Community Health Systems Reports 0.8% Revenue Increase

By Bobby Samwell • Thursday, July 25 06:17 • Permanent Link

Community Health Systems, Inc. (NYSE: CYH) has announced its financial and operating results for the second quarter ended June 30, 2024. Here's a breakdown of the key figures and changes compared to the same period in 2023:

Net operating revenues for the three months ended June 30, 2024, totaled $3.140 billion, marking a 0.8% increase compared to $3.115 billion for the same period in 2023. On a same-store basis, net operating revenues increased 4.7% for the three months ended June 30, 2024, compared to the same period in 2023.
Net loss attributable to Community Health Systems, Inc. stockholders was $(13) million, or $(0.10) per share (diluted), for the three months ended June 30, 2024, compared to $(38) million, or $(0.29) per share (diluted), for the same period in 2023. Excluding adjusting items, net loss attributable to Community Health Systems, Inc. stockholders was $(0.17) per share (diluted), compared to $(0.22) per share (diluted) for the same period in 2023.
Adjusted EBITDA for the three months ended June 30, 2024, was $387 million compared to $373 million for the same period in 2023.
Net cash provided by operating activities was $101 million for the three months ended June 30, 2024, compared to $86 million for the same period in 2023.
On a same-store basis, admissions increased 3.0% and adjusted admissions increased 3.2% for the three months ended June 30, 2024, compared to the same period in 2023.

For the six months ended June 30, 2024:

Net operating revenues totaled $6.279 billion, reflecting a 0.9% increase compared to $6.223 billion for the same period in 2023. On a same-store basis, net operating revenues increased 5.2% for the six months ended June 30, 2024, compared to the same period in 2023.
Net loss attributable to Community Health Systems, Inc. stockholders was $(55) million, or $(0.42) per share (diluted), for the six months ended June 30, 2024, compared to $(89) million, or $(0.68) per share (diluted), for the same period in 2023. Excluding adjusting items, net loss attributable to Community Health Systems, Inc. stockholders was $(0.31) per share (diluted) for the six months ended June 30, 2024, compared to $(0.65) per share (diluted) for the same period in 2023.
Adjusted EBITDA for the six months ended June 30, 2024, was $765 million compared to $707 million for the same period in 2023.

The company also completed a tack-on offering of an additional $1.225 billion of senior secured notes due 2032 during the three months ended June 30, 2024. This was used to redeem all remaining outstanding senior secured notes due 2026 and to fund repurchases of other outstanding notes.

As a result of these announcements, the company's shares have moved 6.9% on the market, and are now trading at a price of $4.33. For more information, read the company's full 8-K submission here.

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