HCA Reports Fourth Quarter 2012 Results

HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating results for the fourth quarter and year ended December 31, 2012.

Key fourth quarter metrics (all percentage changes compare 4Q 2012 to 4Q 2011 unless noted):
  • Revenues increased 8.5 percent to $8.434 billion
  • Net income attributable to HCA Holdings, Inc. totaled $314 million, or $0.68 per diluted share (includes pretax legal claim costs of $175 million, or $0.24 per diluted share)
  • Adjusted EBITDA declined 2.0 percent to $1.606 billion
  • Cash flow from operations totaled $1.263 billion
  • Same facility equivalent admissions increased 5.0 percent while same facility admissions increased 4.3 percent
  • Same facility emergency room visits increased 12.7 percent
  • Same facility revenue per equivalent admission increased 0.5 percent

“We are pleased with our operating performance in the fourth quarter. Many of our key operating metrics met our expectations reflecting the strength of our delivery networks,” stated Richard M. Bracken, Chairman and CEO.

Fourth quarter 2012 revenues increased to $8.434 billion compared to $7.769 billion in the prior year’s fourth quarter. Revenue growth was primarily driven by increased patient utilization at the Company’s facilities and the financial consolidation (effective November 1, 2011) of our HealthONE joint venture . On a consolidated basis, equivalent admissions increased 7.1 percent, while admissions increased 6.0 percent compared to the prior year period.

Patient volume trends in the fourth quarter were strong, and same facility equivalent admissions increased 5.0 percent. Same facility admissions increased 4.3 percent and same facility emergency room visits increased 12.7 percent in the fourth quarter compared to the prior year period.

On January 24, 2013, a Missouri judge ruled in favor of a nonprofit health foundation in a lawsuit against HCA. In the case, the plaintiff alleged that HCA did not make the full level of capital expenditures and uncompensated care agreed to in connection with its purchase of hospitals from Health Midwest in 2003. HCA recorded $175 million of legal claim costs in the fourth quarter of 2012 related to this ruling; however, the Company plans to appeal the ruling.

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