The Dallas-based for-profit hospital operator's net loss came one year after posting a net income of $108 million.
Tenet Healthcare Corp. posted a net loss of $243 million for 2019, one year after the company recorded a net income of $108 million.
According to the company's latest earnings report released Monday afternoon, Tenet recorded a net loss per diluted share of $2.35 in 2019. Tenet had produced a net income per diluted share of $1.04 during 2018.
The Dallas-based for-profit hospital operator did see its adjusted EBITDA rise by nearly $150 million, reaching $2.7 billion for the year, while its adjusted diluted earnings per share rose from $1.86 in 2018 to $2.68 in 2019.
Tenet also released its Q4 2019 earnings, which included a $2 million net income compared to a $5 million net loss one year prior. The company's adjusted EBITDA for Q4 2019 also rose $121 million year-over-year.
"Our financial results for 2019 support the sustainable changes we have made across each of our operating segments," Ronald Rittenmeyer, CEO of Tenet, said in a statement. "We closed the year with a very strong fourth quarter and believe our focus on our patients, our physicians and all stakeholders — supported by underlying enhancements to technology, a renewed dedication to customer service and a keen eye on administrative expenses — are driving our growth and positioning us well for 2020 and future years."
Looking ahead at fiscal year (FY) 2020, Tenet expects to record net operating revenues between $19.1 billion to $19.5 billion, along with a net income of $130 million to $245 million.
Additionally, Tenet projects its adjusted EBITDA will be between $2.78 billion to $2.88 billion.
One major development during Q4 2019 was Tenet's decision to sell its two remaining acute care hospitals in Tennessee to Memphis-based non-profit Methodist Le Bonheur Healthcare.
More recently, Tenet and its Southern California subsidiary Desert Regional Medical Center agreed to pay $1.41 million to settle a cardiac monitor lawsuit.
Tenet saw growth in its hospital operations segment, with net operating revenues and adjusted EBITDA growing during the quarter and full year.
Hospital surgeries during Q4 2019 rose 3.5% when procedures that occurred at a USPI facility were included; without them, surgeries only rose 0.2% year-over-year.
Admissions rose 2.6% during Q4 2019 and 2.3% for the full year, both marking changes from negative growth percentages this time last year.
Tenet's cash and cash equivalents fell by $52 million quarter-over-quarter, totaling $262 million at the end of Q4.
ADDITIONAL TENET Q4 EARNINGS REPORT HIGHLIGHTS:
- Conifer Health Solutions produced net operating revenues of $332 million during Q4, down $40 million year-over-year.
- Net patient service revenues on a same-hospital basis were $3.67 billion in Q4, up 5.2% year-over-year.
- Total selected operating expenses rose 3.3% on a per adjusted admission basis for 2019.
For complete financial information, review Tenet's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: Milan, Italy - November 1, 2017: Tenet Healthcare logo on the website homepage. - Image / Photo credit: Casimiro PT / Shutterstock.com