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Tenet Reports Results for the Fourth Quarter Ended December 31, 2016 and Issues Outlook for 2017
|||Reported a net loss from continuing operations of $187 million or $1.88 per share in 2016 and a net loss from continuing operations of $79 million or $0.79 per share in the fourth quarter.|
|||Adjusted EBITDA was $2.413 billion in 2016 and $613 million in the fourth quarter. Adjusted diluted earnings per share from continuing operations was $1.04 in 2016 and $0.06 in the fourth quarter.|
|||Same-hospital patient revenue grew 3.2% in the fourth quarter and reflects a 3.7% increase in revenue per adjusted admission partially offset by a 0.5% decline in adjusted admissions. Hospital segment Adjusted EBITDA totaled $358 million in the quarter.|
|||Ambulatory Care segment revenue increased 5.9% on a same-facility system-wide basis in the fourth quarter, with cases increasing 1.7% and revenue per case increasing 4.1%. Adjusted EBITDA for the ambulatory segment was $183 million in the fourth quarter, a 15.8% increase, and representing a margin of 38.3%.|
|||Revenue from Conifer Health Solutions increased 4.7% in the fourth quarter with revenue from third parties increasing 16.0%. Conifer generated $72 million of Adjusted EBITDA in the fourth quarter, an 18.0% increase, and representing a margin of 17.9%.|
|||Net cash provided by operating activities during 2016 was $558 million, a $468 million decline when compared to $1.026 billion in 2015, and was primarily impacted by the payment related to the resolution of the Clinica de la Mama matter in the fourth quarter of 2016. Adjusted Free Cash Flow was $380 million in 2016, a $25 million decline when compared to $405 million in 2015.|
|||Issues Outlook for 2017; includes net income from continuing operations attributable to Tenet common shareholders of $105 million to $135 million and Adjusted EBITDA of $2.5 billion to $2.6 billion.|
DALLAS February 27, 2017 Tenet Healthcare Corporation (NYSE:THC) reported a net loss from continuing operations of $79 million in the fourth quarter of 2016, a $21 million improvement when compared to a $100 million net loss from continuing operations in the fourth quarter of 2015. Adjusted EBITDA was $613 million in both the fourth quarters of 2016 and 2015.
Trevor Fetter, chairman and chief executive officer, stated, Demand for higher acuity services in our hospitals drove growth in same-hospital patient revenue and revenue per adjusted admission in the fourth quarter. Our Ambulatory and Conifer Health businesses delivered strong revenue and Adjusted EBITDA growth. Our expectations for continued growth in 2017 reflect confidence in our strategy to strengthen our hospital portfolio, expand our network of ambulatory facilities, and solidify Conifers leadership in healthcare business services.
The following information was filed by Tenet Healthcare Corp (THC) on Monday, February 27, 2017 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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