Dallas-based Tenet Healthcare posted $24 million in second-quarter 2018 net income, compared to $56 million in net losses in the second quarter of 2017.
Here's what you should know:
1. Tenet's adjusted EBITDA was $634 million for the quarter, compared to $570 million in the second quarter of 2017.
2. The company's ambulatory segment produced net operating revenues of $531 million, a 12.5 percent year-over-year increase.
Same-facility revenue increased 6.9 percent with a 4.3 percent increase in cases and revenue per case increasing 2.4 percent.
Surgical revenue increased 6.6 percent, with cases up 3.4 percent and revenue per surgical case up 3.1 percent.
3. Tenet's hospital operation revenues were $3.7 billion for the quarter, down 8.6 percent year over year. The company attributed the losses to hospital divestitures and the "wind-down" of its health plan business.
4. Despite a 3.2 percent increase in same-hospital net patient revenues, the company's hospital segment continued to field losses, with admissions decreasing 2.3 percent and adjusted admissions decreasing 0.2 percent. However, revenue per adjusted admission increased 3.5 percent.
5. The hospital segment's adjusted EBITDA was $345 million, a 0.3 percent year-over-year decrease.
6. Tenet expects full-year revenues between $17.9 billion and $18.3 billion.
Tenet's Executive Chairman and CEO Ronald Rittenmeyer said, "We are becoming a more agile and decisive organization and are pleased with our strong financial results for the third quarter in a row. We have demonstrated our ability to appropriately minimize costs, which will be an ongoing fundamental part of how we do business. Our top priorities remain strengthening our portfolio, delivering more consistent organic growth and taking additional steps to enhance our margins and free cash flow."