Community Health Systems Inc (CYH) Announces Q3 2023 Results
Community Health Systems Inc (NYSE:CYH) reports Q3 2023 net operating revenues of $3.086 billion.
The company experienced a net loss of $91 million, a decrease from the same period in 2022.
Adjusted EBITDA was reported at $360 million, with net cash provided by operating activities at $29 million.
Admissions increased by 3.7 percent on a same-store basis.
Community Health Systems Inc (NYSE:CYH) announced its financial and operating results for the third quarter ended September 30, 2023, on October 25, 2023. The company reported net operating revenues of $3.086 billion, a 2.0 percent increase compared to $3.025 billion for the same period in 2022. However, the net loss attributable to Community Health Systems Inc stockholders was $91 million, or $0.69 per share (diluted), compared to a net loss of $42 million, or $0.32 per share (diluted), for the same period in 2022.
Financial Performance and Challenges
Despite the net loss, the company saw an increase in admissions on a same-store basis by 3.7 percent and adjusted admissions by 4.2 percent, compared to the same period in 2022. Adjusted EBITDA was reported at $360 million. However, net cash provided by operating activities was $29 million for the three months ended September 30, 2023, compared to $137 million for the same period in 2022.
CEO Commentary
Tim L. Hingtgen, chief executive officer of Community Health Systems, Inc., commented on the results, stating,
Strong volume growth in admissions, adjusted admissions, ER visits and clinic appointments during the quarter reflect successful execution of many of our key strategies, including investments in service lines, physician recruitment, capacity optimization programs, and the maturity of our transfer center services. Our local management teams are focused on ensuring access to health services for their communities and our healthcare workers continue to deliver high-quality care for their patients.
Financial Tables and Analysis
The financial tables provided in the earnings report show a detailed breakdown of the company's performance. The net operating revenues for the nine months ended September 30, 2023, totaled $9.308 billion, a 2.6 percent increase compared to $9.069 billion for the same period in 2022. However, the net loss attributable to Community Health Systems, Inc. stockholders was $180 million, or $1.38 per share (diluted), for the nine months ended September 30, 2023, compared to $369 million, or $2.86 per share (diluted), for the same period in 2022.
Other Pertinent Details
During 2023, the company completed the divestiture of three hospitals and the sale of a majority interest in another hospital. The financial and statistical data for 2023 and 2022 presented in this press release includes the operating results of divested or closed businesses for the periods prior to the consummation of the respective divestiture or closure.
About Community Health Systems Inc (NYSE:CYH)
Community Health Systems, Inc. is one of the nations largest healthcare companies. The Companys affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 43 distinct markets across 15 states. As of October 25, 2023, the Companys subsidiaries own or lease 76 affiliated hospitals with over 12,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers.
Explore the complete 8-K earnings release (here) from Community Health Systems Inc for further details.
This article first appeared on GuruFocus.
