CEO Sam Hazen says the for-profit hospital chain is 'encouraged by our performance.'
HCA Healthcare, Inc. credited robust patient volume growth in Q1 2024 for revenues of $17.3 billion, an 11% increase over the $15.5 billion booked in Q1 2023, the company says.
The Nashville-based for-profit health system reported a year-over-year 6.2% increase in same-hospital admissions and same facility equivalent admissions grew 5.2%.
As a result, adjusted EBITDA totaled $3.35 billion, up from $3.1 billion in Q1 2023, cash flow totaled $2.4 billion, and net income totaled more than $1.5 billion, or $5.93 per diluted share.
The HCA board of directors declared a quarterly cash dividend of $0.66 per share on common stock, which will be paid to stockholders on June 28.
"The strong fundamentals we saw in our business this past year continued into the first quarter of 2024," HCA CEO Same Hazen said during a conference call on Friday. "This momentum generated strong financial results that were driven primarily by broad-based volume growth."
"As we look to the rest of the year, we remain encouraged by our performance, the overall backdrop of growing demand for our services and our enhanced stability across our networks to serve our communities," Hazen said.
The Q1 report also booked $201 million ($0.57 per diluted share) from the sale to UCLA Health of the 260-bed West Hills Hospital and Medical Center in West Hills, CA.
HCA's balance sheet finished the quarter with $1.3 billion in cash and cash equivalents, total debt of $41 billion, and total assets of $57 billion. Capital expenditures totaled $1.1 billion, excluding acquisitions. Cash flows provided by operating activities totaled $2.4 billion, compared to $1.8 billion in Q1 2023. HCA also repurchased 3.9 million shares of common stock for $1.2 billion.
HCA operates 188 hospitals and some 2,400 ambulatory care venues in 20 states and the United Kingdon, including surgery centers, freestanding emergency rooms, urgent care centers and clinics.
“The strong fundamentals we saw in our business this past year continued into the first quarter of 2024.”
HCA Healthcare, Inc. CEO Same Hazen
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.
KEY TAKEAWAYS
The Nashville-based for-profit health system reported a year-over-year 6.2% increase in same-hospital admissions and same facility equivalent admissions grew 5.2%.
Adjusted EBITDA totaled $3.35 billion, up from $3.1 billion in Q1 2023, cash flow totaled $2.4 billion, and net income totaled more than $1.5 billion, or $5.93 per diluted share.
The HCA board of directors declared a quarterly cash dividend of $0.66 per share on common stock, which will be paid to stockholders on June 28.