Universal Health Services (UHS) has reported attributable net income of $289.15m for the second quarter (Q2) of this year, a 68.7% increase from $171.31m in the same period of last year.
For the three months to 30 June, UHS’ diluted attributable earnings per share (EPS) were $4.26, up from $2.42 in Q2 2023.
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The company’s net revenues increased by 10.1% in the quarter to $3.90bn, up from $3.54bn in the same quarter of last year.
Adjusted net income attributable to UHS for Q2 2024 was $292.56m, or $4.31 for each diluted share, against $179.36m, or $2.53 to a diluted share, in Q2 2023.
On a same-facility basis, UHS’ acute care hospitals saw a 3.4% increase in adjusted admissions and a 1.6% rise in adjusted patient days from Q2 2023 to Q2 2024.
Net revenue for each adjusted admission grew by 3.5% over this period, while net revenue for each adjusted patient day increased by 5.3%.
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By GlobalDataAdjusted admissions at UHS’ behavioural healthcare facilities decreased by 0.6% over the six months to 30 June, while adjusted patient days rose by 1.7% compared with the first half of 2023.
Net cash provided by the company’s operating activities over this period was $1.07bn, a significant increase from $654m during the first six months of 2023.
The company attributed this to several factors, including a favourable change of $237m caused by an increase in net income plus/minus depreciation and amortisation expense.
UHS has revised its 2024 forecast in view of these results, with projected net revenues estimated to be between $15.56bn and $15.75bn.
This update suggests an increase of 1.0% to 0.3% over the original forecast for this year.
The revised forecast for adjusted net income attributable to UHS for each diluted share is estimated at between $15.40 and $16.20 for each share, marking an increase of 18.5% to 15.7% over the original forecasted figures.
