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HCA Healthcare Shares Move Up on Q2 Earnings and Resumption of Non-Emergency Procedures

Source: Streetwise Reports

 

July 23, 2020 (Investorideas.com Newswire) Shares of HCA Healthcare traded more than 10% higher after the company reported Q2/20 financial results and advised it has seen a gradual rise in patient volumes in May and June for elective and non-emergency procedures.


Hospital and medical facilities operator HCA Healthcare Inc. (HCA:NYSE) today announced financial and operating results for the second quarter ended June 30, 2020.

The company reported that in Q2/20 it posted revenues of $11.068 billion, adjusted EBITDA of $2.666 billion and net income of $1.079 billion, or $3.16 per diluted share.

HCA CEO Sam Hazen commented, "Throughout this remarkably challenging pandemic, I am reminded daily of what an incredible and resilient organization we have...I see our colleagues and physicians working every day to do the right thing for others, and I want to thank them for their dedication to our patients and the tremendous sacrifices they, and their families, are making in the midst of this global health crisis...I am confident that we are well positioned for long-term success and to continue the remarkable legacy that is HCA Healthcare."

The firm stated that Q2/20 revenues declined to $11.068 billion from $12.602 billion in Q2/19 and net income totaled $1.079 billion, or $3.16 per diluted share, compared to $783 million, or $2.25 per diluted share in Q2/19.

The company additionally stated that "it recognized $822 million ($590 million net of tax), or $1.73 per diluted share, in government stimulus income during Q2/20 related to general distribution funds received from the provider relief fund established by the Coronavirus Aid, Relief, and Economic Security ("CARES") Act."

The firm listed that same facility admissions declined 12.8% and same facility equivalent admissions declined 20.1% in Q2/20, compared to Q2/19. The company noted that same facility emergency room visits declined 32.9% in Q2/20, compared to Q2/19 and that same facility inpatient surgeries and same facility outpatient surgeries declined 15.7% and 32.6% respectively in the same period. The firm added that same facility revenue per equivalent admission increased 10.0% in Q2/20 versus Q2/19.

The company advised that while patient volumes overall across most of its service lines were significantly impacted in April due to policies implemented to mitigate and reduce the spread of COVID-19, the firm saw a gradual rise in patient volumes in May and June as states began to re-open and permit non-emergency and elective procedures to resume.

For H1/20, the company indicated it achieved revenues of $23.929 billion, compared to $25.119 billion in H1/19. and that net income in H1/20 was $1.660 billion, or $4.84 per diluted share, compared to $1.822 billion, or $5.22 per diluted share in H1/19.

HCA Healthcare is headquartered in Nashville, Tenn., and owns and operates hospitals and related healthcare entities in 21 U.S. states and the U.K. The company indicated that it operates 186 hospitals and about 2,000 other medical care sites including freestanding emergency rooms, physician clinics, surgery centers and urgent care centers.

HCA Healthcare began the day with a market capitalization of around $36.9 billion with approximately 337.6 million shares outstanding. HCA shares opened nearly 6% higher today at $115.72 (+$6.39, +5.84%) over yesterday's $109.33 closing price. The stock has traded today between $115.10 and $124.38 per share and is presently trading at $121.95 (+$12.68, +11.60%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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