Dallas-based Tenet Healthcare saw a net income of $259 million in the second quarter of 2024, a nearly 111% increase from $123 million for the same quarter in 2023, according to its July financial report.
The health system's financial improvements come on the heels of an even stronger first quarter of 2024, where it posted a net income of $2.2 billion, largely associated with the sale of three hospitals in South Carolina and six in California.
Here are six findings from the second-quarter report:
1. Tenet saw a net operating revenue of $5.1 billion for the three months ended June 30, 2024, up from $5.08 billion during the same period last year.
2. Adjusted EBITDA for the health system's second-quarter was $945 million, up 12.1% from the second quarter of 2023.
3. Tenet's adjusted EBITDA outlook for fiscal year 2024 is expected to range from $3.8 billion to $4 billion, up $300 million from the previous year.
4. The health system's salaries, wages and benefits were $2.2 billion in the second quarter of 2024, a 5.1% decrease from $2.3 billion over the same period in 2023. Supply expenses were $908 million, up 1.9% from $891 million in the second quarter of 2023.
5. Tenet's operating income was $761 million for the second-quarter of 2024, a 26% increase from $604 million during the same period last year.
6. "Our results through the second quarter, which have significantly exceeded our expectations, have been driven by volume and revenue growth as well as sustained fundamentally strong operating performance," Saum Sutaria, MD, chairman and CEO of Tenet, said in the report. "Our portfolio transformation and enhanced cash flow profile provide us with compelling opportunities for growth as we execute on our strategy and continue to broaden our service offerings for patient-centered care."