Hospital operator Tenet Healthcare Corp's quarterly profit exceeded analysts' estimates on Tuesday as more COVID-19 patients were treated and people opted to resume elective procedures after coronavirus restrictions eased.
The Dallas, Texas-based company said net operating revenue from its hospital segment, which mainly includes its acute care and specialty hospitals, rose by 17% on a same-hospital basis versus last year.
Tenet's net operating revenue fell marginally to $4.56 billion in the quarter ended Sept. 30. Excluding items, it earned 64 cents per share, beating analysts' estimates of 31 cents per share.
The hospital operator reported a net loss from continuing operations attributable to common shareholders of $197 million, versus a loss of $227 million last year.
Tenet, which operates 65 hospitals and about 500 other healthcare facilities, furloughed around 10% of its workforce due to a drop in elective surgeries during the virus outbreak, Reuters reported in April.
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