HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating results for the third quarter ended September 30, 2012.
Key third quarter metrics
(all percentage changes compare 3Q 2012 to 3Q 2011 unless noted):
- Revenues increased 11.1 percent to $8.062 billion
- Net income attributable to HCA Holdings, Inc. totaled $360 million, or $0.78 per diluted share
- Adjusted EBITDA increased 8.6 percent to $1.533 billion
- Cash flows from operations declined to $655 million due primarily to changes in working capital items and higher tax payments
- Same facility equivalent admissions increased 2.6 percent while same facility admissions increased 2.1 percent
- Same facility revenue per equivalent admission increased 0.7 percent
HCA Chairman and Chief Executive Officer, Richard M. Bracken, said, “We are pleased with the results of the third quarter. Although we remain in a challenging economic environment, we remain focused on clinical and operational initiatives that position the Company for future changes in the healthcare industry.”
Revenues in the third quarter totaled $8.062 billion, compared to $7.258 billion in the third quarter of 2011. Third quarter revenue growth was primarily driven by increased volume and the consolidation of our HealthONE venture, which was accounted for under the equity method for periods prior to November 2011. Equivalent admissions increased 8.3 percent, while admissions increased 7.0 percent.
Same facility equivalent admissions increased 2.6 percent in the third quarter of 2012 compared to the prior year period, while same facility admissions increased 2.1 percent. Same facility emergency room visits increased 7.4 percent in the third quarter of 2012 compared to the prior year period.
Revenue per equivalent admission increased 2.5 percent in the third quarter of 2012, primarily reflecting a continuing shift in service and payer mix. The Company’s operating expense per equivalent admission increased 3.1 percent from the prior year’s third quarter (2.0 percent on a same facility basis). During the third quarter of 2012, salaries and benefits, supplies and other operating expenses totaled $6.666 billion, or 82.7 percent of revenues, compared to $5.965 billion, or 82.1 percent of revenues, in the third quarter of 2011.