CYH - Why Shares of Community Health Systems Are Rising Thursday
2023-08-03 15:06:39 ET
Shares of Community Health Systems (NYSE: CYH) were up more than 21% as of 2:45 p.m. on Thursday after the company announced second-quarter earnings. The healthcare stock is down more than 10% so far this year.
Community Health operates or leases 77 acute-care hospitals in 15 states. The company reported second-quarter revenue of $3.12 billion, up 6.2% year over year. The company also reported a net loss of $38 million, or $0.29 in earnings per share (EPS), compared to a loss of $326 million, or $2.52, in the same quarter a year ago.
The company attributed the improved numbers to higher inpatient and outpatient volumes, increased reimbursement rates, an increase in nonpatient revenue, and decreased costs for contract labor -- though some costs rose, such as professional liability insurance and outsourced medical specialists.
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Why Shares of Community Health Systems Are Rising Thursday