Despite posting $12.86 billion in first-quarter 2020 revenues, HCA Healthcare has felt the effects of the COVID-19 pandemic, taking several measures to combat-related losses.
What you should know:
1. Nashville, Tenn.-based HCA's quarterly revenues were up from $12.52 billion in the first quarter of 2019 to $12.86 billion in the first quarter of 2020. The company also posted a net income of $581 million or $1.69 per diluted share over the same time period.
2. HCA recorded losses of $295 million on retirement of debt during the first quarter of 2020.
3. While same-facility admissions increased 0.6 percent in the quarter, same-facility equivalent admissions declined 0.4 percent year over year.
4. Same-facility outpatient surgeries declined 5.9 percent in the first quarter of 2020, which can be attributed to the COVID-19 pandemic. The company had 123 freestanding outpatient surgery centers in the first quarter of 2020.
5. HCA withdrew its financial forecast and suspended its quarterly dividend program because of the pandemic. The company took other steps including:
- Implementing a pandemic pay program to provide salary support to employees who aren't getting their full pay;
- Implementing cost-reduction initiatives;
- Suspending its share repurchase program
- Reducing capital expenditures
- Taking out a $2 billion, 364-day term loan and requesting support through the Coronavirus Aid, Relief and Economic Security Act