2023-07-27 09:04:17 ET
HCA Healthcare ( NYSE: HCA ) traded lower in the pre-market Thursday, dragging its competitors after the earnings bellwether for the hospital space set its full-year guidance in line with Street forecasts despite reporting better-than- expected financials for Q2 2023.
The nation’s largest for-profit hospital chain increased its outlook for revenue and adjusted EBITDA to $63.25B – $64.75B and $12.3B - $12.8B compared to $62.5B – $64.5B and $12.1B – $12.7B projected in April. According to Bloomberg, analysts expected HCA ( HCA ) to estimate $63.4B in revenue and $12.5B in adj. EBITDA for the year.
HCA’s rivals, Community Health Systems ( CYH ), Surgery Partners ( SGRY ), Tenet Healthcare ( THC ), Universal Health Services ( UHS ), and Select Medical Holdings ( SEM ), traded lower after the results.
However, the Nashville, Tennessee-based company exceeded Wall Street forecasts with its Q3 2022 financials, as revenue climbed ~7% YoY to $15.7B and same facility equivalent admissions improved by ~4% YoY to 938.8K, ahead of expectations.
"The company produced solid results in the second quarter driven by continued strong demand for our services and good execution by our teams," CEO Sam Hazen remarked.
Operating 49.1K licensed beds across 182 hospitals at the end of the quarter, HCA ( HCA ) improved its same facility revenue per equivalent admission by ~2% while its adj. EBITDA for the period remained flat at $3.1B, above Street forecasts.
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HCA Healthcare drags hospital rivals after issuing in-line guidance