Community Health Systems, Inc. has reported the sale of substantially all assets of Tennova Healthcare – Cleveland for a preliminary cash price of approximately $160 million. The unaudited pro forma condensed consolidated balance sheet for June 30, 2024, shows that the cash and cash equivalents have increased from $39 million to $199 million after the sale. Additionally, the sale has led to the elimination of assets and liabilities held for sale attributable to the Facilities, resulting in adjustments in the unaudited pro forma condensed consolidated financial information.
For the six months ended June 30, 2024, the net operating revenues have been adjusted to $6,181 million from $6,279 million after eliminating revenues, costs, and expenses directly attributable to the Facilities. The adjustments have resulted in a net loss attributable to Community Health Systems, Inc. stockholders of $58 million, with a basic loss per share of $0.44.
Looking back at the year ended December 31, 2023, adjustments to the net operating revenues have led to a pro forma figure of $12,302 million, down from the reported $12,490 million. The adjustments have resulted in a net loss attributable to Community Health Systems, Inc. stockholders of $133 million, with a basic loss per share of $1.02.
The adjustments made to the financial information also include the impact on income taxes associated with the sale of the Facilities, as well as a $7 million pre-tax gain ($0 after tax) on the sale of the Facilities. These adjustments reflect the financial impact of the sale and provide a clear picture of the changes in the company's financial position and performance. Today the company's shares have moved -4.8% to a price of $5.01. Check out the company's full 8-K submission here.
