HCA Healthcare 2Q Profit Rises, Revenue Falls Amid Lower Non-Emergent Procedures
July 22 2020 - 7:22AM
Dow Jones News
By Dave Sebastian
HCA Healthcare Inc. said Wednesday its profit rose and revenue
fell for the second quarter as fewer patients visited its hospitals
for non-emergent care early in the quarter amid Covid-19 lockdown
measures.
The Nashville, Tenn.-based hospital operator on Wednesday posted
net income of $1.08 billion, or $3.16 a share, compared with $783
million, or $2.25 a share, in the comparable quarter last year.
The company said it recognized $822 million, or $1.73 a share,
in gains from the government stimulus provided through the Cares
Act, which Congress passed in March to provide relief for
Covid-19.
Sales fell 12.2%, to $11.07 billion. Analysts polled by FactSet
were looking for $10.1 billion.
HCA said same-facility admissions fell 12.8% for the quarter,
while same-facility equivalent admissions declined 20.1%.
Emergency-room visits fell 32.9%, inpatient surgeries declined
15.7% and outpatient surgeries fell 32.6%--all on a same-facility
basis, the company said. Same-facility revenue per equivalent
admission rose 10% for the quarter.
The company said patient volumes gradually improved in May and
June as states began reopening, allowing for non-emergent
procedures.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 22, 2020 08:07 ET (12:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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