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HCA Reports Third Quarter 2013 Results

Stocks in this article: HCA

HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating results for the third quarter ended September 30, 2013.

Key third quarter metrics (all percentage changes compare 3Q 2013 to 3Q 2012 unless noted):

  • Revenues totaled $8.456 billion, an increase of 4.9 percent
  • Net income attributable to HCA Holdings, Inc. totaled $365 million, or $0.79 per diluted share
  • Adjusted EBITDA was $1.603 billion, an increase of 4.6 percent
  • Cash flows from operations increased $245 million, to $900 million from $655 million
  • Same facility equivalent admissions increased 1.1 percent, while same facility admissions increased 0.7 percent
  • Same facility revenue per equivalent admission increased 3.4 percent

HCA Chairman and Chief Executive Officer, Richard M. Bracken, said, “We are pleased with the results of the third quarter. The Company’s many clinical and operating initiatives continue to position our facilities to effectively compete in this changing healthcare environment.”

Revenues in the third quarter totaled $8.456 billion, compared to $8.062 billion in the third quarter of 2012. Third quarter revenue growth was driven by growth in volume and higher revenue per equivalent admission as case mix, or acuity, increased 2.0 percent compared to the prior year.

Same facility equivalent admissions increased 1.1 percent in the third quarter of 2013 compared to the prior year period, while same facility admissions increased 0.7 percent. Same facility emergency room visits increased 0.9 percent in the third quarter of 2013 compared to the prior year period.

Revenue per equivalent admission increased 3.9 percent in the third quarter of 2013 (3.4 percent increase on a same facility basis), primarily reflecting increasing acuity and changes in payor mix. During the third quarter same facility inpatient surgeries increased 2.9 percent while same facility outpatient surgeries increased 0.4 percent compared to the prior year period. The Company’s operating expense per equivalent admission increased 3.1 percent from the prior year’s third quarter (1.9 percent increase on a same facility basis). During the third quarter of 2013, salaries and benefits, supplies and other operating expenses totaled $6.937 billion, or 82.0 percent of revenues, compared to $6.666 billion, or 82.7 percent of revenues, in the third quarter of 2012.

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