Dallas-based Tenet Healthcare ended 2021 with a net income from continuing operations of $915 million, more than doubling the $399 million recorded the same period one year before.
The for-profit hospital operator said its results for the year ending Dec. 31, 2021, included a pre-tax gain of $406 million associated with the divestiture of five Miami-area hospitals, as well as stimulus funds totaling $205 million. In 2020, Tenet recorded grant income of $899 million.
For 2021, Tenet recorded operating revenues of $19.5 billion, up from $17.6 billion recorded in 2020. The revenue was largely driven by Tenet's hospital segment, which recorded $15.9 billion in revenue for 2021, and Tenet's ambulatory care segment, which recorded revenue of $742 million.
Tenet ended the 12-month period with an operating income of $2.9 billion, up from $2 billion recorded one year before.
After factoring in losses from discontinued operations and income-tax expenses, net income attributable to Tenet shareholders was $915 million for the year.
In the fourth quarter, taking into account stimulus grants, Tenet saw a net income of continuing operations of $250 million, compared with a net income of $414 million in the same period in 2020. Without stimulus funds in the fourth quarter of 2021, Tenet posted a net income of $153 million, compared to $89 million recorded the same period one year before.
In the quarter ending Dec. 31, Tenet posted revenue of $4.9 billion, down 1.2 percent from the same quarter one year before.
Tenet also said it plans to retire $700 million of 7.5 percent senior secured notes due in 2025. It expects to save about $53 million annually with the debt reduction.