Community Health Systems has reported a net income attributable to its stockholders of $46m in the fourth quarter (Q4) of fiscal year 2023 (FY23), compared with $414m reported in Q4 of fiscal year 2022 (FY22).
Basic and diluted earnings per share attributable to the company’s stockholders for the quarter ending on 31 December 2023 were $0.35.
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Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q4 FY23 was $386m, down from $404m in last year’s Q4.
The company’s net operating revenues for Q4 FY23 were $3.18bn, a 1.2% increase from $3.14bn in Q4 2022.
Net operating revenues for Q4 FY23 increased 4.1% on a same-store basis, leading to a 0.7% increase in admissions and a 1.9% increase in adjusted admissions.
For the full year ending on 31 December 2023, Community Health Systems recorded a net loss attributable to its stockholders of $133m versus net income of $46m in FY22.
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By GlobalDataThe basic and diluted loss per share attributable to Community Health Systems stockholders for FY23 were $1.02.
Adjusted EBITDA for the year ending on 31 December 2023 was $1.45bn, a slight decrease from $1.46bn in FY22.
The company attributes the downturn in annual financial performance to a combination of factors, including unfavourable changes in payor mix, reduced pandemic relief funds, and increased expenses across various operational areas.
Despite these challenges, the company did experience some positive trends, such as stronger patient volumes and increased reimbursement rates.
Net operating revenues for FY23 stood at $12.49bn, a 2.3% increase from $12.21bn recorded last year.
In FY23, net operating revenues on same-store basis increased 4.8%, while the health system recorded an increase of 0.3% in admissions to 435,913 from last year’s 434,765.
On a same-store basis, admissions increased 3.5% and adjusted admissions increased 5.3% in FY23.
Total number of beds at the end of 2023 remained unchanged at 71.
Community Health Systems CEO Tim L Hingtgen said: “Operational and financial results improved in 2023 as patient demand for our services increased, resulting in growth in same-store admissions, adjusted admissions, surgeries and ER visits.
“Our staff recruitment and retention initiatives generated solid gains in the number of bedside nurses and patient care positions in our hospitals, which significantly reduced contract labour utilisation.”
