HCA Healthcare Inc. on Friday announced the financial and operating results for the third quarter ended on September 30, 2022. The company posted a quarterly profit that halved from the corresponding period last year when the hospital operator had benefited from sales of four hospitals in Georgia.
Reportedly, the company has beaten analysts’ estimates for quarterly profit, as the hospital operator benefited from easing labor costs offsetting the impact of reduced COVID-19 admissions.
The company’s costs related to salaries and benefits dropped 2.7%, or nearly $200 million, at $6.90 billion, indicating that the worst of the labor costs was behind it, as per Reuters.
According to the company, the net income attributable to HCA fell 50 percent to $1.13 billion, or $3.91 per share, from $2.27 billion, or $7.00 per share, a year earlier.
“Despite a difficult comparison to the prior year due to the COVID-19 Delta variant, we are pleased with our results and the execution of our teams in a challenging operating environment, which included tremendous efforts from our courageous frontline caregivers and support teams who worked tirelessly to provide uninterrupted care during Hurricane Ian,” said Sam Hazen, Chief Executive Officer of HCA Healthcare in a statement.
The company also announced that revenues in the third quarter of 2022 totaled $14.971 billion, compared to $15.276 billion in the third quarter of 2021. Net income attributable to HCA Healthcare, Inc. totaled $1.134 billion, or $3.91 per diluted share, compared to $2.269 billion, or $7.00 per diluted share, in the third quarter of 2021.
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For the third quarter of 2022, Adjusted EBITDA totaled $2.902 billion, compared to $3.224 billion in the third quarter of 2021.
(With inputs from Reuters)
