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Tenet Healthcare Corporation (NYSE:THC) reported better-than-expected second-quarter earnings late Wednesday but gave weak guidance.
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- Q2 sales increased 36% YY to $4.9 billion, beating the consensus estimate of $4.8 billion.
- Adjusted EPS came in at $1.59, higher than $1.26 a year ago and ahead of the Wall Street estimate of $1.07.
- Adjusted EBITDA was $834 million than $732 million last year quarter.
- Net operating revenues in the Hospital segment were $4.1 billion in Q2'21, a growth of 32.6% Y/Y, primarily due to significantly higher volumes given the impact of the pandemic in Q2'20, as well as higher patient acuity and pricing yield.
- Same-hospital net patient service revenues were $3.7 billion, +33.1%.
- Same-hospital adjusted admissions increased 23.9% Y/Y; same-hospital net patient service revenue per adjusted admission up 7.4%. Same-facility system-wide ambulatory surgical cases up 68.2% Y/Y.
- Outlook: Tenet sees full-year EPS of $5.23-$5.73 vs. $4.16-$5.46 previously. The new $5.48 midpoint is above the consensus for $5.00, but that includes Q2's $0.50 beat.
- It sees sales of $19.25 billion $19.65 billion. Its new revenue midpoint of $19.45 billion is below the consensus of $19.61 billion.
- The hospital operator sees Q3 adjusted EPS of $0.73 - $1.06 on revenue of $4.6 billion - $4.8 billion.
- Hospital stocks have been in good health, fueled by blowout HCA Healthcare earnings early Tuesday.
- Price Action: THC shares are down 3.1% at $70.00 during the premarket session on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.