.
Discussion of Results (Percentage changes compare Q410 to Q409, unless otherwise noted.)
Admissions and paying admissions declined by 2.0 percent and 2.2 percent, respectively. These declines were smaller than the respective declines of 3.5 percent and 3.9 percent in the sequential third quarter of 2010. Outpatient visits and paying outpatient visits increased by 2.9 and 3.2 percent, respectively compared to the fourth quarter of 2009. Adjusted admissions increased by 0.4 percent compared to the fourth quarter of 2009.
Net operating revenues were $2.301 billion, an increase of $40 million, or 1.8 percent, compared to net operating revenues of $2.261 billion in the fourth quarter of 2009. Net patient revenues per adjusted patient day increased by 2.4 percent.
The following information was filed by Tenet Healthcare Corp (THC) on Friday, February 25, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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