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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quorum Health Corporation | NYSE:QHC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.3044 | 0 | 01:00:00 |
Second quarter net loss attributable to Quorum Health Corporation was ($16.9) million, or ($0.56) per share
Second quarter Adjusted EBITDA was $33.4 million and Same-facility Adjusted EBITDA was $36.9 million
Announces agreement with MEDHOST Inc. to deploy its Electronic Health Record platform
Quorum Health Corporation (NYSE: QHC) (the “Company”) today announced financial and operating results for the second quarter ended June 30, 2019.
QUORUM HEALTH CORPORATION Unaudited Financial Highlights (In Millions)
Three Months Ended June 30,
2019
2018
Net operating revenues
$442.2
$472.6
Net loss attributable to Quorum Health Corporation
($16.9 )
($26.6
)
Same-facility net operating revenues
$442.4
$458.5
Cash flows from operating activities
($10.4 )
$17.2
Adjusted EBITDA(1)
$33.4
$36.3
Same-facility Adjusted EBITDA(1 & 2)
$36.9
$40.2
(1) A table providing supplemental information on Adjusted EBITDA, Same-facility Adjusted EBITDA and reconciling net loss to Adjusted EBITDA and Same-facility Adjusted EBITDA is included in this release, see footnote (a). (2) Same-facility Adjusted EBITDA was previously reported by the Company as Adjusted EBITDA, Adjusted for Divestitures. There has been no change in how the financial measure is being calculated.
Financial results for the second quarter ended June 30, 2019 reflect the following:
TSA Transition and R1 RCM Partnership Update
Divestiture Update
Financial Outlook
The Company is revising its 2019 Same-facility net operating revenues guidance as a result of the Pending Divestitures. The Company is reiterating its previously established guidance for Same-facility Adjusted EBITDA.
(In Millions)
2018 Actual
2019 Guidance Range
Same-facility net operating revenues
$1,804.4
$1,550 - $1,600
Same-facility Adjusted EBITDA
$150.7
$160 - $180
These projections are based on the Company’s historical operating performance, current economic, demographic and regulatory trends and other assumptions that the Company believes are reasonable at this time. See “Forward-Looking Statements” below for a list of factors that could affect the future financial and operating results of the Company or the healthcare industry generally.
A reconciliation of the Company’s projected 2019 Same-facility Adjusted EBITDA, a forward-looking non-GAAP financial measure, to net income (loss), the most directly comparable U.S. GAAP financial measure, is omitted from this press release because the Company is unable to provide such reconciliation without unreasonable effort. This inability results from the inherent difficulty in forecasting generally and in quantifying certain projected amounts that are necessary for such reconciliation. In particular, sufficient information is not available to calculate certain items required for such reconciliation without unreasonable effort, including interest expense, provision for (benefit from) income taxes and other adjustments that would be necessary to prepare a forward-looking statement of net income (loss) in accordance with U.S. GAAP. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
About Quorum Health Corporation
The principal business of Quorum Health Corporation is to provide hospital and outpatient healthcare services in its markets across the United States. As of June 30, 2019, the Company owned or leased 26 hospitals in rural and mid-sized markets located across 14 states and licensed for 2,458 beds. Through Quorum Health Resources LLC, a wholly-owned subsidiary, the Company provides hospital management advisory and healthcare consulting services to non-affiliated hospitals across the country. Over 95% of the Company’s net operating revenues are attributable to its hospital operations business.
The Company’s headquarters are located in Brentwood, Tennessee, a suburb south of Nashville. Shares in Quorum Health Corporation are traded on the NYSE under the symbol “QHC.” More information about the Company can be found on its website at www.quorumhealth.com.
Quorum Health Corporation will hold a conference call on Thursday, August 8, 2019, at 11:00 a.m. Eastern time, to review its financial and operating results for the second quarter ended June 30, 2019. To participate, please dial 1-844-761-3024 approximately 10 minutes prior to the scheduled start of the call. If calling from outside of the United States, please dial 1-661-378-9914. Please reference Conference ID number 9964019 when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations portion of the Company’s website. A presentation will be made available during the call and will be found in the Investor Relations portion of the Company’s website at www.quorumhealth.com. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available for approximately 30 days. Copies of this press release and the Company’s Current Report on Form 8-K (including this press release) will be available on the Company’s website at www.quorumhealth.com.
