Franklin, Tenn.-based Community Health Systems, which operates 99 hospitals across the U.S., is withdrawing its financial guidance for 2020 due to COVID-19.
In an April 6 filing with the Securities and Exchange Commission, CHS said several steps it has taken to limit the spread of COVID-19, such as canceling elective procedures, are expected to negatively impact its financial results.
CHS said COVID-19's ultimate effect on its financial results this year will depend on several factors, including length and severity of the pandemic, the volume of canceled procedures, increased labor and supply expenses, and government funding for the hospital industry.
"We are not able to fully quantify the impact that these factors will have on our financial results during 2020, but expect developments related to COVID-19 to materially affect the company's financial performance in 2020," CHS said.
The company is withdrawing its 2020 financial guidance issued in February. At that time, CHS expected revenue of $12.4 billion to $12.8 billion.