Tenet Healthcare has reported a net income available to its common shareholders of $611m in fiscal year (FY) 2023, a 48.6% surge from $411m a year ago.
For the year ending 31 December 2023, the company’s net operating revenues were $20.54bn, a 7.2% increase from $19.17bn in FY22.
Net operating revenues of the company’s Ambulatory segment totalled $3.86bn in FY23, up 18% from $3.24bn in FY22.
The hospital segment's net operating revenues increased by 4.7% to $16.68bn in FY23, from $15.92bn in the prior year.
Tenet’s adjusted diluted earnings per share (EPS) from continuing operations for the reported year were $6.98, compared to $6.80 in FY22.
Its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), including grant income, in FY23 were $3.54bn, a 2% rise from $3.46bn last year.
In the fourth quarter (Q4) of FY23, net income available to the company's common shareholders was $244m. This represented an increase of approximately 139% from $102m in Q4 FY22.
Net operating revenues for Q4 FY23 were $5.37bn, a 7.7% rise from $4.99bn in the same quarter of the year prior.
In Q4 FY23, Ambulatory segment's net operating revenues increased to $1.07bn, from $933m in the previous year.
Hospital segment's net operating revenues increased from $4.05m in Q4 FY22 to $4.30bn in Q4 FY23.
Adjusted EPS from continuing operations for Q4 FY23 were $2.68, up from $1.96 in Q4 2022.
Consolidated adjusted EBITDA, including grant income, in Q4 FY23 totalled $1.01bn, reflecting a 12.8% increase from $897m in Q4 FY22.
For fiscal year 2024, Tenet has forecast an adjusted EBITDA in the range of $3.28bn to $3.48bn, taking into account the closing of the South Carolina hospital sale to Novant Health as of 31 January 2024 and assuming the closing of the California hospital sale to UCI Health on 31 March 2024.
Tenet chairman and CEO Saum Sutaria said: “We carry momentum into 2024 and are focused on continuing to expand access to care and investing in cutting edge technology for our patients and physician partners while strategically reducing our debt and growing our ambulatory care and hospital businesses.”