QUORUM HEALTH CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In Thousands, Except Earnings per Share and Shares)
Three Months Ended June 30,
2019
2018
% of
% of
$ Amount
Revenues
$ Amount
Revenues
Net operating revenues
$
442,170
100.0
%
$
472,632
100.0
%
Operating costs and expenses:
Salaries and benefits
213,411
48.3
%
232,631
49.2
%
Supplies
50,202
11.4
%
52,897
11.2
%
Other operating expenses
106,954
24.1
%
144,456
30.6
%
Depreciation and amortization
14,500
3.3
%
17,142
3.6
%
Lease costs and rent
11,627
2.6
%
11,358
2.4
%
Electronic health records incentives
583
0.1
%
(445
)
(0.1
)%
Legal, professional and settlement costs
604
0.1
%
5,417
1.1
%
Impairment of long-lived assets and goodwill
25,950
5.9
%
—
—
%
Loss (gain) on sale of hospitals, net
1,140
0.3
%
307
0.1
%
Loss on closure of hospitals, net
—
—
%
3,338
0.7
%
Total operating costs and expenses
424,971
96.1
%
467,101
98.8
%
Income (loss) from operations
17,199
3.9
%
5,531
1.2
%
Interest expense, net
33,582
7.6
%
31,926
6.8
%
Income (loss) before income taxes
(16,383
)
(3.7
)%
(26,395
)
(5.6
)%
Provision for (benefit from) income taxes
94
—
%
(454
)
(0.1
)%
Net income (loss) (a)
(16,477
)
(3.7
)%
(25,941
)
(5.5
)%
Less: Net income (loss) attributable to noncontrolling interests
396
0.1
%
665
0.1
%
Net income (loss) attributable to Quorum Health Corporation
$
(16,873
)
(3.8
)%
$
(26,606
)
(5.6
)%
Earnings (loss) per share attributable to Quorum Health Corporation stockholders:
Basic and diluted (b)
$
(0.56
)
$
(0.92
)
Weighted-average shares outstanding:
Basic and diluted
30,001,208
28,995,564
QUORUM HEALTH CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In Thousands, Except Earnings per Share and Shares)
Six Months Ended June 30,
2019
2018
% of
% of
$ Amount
Revenues
$ Amount
Revenues
Net operating revenues
$
884,975
100.0
%
$
959,452
100.0
%
Operating costs and expenses:
Salaries and benefits
438,486
49.5
%
479,631
50.0
%
Supplies
101,587
11.5
%
111,783
11.7
%
Other operating expenses
243,743
27.7
%
297,194
31.0
%
Depreciation and amortization
29,139
3.3
%
35,403
3.7
%
Lease costs and rent
23,158
2.6
%
23,890
2.5
%
Electronic health records incentives earned
609
0.1
%
(586
)
(0.1
)%
Legal, professional and settlement costs
1,289
0.1
%
8,830
0.9
%
Impairment of long-lived assets and goodwill
34,810
3.9
%
39,760
4.1
%
Loss (gain) on sale of hospitals, net
1,140
0.1
%
8,122
0.8
%
Loss on closure of hospitals, net
—
—
%
17,084
1.8
%
Total operating costs and expenses
873,961
98.8
%
1,021,111
106.4
%
Income (loss) from operations
11,014
1.2
%
(61,659
)
(6.4
)%
Interest expense, net
65,848
7.4
%
62,857
6.6
%
Income (loss) before income taxes
(54,834
)
(6.2
)%
(124,516
)
(13.0
)%
Provision for (benefit from) income taxes
249
—
%
(88
)
—
%
Net income (loss) (a)
(55,083
)
(6.2
)%
(124,428
)
(13.0
)%
Less: Net income (loss) attributable to noncontrolling interests
796
0.1
%
1,146
0.1
%
Net income (loss) attributable to Quorum Health Corporation
$
(55,879
)
(6.3
)%
$
(125,574
)
(13.1
)%
Earnings (loss) per share attributable to Quorum Health Corporation stockholders:
Basic and diluted (b)
$
(1.88
)
$
(4.37
)
Weighted-average shares outstanding:
Basic and diluted
29,721,167
28,726,445
QUORUM HEALTH CORPORATION UNAUDITED CONSOLIDATED SELECTED OPERATING DATA
Three Months Ended June 30,
2019
2018
Variance
% Variance
Consolidated:
Number of licensed beds at end of period (c)
2,458
2,649
(191
)
(7.2
)%
Admissions (d)
16,354
18,200
(1,846
)
(10.1
)%
Adjusted admissions (e)
41,700
45,551
(3,851
)
(8.5
)%
Surgeries (f)
17,909
19,114
(1,205
)
(6.3
)%
Emergency room visits (g)
128,431
135,389
(6,958
)
(5.1
)%
Medicare case mix index (h)
1.46
1.44
0.02
1.4
%
Same-facility: (i)
Number of licensed beds at end of period (c)
2,458
2,458
—
—
%
Admissions (d)
16,286
17,267
(981
)
(5.7
)%
Adjusted admissions (e)
41,477
42,949
(1,472
)
(3.4
)%
