HCA Healthcare, Inc.’s (HCA - Free Report) third-quarter 2021 adjusted earnings of $4.57 per share beat the Zacks Consensus Estimate of $4.10 by 11.5%. The bottom line also improved 138% year over year on higher revenues.
The company witnessed solid patient volumes in the quarter.
Quarterly Details
HCA Healthcare’s revenues of $15.276 billion beat the Zacks Consensus Estimate by 4.7%. The top line also improved 14.8% from the year-ago period’s figure.
Same facility equivalent admissions increased 9.3% year over year while same facility admissions rose 6.8% year over year. Same facility revenue per equivalent admission grew 5.2% year over year in the quarter.
Same facility inpatient surgeries and same facility outpatient surgeries decreased 4.9% and increased 6.4%, respectively, year over year.
Salaries and benefits, supplies and other operating expenses were up 15.4% year over year.
Adjusted EBITDA totaled $3.2 billion, up 57% year over year.
As of Sep 30, 2021, HCA Healthcare operated 183 hospitals and approximately 2,000 sites of care.
Financial Update (as of Sep 30, 2021)
Total assets came in at $49.5 billion, up 4.4% from the level at 2020 end.
Total debt less debt issuance costs and discounts of $32 billion increased 4.1% from the level at 2020 end.
In the reported quarter, capex came in at $889 million minus acquisitions.
Cash flows provided by operating activities were $2.277 billion compared with the year-ago period’s figure of $2.717 billion.
2021 Guidance
The company revised its 2021 guidance following solid third-quarter results.
Management expects annual revenues in the band of $58.7-$59.3 billion, up from the prior expectation of $57-$58 billion.
Adjusted EBITDA is estimated to be $12.50-$12.80 billion, up from the prior range of $12.10-$12.50 billion.
Capex of the company is still expected at $3.7 billion.
EPS of the company is projected at $17.20-$17.80, up from the previous guidance of $16.30-$17.10 per share.
Share Repurchase and Dividend Update
In the third quarter of 2021, it bought back shares worth $2.329 billion.
HCA Healthcare announced a quarterly cash dividend of 48 cents per share on its common stock. The dividend is payable Dec 29, 2021 to its shareholders of record on Dec 14, 2021.
Zacks Rank & Peer Releases
HCA Healthcare currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Medical Sector Releases
Of the medical sector players that have reported third-quarter results so far, the bottom-line results of Tenet Healthcare Corporation (THC - Free Report) , UnitedHealth Group Incorporated (UNH - Free Report) and Anthem, Inc. beat the respective Zacks Consensus Estimate.
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HCA Healthcare, Inc.’s (HCA - Free Report) third-quarter 2021 adjusted earnings of $4.57 per share beat the Zacks Consensus Estimate of $4.10 by 11.5%. The bottom line also improved 138% year over year on higher revenues.
The company witnessed solid patient volumes in the quarter.
Quarterly Details
HCA Healthcare’s revenues of $15.276 billion beat the Zacks Consensus Estimate by 4.7%. The top line also improved 14.8% from the year-ago period’s figure.
Same facility equivalent admissions increased 9.3% year over year while same facility admissions rose 6.8% year over year. Same facility revenue per equivalent admission grew 5.2% year over year in the quarter.
Same facility inpatient surgeries and same facility outpatient surgeries decreased 4.9% and increased 6.4%, respectively, year over year.
Salaries and benefits, supplies and other operating expenses were up 15.4% year over year.
Adjusted EBITDA totaled $3.2 billion, up 57% year over year.
As of Sep 30, 2021, HCA Healthcare operated 183 hospitals and approximately 2,000 sites of care.
Financial Update (as of Sep 30, 2021)
Total assets came in at $49.5 billion, up 4.4% from the level at 2020 end.
Total debt less debt issuance costs and discounts of $32 billion increased 4.1% from the level at 2020 end.
In the reported quarter, capex came in at $889 million minus acquisitions.
Cash flows provided by operating activities were $2.277 billion compared with the year-ago period’s figure of $2.717 billion.
2021 Guidance
The company revised its 2021 guidance following solid third-quarter results.
Management expects annual revenues in the band of $58.7-$59.3 billion, up from the prior expectation of $57-$58 billion.
Adjusted EBITDA is estimated to be $12.50-$12.80 billion, up from the prior range of $12.10-$12.50 billion.
Capex of the company is still expected at $3.7 billion.
EPS of the company is projected at $17.20-$17.80, up from the previous guidance of $16.30-$17.10 per share.
Share Repurchase and Dividend Update
In the third quarter of 2021, it bought back shares worth $2.329 billion.
HCA Healthcare announced a quarterly cash dividend of 48 cents per share on its common stock. The dividend is payable Dec 29, 2021 to its shareholders of record on Dec 14, 2021.
Zacks Rank & Peer Releases
HCA Healthcare currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Medical Sector Releases
Of the medical sector players that have reported third-quarter results so far, the bottom-line results of Tenet Healthcare Corporation (THC - Free Report) , UnitedHealth Group Incorporated (UNH - Free Report) and Anthem, Inc. beat the respective Zacks Consensus Estimate.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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