THC - Tenet Healthcare beats Q1 top and bottom line estimates; initiates Q2 and updates FY23 outlook

2023-04-25 07:01:18 ET

• Tenet Healthcare press release ( NYSE: THC ): Q1 Non-GAAP EPS of $1.42 beats by $0.27 .
• Revenue of $5.02B (+5.7% Y/Y) beats by $170M .
• Consolidated Adjusted EBITDA in first quarter 2023 of $832 million, including $3 million of grant income.
• Same-facility system-wide ambulatory surgical cases increased 7.9% versus first quarter 2022; Same-hospital adjusted admissions increased 6.7% versus first quarter 2022.
• The Company’s ratio of net debt to Adjusted EBITDA ¹ was 4.19x at March 31, 2023 compared to 4.10x at December 31, 2022.
• FY 2023 Adjusted EBITDA Outlook increased, now expected to be in the range of $3.210 billion to $3.410 billion.
• 2Q23 Outlook: Revenue of $4.8B-$5.0B vs. consensus of $4.91B. Adj. EPS of $1.07 to $1.30 vs. consensus of $1.16.

• FY23 Outlook: Revenue of $19,800M to $20,200M vs. consensus of $20.04B. Adj. EPS of $4.92 to $6.09  vs. consensus of $5.43.

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