Nashville, Tenn.-based HCA Holdings has released its earnings for the second quarter of 2011 ended June 30, 2011. While the company's revenues were up 4 percent to $8.1 billion compared to the second quarter of 2010, net income attributable to the company dropped nearly 22 percent from $293 billion in 2Q 2010 to $229 billion for 2Q 2011.
Second quarter 2011 net income included a $75 million pre-tax loss on retirement of debt. Adjusted EBITDA declined 4.7 percent to $1.4 billion for the quarter compared to a year ago.
Same facility equivalent admissions increased 1.9 percent, while same facility admissions increased 1.8 percent. This was driven by a 3.7 percent increase in medical admissions brought down by a 1.6 decrease in surgical admissions on a same facility basis. Emergency room visits increased 4.5 percent on a same facility basis.
Same facility uninsured admissions increased 10.6 percent in the second quarter compared to the prior year period and comprised 7.4 percent of total same facility admissions compared to 6.8 percent of total same facility admissions in the second quarter of 2010.
"While the Company had favorable admissions growth during the quarter, we experienced a shift in service mix from more complex surgical cases to less acute medical cases. This resulted in lower than anticipated revenue growth and earnings," said Richard M. Bracken, Chairman of the Board and Chief Executive Officer of HCA.
Read the full report on HCA's earnings.
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Second quarter 2011 net income included a $75 million pre-tax loss on retirement of debt. Adjusted EBITDA declined 4.7 percent to $1.4 billion for the quarter compared to a year ago.
Same facility equivalent admissions increased 1.9 percent, while same facility admissions increased 1.8 percent. This was driven by a 3.7 percent increase in medical admissions brought down by a 1.6 decrease in surgical admissions on a same facility basis. Emergency room visits increased 4.5 percent on a same facility basis.
Same facility uninsured admissions increased 10.6 percent in the second quarter compared to the prior year period and comprised 7.4 percent of total same facility admissions compared to 6.8 percent of total same facility admissions in the second quarter of 2010.
"While the Company had favorable admissions growth during the quarter, we experienced a shift in service mix from more complex surgical cases to less acute medical cases. This resulted in lower than anticipated revenue growth and earnings," said Richard M. Bracken, Chairman of the Board and Chief Executive Officer of HCA.
Read the full report on HCA's earnings.
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