Surgeries (f)
17,843
18,241
(398
)
(2.2
)%
Emergency room visits (g)
127,828
129,167
(1,339
)
(1.0
)%
Medicare case mix index (h)
1.46
1.45
0.01
0.7
%
Six Months Ended June 30,
2019
2018
Variance
% Variance
Consolidated:
Number of licensed beds at end of period (c)
2,458
2,649
(191
)
(7.2
)%
Admissions (d)
34,109
38,749
(4,640
)
(12.0
)%
Adjusted admissions (e)
85,016
94,779
(9,763
)
(10.3
)%
Surgeries (f)
34,632
39,701
(5,069
)
(12.8
)%
Emergency room visits (g)
260,556
289,186
(28,630
)
(9.9
)%
Medicare case mix index (h)
1.47
1.44
0.03
2.1
%
Same-facility: (i)
Number of licensed beds at end of period (c)
2,458
2,458
—
—
%
Admissions (d)
33,485
35,778
(2,293
)
(6.4
)%
Adjusted admissions (e)
83,254
86,821
(3,567
)
(4.1
)%
Surgeries (f)
34,234
36,133
(1,899
)
(5.3
)%
Emergency room visits (g)
255,262
263,638
(8,376
)
(3.2
)%
Medicare case mix index (h)
1.47
1.44
0.03
2.1
%
QUORUM HEALTH CORPORATION UNAUDITED CONSOLIDATED SELECTED OPERATING DATA
Three Months Ended June 30,
2019
2018
$ Variance
% Variance
Consolidated:
Net patient revenues
$
423,871
$
449,261
$
(25,390
)
(5.7
)%
Non-patient revenues
18,299
23,371
(5,072
)
(21.7
)%
Total net operating revenues
$
442,170
$
472,632
$
(30,462
)
(6.4
)%
Net patient revenues per adjusted admission
$
10,165
$
9,863
$
302
3.1
%
Net operating revenues per adjusted admission
$
10,604
$
10,376
$
228
2.2
%
Same-facility:
Net patient revenues
$
424,150
$
435,307
$
(11,157
)
(2.6
)%
Non-patient revenues
18,255
23,206
(4,951
)
(21.3
)%
Total net operating revenues
$
442,405
$
458,513
$
(16,108
)
(3.5
)%
Net patient revenues per adjusted admission
$
10,226
$
10,135
$
91
0.9
%
Net operating revenues per adjusted admission
$
10,666
$
10,676
$
(10
)
(0.1
)%
Six Months Ended June 30,
2019
2018
$ Variance
% Variance
Consolidated:
Net patient revenues
$
846,053
$
913,857
$
(67,804
)
(7.4
)%
Non-patient revenues
38,922
45,595
(6,673
)
(14.6
)%
Total net operating revenues
$
884,975
$
959,452
$
(74,477
)
(7.8
)%
Net patient revenues per adjusted admission
$
9,952
$
9,642
$
310
3.2
%
Net operating revenues per adjusted admission
$
10,410
$
10,123
$
287
2.8
%
Same-facility:
Net patient revenues
$
835,915
$
860,994
$
(25,079
)
(2.9
)%
Non-patient revenues
38,783
44,927
(6,144
)
(13.7
)%
Total net operating revenues
$
874,698
$
905,921
$
(31,223
)
(3.4
)%
Net patient revenues per adjusted admission
$
10,041
$
9,917
$
124
1.3
%
Net operating revenues per adjusted admission
$
10,506
$
10,434
$
72
0.7
%
QUORUM HEALTH CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Par Value per Share and Shares)
June 30,
December 31,
2019
2018
ASSETS
Current assets:
Cash and cash equivalents
$
2,265
$
3,203
Patient accounts receivable
270,923
322,608
Inventories
41,447
45,646
Prepaid expenses
21,653
19,683
Due from third-party payors
57,071
63,443
Current assets of hospitals held for sale
35,380
—
Other current assets
33,604
36,405
Total current assets
462,343
490,988
Property and equipment, net
496,555
559,438
Goodwill
391,658
401,073
Intangible assets, net
41,066
48,289
Operating lease right-of-use assets
84,854
—
Long-term assets of hospitals held for sale
25,796
—
Other long-term assets
65,954
74,306
Total assets
$
1,568,226
$
1,574,094
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
1,646
$
1,697
Current portion of operating lease liabilities
23,797
—
Accounts payable
140,768
143,917
Accrued liabilities:
Accrued salaries and benefits
61,006
76,908
Accrued interest
10,517
10,024
Due to third-party payors
37,218
45,852
Current liabilities of hospitals held for sale
10,675
—
Other current liabilities
38,573
43,336
Total current liabilities
324,200
321,734
Long-term debt
1,210,523
1,191,777
Long-term operating lease liabilities
61,554
—
Deferred income tax liabilities, net
6,978
6,736
Long-term liabilities of hospitals held for sale
3,248
—
Other long-term liabilities
89,245
126,499
