The for-profit hospital operator posted another strong quarter and improved its financial guidance for the end of the year thanks to continued rising admissions.
With total revenues of $11.5 billion and cash flows from operations of $1.58, HCA Healthcare Inc. posted another strong quarter, according to its Q2 earnings report released Wednesday morning.
HCA saw its total revenues increase 7.4% year-over-year, along with its adjusted EBITDA reaching $2.22 billion, an increase of 6.6% year-over-year.
Rising admissions, long a driver of HCA's earnings success, continued in two areas during Q2: same facility equivalent admissions were up 2.8% and same facility admissions were up 2.7% year-over-year.
The consistent success of HCA's operations led the company to revise its end-of-year guidances. Revenues are now projected between $45.5 to $46.5 billion, adjusted EBITDA between $8.65 to $8.85 billion, and capital expenditures near $3.5 billion.
Below are highlights from HCA's Q2 earnings report:
HCA's net operating income totalled $820 million for Q2, up from $657 million this time last year.
This was aided by a tax benefit of $121 million due to the implementation of the federal tax reform bill last year.
HCA also repurchased $470 million worth of common stock in Q2, leaving it with $910 million left in its current repurchase authorization.
Additional information is available in HCA's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.