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Tenet Reports Results for the Fourth Quarter Ended December 31,
2015 and Issues Outlook for 2016
|||Generated Adjusted EBITDA of $2.276 billion and Adjusted diluted EPS of $2.05 during calendar year 2015. During the fourth quarter, Tenet generated Adjusted EBITDA of $613 million and Adjusted diluted EPS of $0.35.|
|||Issued 2016 Outlook, which includes Adjusted EBITDA of $2.4 billion to $2.5 billion.|
|||After normalizing for timing differences related to the California Provider Fee, same-hospital patient revenue increased 3.6% in the fourth quarter, with adjusted admissions increasing 0.3% and revenue per adjusted admission increasing 3.2%.|
|||Ambulatory segment revenue increased 12.5% on a pro forma same-facility system-wide basis in the fourth quarter, with cases increasing 6.9% and revenue per case increasing 5.2%; on a pro forma basis, Adjusted EBITDA increased 17.9% to $158 million.|
|||Conifers total revenue increased 18.4% in 2015 with revenue from third parties increasing 24.1%. Conifer generated $265 million of Adjusted EBITDA in 2015, up 30.5% from 2014. In the fourth quarter, Conifer generated $61 million of Adjusted EBITDA.|
|||Adjusted Free Cash Flow increased to $405 million in 2015, up from a $55 million outflow in 2014. Tenets Outlook for Adjusted Free Cash Flow in 2016 is $400 million to $600 million and additional improvements are anticipated in 2017.|
|||Tenet reported a net loss attributable to common shareholders of $140 million or $1.41 per diluted share in 2015. During the fourth quarter, Tenet reported a net loss attributable to common shareholders of $97 million or $0.98 per diluted share. These losses include a $218 million increase in litigation reserves ($184 million after-tax or $1.86 per diluted share), which is described further below.|
DALLAS February 22, 2016 Tenet Healthcare Corporation (NYSE:THC) reported Adjusted EBITDA of $613 million for the fourth quarter of 2015, a decrease of $33 million, or 5.1 percent, compared to $646 million in the fourth quarter of 2014. After normalizing for timing differences related to the California Provider Fee program, Adjusted EBITDA increased $91 million or 17.4 percent.
We delivered Adjusted EBITDA at the midpoint of our Outlook for the fourth quarter and are on a path to deliver strong growth in Adjusted EBITDA and improved Adjusted Free Cash Flow in 2016, said Trevor Fetter, chairman and chief executive officer. Similar to our results in the third quarter, we experienced pressure on lower acuity inpatient hospital admissions and continued to drive increases in higher-acuity admissions. Our Conifer Health Solutions and United Surgical Partners subsidiaries performed well, with Conifer meeting our expectations and USPI delivering stronger-than-expected results in the fourth quarter.
The following information was filed by Tenet Healthcare Corp (THC) on Monday, February 22, 2016 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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