The Nashville-based for-profit hospital operator's top line revenues exceeded $13.9 billion during the first quarter of 2021.
HCA Healthcare recorded a net income of $1.4 billion in Q1 2021, up from $581 million in Q1 2020, according to the company's latest earnings report released Thursday morning.
HCA saw cash flows used in operating activities total more than $1.9 billion during the quarter, compared to $1.3 billion in Q1 2020.
The Nashville-based for-profit hospital operator's top line revenues also exceeded $13.9 billion during the first quarter of 2021.
Forward-looking, HCA projected revenues in the range of $54 billion to $55.5 billion in 2021 along with an adjusted EBITDA between $10.853 billion to $11.35 billion.
"The first quarter is yet another period where the disciplined operating culture and strong execution by our teams were on display. I want to thank our 275,000 colleagues and 50,000 physicians for their tremendous work," Sam Hazen, CEO of HCA, said in a statement. "As we continue to resource and execute on our strategic agenda, we will remain true to our mission of improving lives and delivering on the responsibilities we have to our stakeholders."
During the first quarter, HCA repurchased over 8.4 million shares of its common stock for over $1.5 billion. At the end of Q1, HCA had over $7.2 billion remaining under the organization's repurchase authorization.
Despite the positive financial metrics, HCA continued to face admissions challenges related to the ongoing COVID-19 pandemic as same facility admissions and equivalent admissions fell 4.1% and 6.4%, respectively.
The company's same facility emergency room visits fell 18.4%, while same facility inpatient surgeries dropped 5.4%. Same facility outpatient surgeries grew 2.3%.
HCA declared a quarterly cash dividend of $0.48 per share on its common stock which will be paid on June 30.
The most significant move made by HCA during the quarter was the announced purchase of Brookdale's home health unit for $400 million.
For the quarter, HCA reported capital expenditures of $654 million, excluding acquisitions, while cash flows provided by operating activities totaled over $1.9 billion, compared to over $1.3 billion year over year.
At the end of Q1, HCA had cash and cash equivalents of over $1 billion, total debt of just over $31 billion, and total assets of just over $47.2 billion.
For complete financial information, review HCA's filing with the Securities and Exchange Commission.
Photo credit: KONSKIE, POLAND - December 01, 2018: Hospital Corporation of America (HCA) logo displayed on smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com