HCA Healthcare 2Q Profit Rises, Revenue Falls Amid Lower Non-Emergent Procedures

By Dave Sebastian

HCA Healthcare Inc. said Wednesday its profit rose and revenue fell for the second quarter as fewer patients visited its hospitals for non-emergent care early in the quarter amid Covid-19 lockdown measures.

The Nashville, Tenn.-based hospital operator on Wednesday posted net income of $1.08 billion, or $3.16 a share, compared with $783 million, or $2.25 a share, in the comparable quarter last year.

The company said it recognized $822 million, or $1.73 a share, in gains from the government stimulus provided through the Cares Act, which Congress passed in March to provide relief for Covid-19.

Sales fell 12.2%, to $11.07 billion. Analysts polled by FactSet were looking for $10.1 billion.

HCA said same-facility admissions fell 12.8% for the quarter, while same-facility equivalent admissions declined 20.1%. Emergency-room visits fell 32.9%, inpatient surgeries declined 15.7% and outpatient surgeries fell 32.6%--all on a same-facility basis, the company said. Same-facility revenue per equivalent admission rose 10% for the quarter.

The company said patient volumes gradually improved in May and June as states began reopening, allowing for non-emergent procedures.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

July 22, 2020 08:07 ET (12:07 GMT)

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