Total liabilities
1,695,748
1,646,746
Redeemable noncontrolling interests
2,278
2,278
Equity:
Quorum Health Corporation stockholders' equity (deficit):
Preferred stock, $0.0001 par value per share, 100,000,000 shares authorized, none issued
—
—
Common stock, $0.0001 par value per share, 300,000,000 shares authorized; 32,926,689 shares issued and outstanding at June 30, 2019, and 31,521,398 shares issued and outstanding at December 31, 2018
3
3
Additional paid-in capital
559,487
557,309
Accumulated other comprehensive income (loss)
856
759
Accumulated deficit
(705,071
)
(648,464
)
Total Quorum Health Corporation stockholders' equity (deficit)
(144,725
)
(90,393
)
Nonredeemable noncontrolling interests
14,925
15,463
Total equity (deficit)
(129,800
)
(74,930
)
Total liabilities and equity
$
1,568,226
$
1,574,094
QUORUM HEALTH CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
Cash flows from operating activities:
Net income (loss)
$
(16,477
)
$
(25,941
)
$
(55,083
)
$
(124,428
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
14,500
17,142
29,139
35,403
Non-cash interest expense, net
2,380
2,723
4,319
4,534
Provision for (benefit from) deferred income taxes
31
(511
)
121
25
Stock-based compensation expense
1,194
2,756
2,964
5,220
Impairment of long-lived assets and goodwill
25,950
—
34,810
39,760
Loss (gain) on sale of hospitals, net
1,140
307
1,140
8,122
Non-cash portion of loss (gain) on hospital closures
—
1,089
(567
)
6,394
Changes in reserves for self-insurance claims, net of payments
(29,963
)
4,355
(25,803
)
10,380
Other non-cash expense (income), net
116
56
(1,256
)
7
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Patient accounts receivable
22,766
19,645
18,780
21,074
Due from and due to third-party payors, net
2,159
19,761
(2,262
)
20,978
Inventories, prepaid expenses and other current assets
(5,143
)
(1,519
)
(232
)
(229
)
Accounts payable and accrued liabilities
(28,930
)
(19,301
)
(8,784
)
(9,714
)
Long-term assets and liabilities, net
(117
)
(3,368
)
398
(2,925
)
Net cash provided by (used in) operating activities
(10,394
)
17,194
(2,316
)
14,601
Cash flows from investing activities:
Capital expenditures for property and equipment
(9,819
)
(10,791
)
(18,111
)
(25,319
)
Capital expenditures for software
(2,326
)
(531
)
(3,517
)
(1,044
)
Acquisitions, net of cash acquired
—
(26
)
(455
)
(58
)
Proceeds from the sale of hospitals
11,741
507
11,741
39,170
Other investing activities, net
(2,112
)
52
(383
)
249
Net cash provided by (used in) investing activities
(2,516
)
(10,789
)
(10,725
)
12,998
Cash flows from financing activities:
Borrowings under revolving credit facilities
175,000
115,000
327,000
247,000
Repayments under revolving credit facilities
(149,000
)
(119,000
)
(299,000
)
(233,000
)
Borrowings of long-term debt
25
55
186
67
Repayments of long-term debt
(12,130
)
(30,820
)
(13,963
)
(31,447
)
Payments of debt issuance costs
—
—
—
(2,268
)
Cancellation of restricted stock awards for payroll tax withholdings on vested shares
(103
)
(1,309
)
(564
)
(1,943
)
Cash distributions to noncontrolling investors
(333
)
—
(1,556
)
(803
)
Net cash provided by (used in) financing activities
13,459
(36,074
)
12,103
(22,394
)
Net change in cash, cash equivalents and restricted cash
549
(29,669
)
(938
)
5,205
Cash, cash equivalents and restricted cash at beginning of period
1,716
40,491
3,203
5,617
Cash, cash equivalents and restricted cash at end of period
$
2,265
$
10,822
$
2,265
$
10,822
FOOTNOTES TO UNAUDITED FINANCIAL STATEMENTS AND SELECTED OPERATING DATA
