HCA - HCA Healthcare posts 2Q beats even as net income extends slump
Leading hospital operator HCA Healthcare ( NYSE: HCA ) managed to beat Street forecasts with its 2Q 2022 financials even as the company continued its decline in the bottom-line amid rising costs.
“Many aspects of our business were positive considering the challenges we faced with the labor market and other inflationary pressures on costs,” Chief Executive Sam Hazen noted ahead of the earnings call at 8:00 a.m. CST.
HCA’s ( HCA ) revenue for the quarter rose ~3% YoY to $14.8B after the company reported ~7% YoY growth in the topline in the previous quarter.
At the end of the quarter, the company operated 182 hospitals with 48,979 licensed beds, compared to 187 hospitals and 49,693 at the end of the prior year quarter.
Highlights of the operational data include ~2% yoy decline in patient days and roughly unchanged equivalent patient days. meanwhile, on a same facility basis, equivalent admissions stood flat and revenue per equivalent admission grew ~4% YoY to $16.4K.
In financial measures, adj. EBITDA dropped ~6% YoY to $3.0B as salaries and benefits rose ~6% YoY to $6.8B making up ~46% of the topline compared to ~44% in the prior-year period.
Extending the ~11% YoY decline in the preceding quarter, net income fell ~20% YoY during 2Q 2022 to $1.2B while cash and equivalents stood at $858M, implying ~41% drop from the 2021 year-end.
Three months ago, HCA ( HCA ) shares came under pressure after the company slashed its 2022 guidance after labor costs hurt earnings.
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HCA Healthcare posts 2Q beats even as net income extends slump