Universal Health Services Inc (UHS) Announces Q3 2023 Financial Results
Reported net income attributable to UHS was $167.0 million, down from $182.8 million in Q3 2022.
Net revenues increased by 6.8% to $3.563 billion in Q3 2023, compared to $3.336 billion in Q3 2022.
Adjusted net income attributable to UHS during Q3 2023 was $177.5 million, slightly down from $185.8 million in Q3 2022.
Net cash provided by operating activities was $815 million during the first nine months of 2023, up from $699 million during the same period in 2022.
Universal Health Services Inc (NYSE:UHS) released its Q3 2023 financial results on October 26, 2023. The company reported a net income of $167.0 million, or $2.40 per diluted share, compared to $182.8 million, or $2.50 per diluted share, during the same period in 2022. Despite the slight decrease in net income, UHS saw a 6.8% increase in net revenues, reaching $3.563 billion in Q3 2023 from $3.336 billion in Q3 2022.
Financial Highlights
UHS's adjusted net income for Q3 2023 was $177.5 million, or $2.55 per diluted share, compared to $185.8 million, or $2.54 per diluted share, during the same period in 2022. The company's earnings before interest, taxes, depreciation & amortization (EBITDA net of NCI) was $410.1 million during Q3 2023, compared to $421.7 million in Q3 2022. Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, was $421.5 million during Q3 2023, compared to $427.8 million in Q3 2022.
Performance of Acute Care and Behavioral Health Care Services
During Q3 2023, UHS's acute care hospitals saw a 6.8% increase in adjusted admissions and a 3.8% increase in adjusted patient days, compared to Q3 2022. Net revenues generated from acute care services increased by 7.5% during Q3 2023. On the other hand, the company's behavioral health care facilities saw a 0.8% increase in adjusted admissions and a 1.1% increase in adjusted patient days during the same period. Net revenues from behavioral health care services increased by 7.6% in Q3 2023.
Net Cash and Liquidity
During the first nine months of 2023, UHS's net cash provided by operating activities was $815 million, up from $699 million during the same period in 2022. As of September 30, 2023, the company had $721 million of aggregate available borrowing capacity pursuant to its $1.2 billion revolving credit facility.
Stock Repurchase Program
During Q3 2023, UHS repurchased 1.32 million shares at an aggregate cost of approximately $175.1 million. During the first nine months of 2023, the company repurchased approximately 2.73 million shares at an aggregate cost of approximately $367.2 million. As of September 30, 2023, UHS had an aggregate available repurchase authorization of approximately $580 million.
For more detailed financial information, please refer to the full earnings report on the Universal Health Services Inc (NYSE:UHS) website.
Explore the complete 8-K earnings release (here) from Universal Health Services Inc for further details.
This article first appeared on GuruFocus.
