Tenet Healthcare ended the third quarter with earnings growth and a net loss stemming from refinanced debt.
Five things to know:
1. Tenet's adjusted earnings for the third quarter before interest, tax, depreciation and amortization were $631 million, up from $577 million from the same period the year prior.
2. The company's ambulatory care segment, United Surgical Partners International, reported 6.9 percent revenue growth and 5.1 percent case volume increase. Revenue per case was up 1.7 percent for the quarter.
3. Surgical revenue-per-case rose 2.5 percent and surgical cases increased 4.4 percent in the ambulatory segment.
4. Adjusted EBITDA for the ambulatory segment in the third quarter was $207 million, up from $182 million in the same period last year. USPI's net operating revenue was $522 million.
5. Tenet reported an overall net loss of $233 million in the third quarter, resulting from a $180 million pre-tax loss associated with a $4.2 billion debt financing transaction.
"We had a very positive third quarter with performance improvement in each of our operating segments. For the third consecutive quarter, our hospitals delivered accelerating volume growth and we generated strong results at both USPI and Conifer," Tenet Executive Chairman and CEO Ronald A. Rittenmeyer said. "In addition to driving improvements in our financial results, we made continued steady progress on many of the core initiatives we established for 2019 and discussed at the beginning of the year, including cost savings, physician recruitment, ambulatory acquisitions, marketing and board refreshment."