Following a rocky Q1, Tenet improved its performance for net income from operations in Q2, but still struggled in some year-over-year metrics.
Tenet Healthcare Corp. posted gains in net income from operations during Q2, one year after posting a multimillion dollar loss.
The healthcare company generated $24 million in net income for Q2, according to its earnings report released Monday afternoon, a turnaround from the $56 million loss during the same time last year. Additionally, Tenet's adjusted EBITDA grew from $570 million in Q2 2017 to $634 million in Q2 2018.
"We are becoming a more agile and decisive organization and are pleased with our strong financial results for the third quarter in a row," Ronald Rittenmeyer, CEO of Tenet, said in a statement. "We have demonstrated our ability to appropriately minimize costs, which will be an ongoing fundamental part of how we do business. Our top priorities remain strengthening our portfolio, delivering more consistent organic growth and taking additional steps to enhance our margins and free cash flow."
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Below are highlights from Tenet's Q2 earnings report:
- Net operating revenues from hospital operations totalled $3.7 billion, down 8.6% year-over-year.
- However, on a same-hospital basis, Tenet generated net patient revenues of $3.4 billion, up 3.2% from Q2 2017.
- Cash and cash equivalents were $403 million, significantly down from $973 million at the end of Q1 2017.
Additional information is available in Tenet's filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.