(a) EBITDA is a non-GAAP financial measure that consists of net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA, also a non-GAAP financial measure, is EBITDA adjusted to add back the effect of certain legal, professional and settlement costs, impairment of long-lived assets and goodwill, net loss (gain) on sale of hospitals, net loss on closure of hospitals, transition of transition services agreements (“TSAs”), change in actuarial estimates and headcount reductions and executive severance. Change in actuarial estimates refers to the previously discussed impact of a change in estimate for the Company's professional and general liability reserves for periods prior to the current reporting period. The Company uses Adjusted EBITDA as a measure of financial performance. Adjusted EBITDA is a key measure used by the Company’s management to assess the operating performance of its hospital operations business and to make decisions on the allocation of resources. Additionally, management utilizes Adjusted EBITDA in assessing the Company’s results of operations and in comparing the Company’s results of operations between periods. Same-facility Adjusted EBITDA, also a non-GAAP financial measure, is further adjusted to exclude the effect of EBITDA of hospitals either sold or closed as of June 30, 2019. The Company has presented Adjusted EBITDA and Same-facility Adjusted EBITDA in this press release because it believes these measures provide investors and other users of the Company’s financial statements with additional information about how the Company’s management assesses its results of operations.
Adjusted EBITDA and Same-facility Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. These calculations should not be considered in isolation or as a substitute for net income, operating income or any other measure calculated in accordance with U.S. GAAP. The items excluded from Adjusted EBITDA and Same-facility Adjusted EBITDA are significant components in understanding and evaluating the Company’s financial performance. The Company believes such adjustments are appropriate, as the magnitude and frequency of such items can vary significantly and are not related to the assessment of the Company’s normal operating performance. Additionally, the Company’s calculation of Adjusted EBITDA and Same-facility Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table reconciles Adjusted EBITDA and Same-facility Adjusted EBITDA, each as defined above, to net income (loss), the most directly comparable U.S. GAAP financial measure, as derived directly from the Company’s consolidated statements of income for the respective periods (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
Net income (loss)
$
(16,477
)
$
(25,941
)
$
(55,083
)
$
(124,428
)
Interest expense, net
33,582
31,926
65,848
62,857
Provision for (benefit from) income taxes
94
(454
)
249
(88
)
Depreciation and amortization
14,500
17,142
29,139
35,403
EBITDA
31,699
22,673
40,153
(26,256
)
Legal, professional and settlement costs
604
5,417
1,289
8,830
Impairment of long-lived assets and goodwill
25,950
—
34,810
39,760
Loss (gain) on sale of hospitals, net
1,140
307
1,140
8,122
Loss on closure of hospitals, net
—
3,338
—
17,084
Transition of transition services agreements
834
520
1,976
1,237
Change in actuarial estimates
(26,880
)
—
(26,880
)
—
Headcount reductions and executive severance
82
4,068
1,572
5,966
Adjusted EBITDA
33,429
36,323
54,060
54,743
Negative EBITDA of divested hospitals
3,487
3,858
5,656
11,638
Same-facility Adjusted EBITDA
$
36,916
$
40,181
$
59,716
$
66,381
(b) The following table reconciles net income (loss) attributable to Quorum Health Corporation, as reported and on a per share basis, with the adjustments described herein:
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
(per share - basic and diluted)
(per share - basic and diluted)
Earnings (loss) per share attributable to Quorum Health Corporation stockholders, as reported
$
(0.56
)
$
(0.92
)
$
(1.88
)
$
(4.37
)
Adjustments:
Legal, professional and settlement costs
0.02
0.18
0.04
0.31
Impairment of long-lived assets and goodwill
0.87
—
1.18
1.38
Loss (gain) on sale of hospitals, net
0.04
0.01
0.04
0.28
Loss on closure of hospitals, net
—
0.11
—
0.58
Transition of transition services agreements
0.03
0.02
0.07
0.04
Change in actuarial estimates
(0.90
)
—
(0.91
)
—
Headcount reductions and executive severance
—
0.14
0.05
0.21
Net operating losses of divested hospitals
0.12
0.13
0.19
0.39
Earnings (loss) per share attributable to Quorum Health Corporation stockholders, excluding adjustments
$
(0.38
)
$
(0.33
)
$
(1.22
)
$
(1.18
)
(c) Licensed beds are the number of beds for which the appropriate state agency licenses a hospital, regardless of whether the beds are actually available for patient use. (d) Admissions represent the number of patients admitted for inpatient services. (e) Adjusted admissions are computed by multiplying admissions by gross patient revenues and then dividing that number by gross inpatient revenues. (f) Surgeries represent the number of inpatient and outpatient surgeries. (g) Emergency room visits represent the number of patients registered and treated in the Company’s emergency rooms. (h) Medicare case mix index is a relative value assigned to a diagnosis-related group of patients that is used in determining the allocation of resources necessary to treat the patients in that group. Medicare case mix index is calculated as the average case mix index for all Medicare admissions during the period. (i) Same-facility financial and operating data excludes hospitals that were sold or closed prior to and as of the end of the current reporting period. Same-facility operating results have been adjusted to exclude the operating results of the following hospitals and their affiliated facilities: Sandhills Regional Medical Center, Barrow Regional Medical Center, Cherokee Medical Center, Trinity Hospital of Augusta, Lock Haven Hospital, Sunbury Community Hospital, L.V. Stabler Memorial Hospital, Affinity Medical Center, Vista Medical Center West, Clearview Regional Medical Center, McKenzie Regional Hospital and Scenic Mountain Medical Center which were sold or closed on December 1, 2016, December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017, September 30, 2017, October 31, 2017, February 11, 2018, March 1, 2018, March 31, 2018, September 30, 2018 and April 12, 2019, respectively.
Forward-Looking Statements
The terms “QHC,” “Quorum Health,” “the Company,” “we,” “us” or “our” refer to Quorum Health Corporation or one or more of its subsidiaries or affiliates as applicable.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this press release other than statements of historical fact, including statements regarding projections, expected operating results, and other events that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” “outlook,” and similar expressions, are forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond the control of the Company. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. A number of factors could affect the future results of the Company or the healthcare industry generally and could cause the Company’s expected results to differ materially from those expressed in this press release.
These factors include, but are not limited to, the following:
Although we believe that these forward-looking statements are based upon reasonable assumptions, these assumptions are inherently subject to significant regulatory, economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond our control. Accordingly, we cannot give any assurance that our expectations will in fact occur and caution that actual results may differ materially from those in the forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this filing. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190807005845/en/
Investor Contact: Asher Dewhurst Westwicke Partners QuorumHealth@Westwicke.com (443) 213-0500
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