Tenet Healthcare reported its financial results for the first quarter of 2016.
Here are 22 key points:
Ambulatory segment
1. On a pro forma basis, Tenet had net operating revenue of $429 million, up 45.4 percent from $295 million in the first quarter the year prior.
2. Tenet's revenue increased 11 percent on a pro forma same-facility system-wide basis, with its cases increasing 8.6 percent and revenue per case increasing 2.2 percent.
3. The ambulatory segment generated adjusted EBITDA of $136 million, a 44.7 percent increase from $94 million during the first quarter of 2015.
4. Tenet currently operates more than 470 outpatient centers throughout the United States as well as 79 general acute care hospitals, 20 short-stay surgical hospitals and nine facilities in the United Kingdom.
Full company results
5. The company's generated adjusted EBITDA hit $613 million.
6. The company had adjusted net income from continuing operations of $45 million, or $0.45 per diluted share, for the first quarter.
7. Tenet's net cash provided by operating activities was $147 million, up from $57 million during the first quarter of 2015.
8. Tenet had a net loss of $59 million, or $0.60 per share, compared to a net income loss of $47 million, or $0.47 per share, in the first quarter last year.
9. As of March 31, 2016, Tenet had cash and cash equivalents of $728 million, up from $356 million at Dec. 31, 2015.
Conifer segment
10. Tenet's Conifer's revenue hit $385 million, up from $342 million during the same period in 2015.
Hospital operations and other segments
11. Net revenue increased to nearly $4.397 billion, up from $4.151 billion in the first quarter last year.
12. On a same-hospital basis, Tenet patient revenue increased 6 percent to $4.016 billion, compared to the first quarter last year.
13. Tenet's adjusted EBITDA was $414 million, down from $418 million in the same quarter last year.
Uncompensated care
14. The company's uncompensated care cost was $1.309 billion and $1.236 billion in the first quarters of 2016 and 2015, respectively. This figure is comprised of $933 million and $873 million, respectively, of charity care write-offs and uninsured discounts.
15. Tenet's uninsured plus clarity outpatient visits increased 1.5 percent, compared to the first quarter of 2015.
2016 outlook
16. Tenet expects revenue between $18.8 billion and $19.2 billion.
17. The company projects adjusted EBITDA to fall between $2.4 billion and $2.5 billion.
18. Tenet anticipates adjusted free cash flow to range between $400 million and $600 million.
19. The company expects adjusted earnings per diluted share to fall between $1.18 and $2.25.
Q2 outlook
20. Tenet projects revenue to fall between $4.8 billion and $5 billion.
21. The company projects adjusted EBITDA to be between $600 million and $650 million.
22. The company expects adjusted earnings per diluted share to fall between $0.20 and $0.73.
"I am delighted with Tenet's very strong start to 2016. Our hospitals and outpatient centers generated strong growth, and the benefits of our diversified strategy are becoming increasingly evident," said Trevor Fetter, chairman and CEO, Tenet. "Adjusted EBITDA was ahead of our outlook range for the first quarter, putting us on a solid path to deliver our 2016 outlook."
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