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Universal Health Services' CEO Discusses Q1 2012 Results - Earnings Call Transcript

We’d like to highlight just a couple of developments and business trends before opening the call up to questions.

As discussed in our press release last night, the company recorded net income attributable to UHS per diluted share of a $1.31 for the quarter, after adjusting for the prior year impact of several reimbursement items recorded during the quarter, our adjusted net income attributable to UHS per diluted share for the quarter ended March 31, 2012 was a $1.13.

On a same facility basis, revenues in our Behavioral Health division increased 5.3% during the first quarter of 2012. We note that the PSI facilities are included in our same-store data for the entire quarter.

Adjusted admissions and patient days to our behavioral health facilities owned for more than a year increased 9.2% and 2.8%, respectively during the first quarter. Revenue per adjusted patient day rose 2.4% during the first quarter of 2012 over the comparable prior year quarter.

Operating margins for our behavioral health hospitals owned for more than a year increased to 26.8% during the quarter ended March 31, 2012 as compared to 26.5% during the comparable prior year.

On a same facility basis in our acute care division revenues increased 0.8% during the first quarter of 2012. The increase resulted primarily from a 1.6% increase in adjusted admissions to our hospitals owned for more than a year.

The relatively muted revenue growth reflects a difficult comparisons to the prior year quarter when our net revenues were favorably impacted by positive changes in payor mix especially stabilization in uninsured volumes.

On a same facility basis operating margins for our acute hospitals decreased to 18.6% during the first quarter of 2012 from 20.5% during the first quarter of 2011. We also note that there are no EHR-related revenues included in our quarterly financial statements.

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