Net income from continuing operations available to common shareholders in Q3’21 of $448 million versus a net loss from continuing operations of $197 million in Q3’20
Consolidated Adjusted EBITDA in Q3’21 of $855 million ($851 million excluding $4 million of COVID stimulus grant income) versus $551 million in Q3’20 ($621 million excluding $(70) million of grant income)
Diluted earnings per share from continuing operations available to common shareholders in Q3’21 of $4.12 compared to a loss per share of $1.87 in Q3’20; Adjusted diluted earnings per share from continuing operations of $1.99 in Q3’21 compared to $0.64 in Q3’20
Same-hospital adjusted admissions increased 4.4% versus Q3’20; same-hospital net patient service revenue per adjusted admission up 6.2% versus Q3’20
Same-facility system-wide ambulatory surgical cases increased 6.8% versus Q3’20
Q3’21 items of significance included:
Appointment of Dr. Saum Sutaria as the Company's Chief Executive Officer
Completion of the previously announced sale of the Company's Miami-area hospitals; pre-tax gain on sale of $409 million excluded from Adjusted EBITDA
Proceeds from Miami sale were used to repay $1.100 billion of the Company's 4.625% senior secured first-lien notes due July 15, 2024; results in savings of ~$50 million in annual cash interest payments
FY 2021 Outlook increased again based on continued out-performance by the Company:
Net income from continuing operations available to common shareholders Outlook range now $7.09 to $7.50 per diluted share (previously $6.25 to $7.17)
Adjusted EBITDA Outlook range now $3.275 billion to $3.325 billion (previously $3.150 billion to $3.250 billion)
Adjusted diluted earnings per share Outlook range now $6.15 to $6.38 (previously $5.23 to $5.73)
Management’s Webcast Discussion of Results
Tenet management will discuss the Company’s Q3’21 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on October 21, 2021. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors.
The slide presentation associated with the webcast referenced above, a copy of this earnings press release and a related supplemental financial disclosures document will be available on the Company’s Investor Relations website on October 20, 2021.
https://finance.yahoo.com/news/tenet-reports-third-quarter-2021-201000784.html
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