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Tenet Reports Results for the First Quarter Ended March 31, 2017
|||Reported a net loss from continuing operations of $52 million or $0.52 per share. Adjusted diluted earnings per share from continuing operations was a loss of $0.27.|
|||Adjusted EBITDA was $527 million including a $7 million benefit from a change in pension accounting.|
|||Same-hospital patient revenue declined 1.0% and reflects a 1.6% increase in revenue per adjusted admission offset by a 2.5% decline in adjusted admissions. Hospital segment Adjusted EBITDA totaled $309 million.|
|||Ambulatory Care segment revenue increased 6.1% on a same-facility system-wide basis, with cases increasing 0.5% and revenue per case increasing 5.6%. Adjusted EBITDA for the Ambulatory segment was $153 million, a 12.5% increase, representing a margin of 33.6%.|
|||Revenue from Conifer Health Solutions increased 4.4% with revenue from third parties increasing 11.5%. Conifer generated $65 million of Adjusted EBITDA, a 3.2% increase, representing a margin of 16.2%.|
|||Net cash provided by operating activities was $186 million, a $39 million improvement when compared to $147 million in the first quarter of 2016. Adjusted Free Cash Flow was $9 million, a $2 million decline when compared to $11 million in the first quarter of 2016.|
|||Reached new multi-year agreement with Humana to restore in-network access to all Tenet providers between June 1, 2017 and October 1, 2017.|
|||Entered into definitive agreement to sell acute care hospitals and related operations in Houston to HCA, with net proceeds anticipated to be approximately $725 million.|
|||Accelerating the purchase of USPI and anticipate owning 80% of the joint venture on or before July 3, 2017 and 95% in July 2019.|
|||Updated the Outlook for 2017 to reflect a change in accounting for pension expense. The Outlook for 2017 includes net income from continuing operations attributable to Tenet common shareholders of $71 million to $95 million, Adjusted EBITDA of $2.525 billion to $2.625 billion and Adjusted diluted earnings per share from continuing operations of $1.05 to $1.30.|
DALLAS May 1, 2017 Tenet Healthcare Corporation (NYSE:THC) reported a net loss from continuing operations of $52 million in the first quarter of 2017, a $3 million improvement when compared to a $55 million net loss from continuing operations in the first quarter of 2016. Adjusted EBITDA was $527 million in the first quarter of 2017, down from $617 million in the first quarter of 2016.
In the first quarter, we achieved strong financial results, delivering Adjusted EBITDA that was at the high end of our Outlook range, said Trevor Fetter, chairman and chief
The following information was filed by Tenet Healthcare Corp (THC) on Monday, May 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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