Tenet Healthcare's Beats Wall Street Estimates In Q4, Issues Underwhelming Guidance

  • Tenet Healthcare Corp's THC Q4 FY22 adjusted EPS came in at $1.96, down from $2.70 a year ago and beating the consensus of $1.23.
  • Net operating revenue reached $4.99 billion, up 2.76% Y/Y, beating the consensus of $4.94 billion.
  • Hospital segment sales declined 1.8% to $3.84 billion due to lower COVID-related volume and acuity, partially offset by higher adjusted admissions and improved pricing yield.
  • The ambulatory care segment's net operating revenues increased by 25.7%, driven by additional revenues from the SurgCenter Development (SCD) acquisition completed in December 2021, service line growth, and improved pricing yield.
  • Same-facility system-wide ambulatory surgical cases increased by 0.7% versus Q4 2021; Same-hospital adjusted admissions increased by 2.9% versus Q4 2021.
  • Outlook: Tenet forecasts FY23 revenue of $19.7 - $20.1 billion versus the consensus of $20.11 billion. It expects EPS of $4.68 - $5.85 Vs. $5.64 estimate.
  • For Q1 FY23, the company anticipates revenue of $4.7-$4.9 billion vs. $4.97 billion estimate and EPS of $1.00 - $1.23 vs. $1.34 estimate.
  • Price Action: THC shares are down 4.36% at $52 premarket on the last check Thursday.
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