Dallas-based Tenet Healthcare reported its first quarter 2018 financial results, surprising analysts by posting a profit.
Here are 12 key findings.
Ambulatory segment - United Surgical Partners International
1. Net operating revenues were $498 million for the quarter, up 9.5 percent year over year.
2. Adjusted EBITDA hit $165 million, a 7.8 percent increase from the first quarter of 2017.
3. USPI's same-facility systemwide revenue increased 2.7 percent for the quarter.
4. Same-facility cases increased 3.2 percent for the quarter.
Full company
5. Tenet reported a net income of $98 million for the quarter — a drastic year-over-year improvement, as Tenet reported a $52 million net loss for the first quarter of 2017.
6. Adjusted EBITDA totaled $665 million, a year-over-year increase of 20.7 percent.
Hospital operations and other segments
7. Net operating revenues were nearly $3.95 billion, down 4.1 percent year over year.
8. Tenet's patient revenue increased 6.7 percent year over year to $3.59 billion.
9. Adjusted EBITDA was $402 million for the quarter, a 30.1 percent increase year over year.
2018 outlook
10. Tenet raised its yearlong outlook. The company expects revenue between $17.9 billion and $18.3 billion for 2018.
11. Tenet expects net income attributed to shareholders between $105 million and $180 million.
12. The company expects to post adjusted diluted earnings between $1.02 and $1.75 per share for 2018.
Tenet Executive Chairman and CEO Ronald Rittenmeyer said, "The actions we have taken to be a more efficient, agile and decisive organization have resulted in stronger financial performance. We are continuing our focus on improving quality, growth and financial results and will be exploring additional opportunities to enhance margins and shareholder returns."