Nashville, Tenn.-based Hospital Corporation of America's third quarter lived up to expectations, as net income grew 1.4 percent to $365 million.
HCA's operating income increased 3.5 percent to $701 million. The figures mirror what HCA predicted in the middle of October and represent another strong quarter for the largest for-profit hospital operator in the country.
Net revenue climbed 4.9 percent to more than $8.4 billion. HCA continues to buck the industrywide trend of slow inpatient admissions. In the third quarter ended Sept. 30, same-hospital admission rose 0.7 percent. Inpatient surgeries also ticked up 2.9 percent, while outpatient surgeries and emergency room visits increased 0.4 percent and 0.9 percent, respectively.
For the first nine months of fiscal year 2013, HCA's net profit was down 12.3 percent at more than $1.1 billion. Its operating income was also down 8.3 percent, totaling $2.1 billion. This year's first quarter dragged down nearly every health system's financials, including HCA, which reported a 36 percent plunge in profit.
HCA's net revenue for the first nine months jumped to $25.3 billion, while adjusted EBITDA stood just shy of $4.9 billion. At the end of the quarter, HCA had $484 million of cash on hand and debt totaling $28.4 billion. HCA owns 162 hospitals and increased its freestanding ambulatory surgery center count to 114.
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