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%).
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