- Although Universal Health Systems ( NYSE: UHS ) saw its Q3 2022 net income fall 19% to $176.8M compared to the prior-year period, that beat Street expectations.
- In addition, revenue of ~$3.3B, a 6% year-over-year increase was also a beat.
- At its acute care facilities, adjusted admissions (adjusted for outpatient activity) increased by 1.9% in the quarter compared to Q3 2021. At behavioral health facilities, adjusted admissions increased by 4%.
- Universal Health ( UHS ) noted that COVID-19 was continuing to have a material impact on operations in terms of patient volumes, and nurses and support staff. However, while staffing vacancies and corresponding premium pay expenditures continue to sequentially decline and non-COVID patient volumes will incrementally improve, both are anticipated to happen at a slower pace than its original forecast.
- The company ended the quarter with cash and cash equivalents of $74.6M, a ~35% decline from Dec. 31, 2021.
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Universal Health net income falls 19% but still good enough for a bottom line beat