This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tenet Reports Third Quarter Adjusted EBITDA Growth Of 40% To $269 Million

Net operating revenues were $2.221 billion, an increase of $121 million, or 5.8 percent, compared to net operating revenues of $2.100 billion in the third quarter of 2011.

Bad debt expense as a percent of revenues was 8.5 percent, an increase of 20 basis points compared to 8.3 percent in the third quarter of 2011. The increase in bad debt expense was largely the result of the 7.9 percent increase in uninsured and charity outpatient visits.

Net patient revenue per adjusted admission was $11,579, an increase of 3.7 percent. This pricing increase primarily reflects improved terms in our contracts with commercial managed care payers.

Selected operating expenses, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased by only 1.5 percent on a per adjusted admission basis. This favorable cost performance exceeded the Company’s expectations for the quarter. Supply costs were extremely well-controlled, declining 2.2 percent per adjusted admission.

Cash and cash equivalents were $83 million at September 30, 2012 compared to $82 million at June 30, 2012. The balance on the Company’s bank line was $175 million at September 30, 2012, a reduction of $25 million as compared to a balance of $200 million as of June 30, 2012. Approximately $60 million of California Provider Fee program revenues have been recognized in Adjusted EBITDA in 2012 that have not yet been received.

Outlook for Adjusted EBITDA in Fourth Quarter 2012 and Full Year 2013

The outlook range for Adjusted EBITDA in the fourth quarter of 2012 is $313 million to $353 million. This range reflects the delayed recognition of the revenue from the managed care portion of the California Provider Fee program into 2013. The Company’s Outlook for 2013 Adjusted EBITDA is in a range of $1.325 billion to $1.425 billion, slightly above analyst consensus estimates.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs