Franklin, Tenn.-based Community Health Systems swung to a loss in the third quarter of 2016.
Here are five things to know about the company's third-quarter results.
1. CHS posted revenues of nearly $4.4 billion for the three months ended Sept. 30. That's down 9.6 percent from operating revenues of $4.8 billion in the same period of 2015.
2. The lower revenue was attributable, in part, to a decline in patient volume. CHS said total admissions were down 12.4 percent in the third quarter of 2016 compared to the same period of the year prior. On a same-hospital basis, admissions fell 2 percent year over year.
3. During the third quarter of 2016, CHS recorded a noncash impairment charge of $39 million. "This update to the estimated goodwill impairment charge was based on the company's updated valuation assumptions, as well as information obtained from third-party valuation services," said CHS.
4. The company ended the third quarter with a net loss of $79 million, compared with a $52 million profit in the same period of 2015.
5. CHS is currently exploring options with financial sponsors. On Tuesday, CHS said these discussions are in a "very preliminary stage." The company said it is not certain these talks will result in a transaction.
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