UHS had two major developments during Q3: an announced retirement and a cyberattack.
Universal Health Services, Inc., (UHS) reported increases in both net revenues and income, according to the company's latest earnings report released Thursday afternoon.
The King of Prussia, Pennsylvania–based hospital management company's net revenues were just north of $2.9 billion, up 3.2% year-over-year, while net income topped $241 million, up more than $143 million year-over-year.
Additionally, the company's quarterly adjusted EBITDA net of NCI was $472.8 million, up more than $68 million compared to Q3 2019.
Importantly, UHS acknowledged the impact of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act on the company's financial performance.
UHS recorded an unfavorable impact of $4.7 million due to the reversal of "previously recorded grant income revenues of approximately $5 million" provided through the CARES Act.
Related: UHS Net Revenues Fell 4.4% in Q2, Company Received More Than $200M in Stimulus Funding
The company also said that most of its acute care and behavioral health facilities have experienced "gradual and continued improvement in patient volumes" since May, though there is continued uncertainty going forward.
"Although many of our acute care and behavioral health facilities are located in states that have continued to experience intermittent increases in COVID-19 infections, non-COVID-19 patient volumes at our hospitals have not been as dramatically impacted in recent months by increases experienced from time-to-time in COVID-19 patient volumes," the report stated.
UHS had two major developments during Q3: an announced retirement and a cyberattack.
In early September, Alan B. Miller, the founder and CEO of the company, announced that he would step down in January 2021. Marc D. Miller, the company's president, will replace him.
Related: Universal Health Services CEO Stepping Down in January 2021
In late September, UHS had to temporarily shut down user access to IT applications due to a malware cyberattack.
Related: Universal Health Services Faces Cyberattack
For complete financial information, review UHS' filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: Milan, Italy - November 1, 2017: Universal Health Services logo on the website homepage. - Image / Editorial credit: Casimiro PT / Shutterstock.com