Dallas-based Tenet Healthcare reported a net income of $131 million in the third quarter of 2022, down from $448 million over the same period last year, according to its financial report released Oct. 20.
Six details:
1. During the third quarter ending Sept. 30, the for-profit hospital system saw a net operating revenue of $4.8 billion, down from $4.9 billion recorded in the same period last year.
2. The 60-hospital system ended the third quarter of 2022 with an operating income of $596 million, down from $1 billion over the same period in 2021.
3. Tenet announced that its board of directors has authorized a $1 billion share repurchase program that expires Dec. 31, 2024.
4. "During the third quarter, we worked to continue to recover from our cyber attack and dealt with a very active COVID spike among our employees, but the operating discipline across our business units allowed us to adapt to the environment and drive strong results," Tenet CEO Saum Sutaria, MD, said in the report. "Our business continues to generate strong free cash flow, enabling us to authorize a share repurchase program that balances our uses of capital with investments to grow the business and debt retirement."
5. Tenet received $1.5 billion of Medicare advance payments from CMS in 2020 related to the pandemic. The health system has repaid the advance as of Sept. 30. Tenet paid back the remaining $880 million after repaying $616 million last year.
6. For the nine months ending Sept. 30, Tenet recorded a net income of $308 million on revenues of $14.2 billion. In the same period in 2021, Tenet reported a net income of $665 million on revenues of $14.6 billion.