HCA Healthcare reported a 4% increase in its revenues to $15.59bn in Q1 2023, compared with $14.94bn in Q1 2022.
The net income attributable to HCA Healthcare stood at $1.36bn, or $4.85 per diluted share, an increase of 6.8% from $1.27bn, or $4.14 per diluted share, in Q1 2022.
The hospital chain posted losses on sales of facilities of $15m, or $0.08 per diluted share, in Q1 2023. In the same period in 2022, it reported gains on sales of facilities of $10m, or $0.02 per diluted share.
HCA Healthcare recorded $145m of revenues, or $0.40 per diluted share, associated with resolving some disputed claims from previous years with a commercial payer during the quarter.
Its adjusted EBITDA stood at $3.17bn in Q1 2023, compared with $2.94bn in Q1 2022.
Same facility admissions grew by 4.4%, while same facility equivalent admissions rose by 7.5% in Q1 2023, as against the prior year period.
During the quarter, the hospital saw same-facility emergency room visits grow by 10.3%, same-facility inpatient surgeries increase by 3.6% and same-facility outpatient surgeries grow by 5.1%.
Same facility revenue per equivalent admission fell 2.3% in Q1 2023 compared with the corresponding quarter of last year.
The year-over-year comparison of same-facility revenue per equivalent admission was affected by higher Covid-19 volumes and reimbursement in the previous year.
In Q1 2023, Covid-19 represented 3.1% of same-facility admissions, while the figure was 9.7% in the prior-year quarter.
As of 31 March 2023, the company’s balance sheet had recorded cash and cash equivalents of $842m, a total debt of $38.85bn, and total assets of $52.71bn.
Capital expenditures totalled $1.19bn, without including acquisitions.
Cash flows from operating activities in the latest quarter totalled $1.803bn, compared with $1.34bn in Q1 2022.
The company repurchased 3.340 million shares of its common stock at a cost of $846m in Q1 2023.
HCA Healthcare’s latest 2023 guidance range as of 21 April 2023 estimates revenue to be in the range of $62.5bn–$64.5bn and EPS (diluted) to be in the range of $17.25–18.55 per diluted share as against revenues of $61.5bn–63.5bn and $16.40–17.60 per diluted share in the previous 2023 guidance range as of 27 January 2023.