The healthcare provider reported first-quarter financials that came in below expectations.
Community Health Systems, a Franklin, Tennessee-based healthcare system with over 80 hospitals in 44 markets, announced its 2023 first-quarter financial results, which did not meet analysts' expectations.
Net operating revenues for the first quarter totaled $3.108 billion, beating analysts’ estimates by just 1.3%, according to a report by Simply Wall Street. Net loss attributable to Community Health Systems stockholders was $(51) million, or $(0.40) per diluted share—missing expectations by 145%. Adjusted EBITDA was $335 million. On a same-store basis, admissions increased by 4.8% and adjusted admissions increased by 9.4%, compared to the same period in 2022.
"Our first quarter results include solid growth metrics and other promising indicators that demonstrate core demand for healthcare services is returning and that we are making progress with our initiatives and investments to capture volume," Community Health Systems CEO Tim Hingtgen said on the earnings call. "Some other more challenging dynamics such as payer mix changes and increased medical specialist fees affected our earnings in the quarter despite our ability to favorably manage other controllable expenses."
Amanda Schiavo is the Finance Editor for HealthLeaders.