The hospital operator's stock is declining following the release of its latest financial results.
HCA Healthcare announced its financial results for the 2022 third quarter and while the hospital operator reported profits that topped analysts' expectations, revenue and net income declined year-over-year.
Revenues in the third quarter of 2022 totaled $14.971 billion, compared to $15.276 billion in the third quarter of 2021. Net income attributable to HCA Healthcare, Inc. totaled $1.134 billion, or $3.91 per diluted share, compared to $2.269 billion, or $7.00 per diluted share, in the third quarter of 2021.
HCA Healthcare saw a decline in admissions for the quarter as well. Same-facility admissions dropped 1.5% year-over-year, however, same-facility equivalent admissions increased by 2.3% in the third quarter of 2022. Same facility emergency room visits declined 1.3 percent in the third quarter of 2022, compared to the prior year period. However, HCA saw a 5.6% rise in same-facility inpatient surgeries compared to the same quarter the prior year.
"Despite a difficult comparison to the prior year due to the COVID-19 Delta variant, we are pleased with our results and the execution of our teams in a challenging operating environment, which included tremendous efforts from our courageous frontline caregivers and support teams who worked tirelessly to provide uninterrupted care during Hurricane Ian," Sam Hazen, chief executive officer for HCA Healthcare said in the earnings report.
Amanda Schiavo is the Finance Editor for HealthLeaders.