NASHVILLE, Tenn.–(BUSINESS WIRE)–Apr. 15, 2013– HCA Holdings, Inc. (NYSE: HCA) today announced preliminary financial and operating results for the first quarter ended March 31, 2013. The financial results are subject to finalization of the Company’s quarterly financial and accounting procedures.
HCA anticipates revenues for the first quarter of 2013 will be approximately $8.440 billion compared to $8.405 billion in the first quarter of 2012. Income before income taxes for the first quarter is expected to approximate $639 million compared to $963 million in the prior year. Adjusted EBITDA for the first quarter is expected to be approximately $1.568 billion compared to $1.823 billion in the previous year’s first quarter. Adjusted EBITDA is a non-GAAP financial measure. A table reconciling income before income taxes to Adjusted EBITDA is included in this release.
Results for the first quarter of 2013 are anticipated to include pretax losses on sales of facilities of approximately $16 million, or $0.02 per diluted share, and a pretax loss on retirement of debt of approximately $17 million, or $0.03 per diluted share. Results for the first quarter of 2012 include net favorable Medicare adjustments which increased revenues by $188 million, Adjusted EBITDA by $170 million and earnings per diluted share by $0.22.
Results for the first quarter of 2013 were impacted by a slowdown in the rate of growth in admissions and a weakness in outpatient volumes, both of which were distributed across our portfolio and occurred largely during the second half of the period. Same facility admissions for the quarter increased 0.1 percent while same facility equivalent admissions declined 0.7 percent, compared to the prior year’s increases of 3.2 percent and 4.8 percent, respectively. Adjusting for “leap year’s” extra business day in 2012, same facility admissions would have increased 1.3 percent and equivalent admissions would have increased 0.4 percent in the first quarter of 2013 compared to the first quarter of 2012. Volume growth trends moderated across all payor classes with managed care/commercial same facility equivalent admissions declining approximately 4.6 percent in the current quarter compared to an increase of 2.8 percent in the first quarter of 2012.
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Same facility revenue per equivalent admission is expected to increase approximately 0.8 percent in the first quarter of 2013 compared to the prior year’s first quarter. Excluding the net favorable Medicare adjustments in the first quarter of 2012, same facility revenue per equivalent admission would have increased approximately 3.5 percent in the first quarter of 2013 compared to the adjusted first quarter of 2012.
Same facility emergency room visits increased 3.8 percent in the first quarter of 2013 compared to the prior year period. Same facility inpatient surgeries declined 2.6 percent and same facility outpatient surgeries declined 4.3 percent in the first quarter of 2013 compared to the first quarter of 2012. The Company began making adjustments to its cost structure during the first quarter to respond to the weakness in patient volumes.
Article Date: April 15, 2013