Financial Performance - Net operating revenues for Q2 2024 totaled $3.140 billion, a 0.8% increase from $3.115 billion in Q2 2023[4] - On a same-store basis, net operating revenues increased by 4.7% year-over-year for Q2 2024[4] - Net loss attributable to Community Health Systems, Inc. stockholders was $(13) million, or $(0.10) per share (diluted), compared to $(38) million, or $(0.29) per share (diluted) in Q2 2023[5] - Adjusted EBITDA for Q2 2024 was $387 million, up from $373 million in Q2 2023[6] - For the six months ended June 30, 2024, net operating revenues totaled $6.279 billion, a 0.9% increase from $6.223 billion in the same period of 2023[8] - Net loss attributable to Community Health Systems, Inc. stockholders for the six months ended June 30, 2024, was $(55) million, or $(0.42) per share (diluted), compared to $(89) million, or $(0.68) per share (diluted) for the same period in 2023[9] - Adjusted EBITDA for the six months ended June 30, 2024, was $765 million, compared to $707 million for the same period in 2023[10] - Consolidated net operating revenues for the six months ended June 30, 2024, were $6,279 million, representing a 0.9% increase from $6,223 million in 2023[41] - Adjusted EBITDA for the same period was $765 million, an 8.2% increase compared to $707 million in 2023[41] - The Company reported a net income of $20 million for the six months ended June 30, 2024, compared to a net loss of $18 million in 2023[47] Cash Flow and Operating Activities - Net cash provided by operating activities was $101 million for Q2 2024, compared to $86 million in Q2 2023[4] - Net cash provided by operating activities significantly increased by 116.5% to $197 million from $91 million in 2023[41] - Cash and cash equivalents at the end of the period were $39 million, up from $38 million at the beginning of the period[47] Admissions and Occupancy - Same-store admissions increased by 3.0% and adjusted admissions increased by 3.2% for Q2 2024 compared to the same period in 2023[4] - Admissions in Q2 2024 were 105,748, a decrease of 2.8% from 108,799 in Q2 2023[38] - The number of admissions decreased by 2.6% to 212,803 from 218,423 in the previous year[41] - The average length of stay in Q2 2024 was 4.3 days, consistent with Q2 2023[38] - The occupancy rate for average beds in service was 50.0% in Q2 2024, compared to 49.3% in Q2 2023[38] - The average occupancy rate for beds in service improved to 52.0% from 50.6% in 2023[41] Debt and Financial Projections - The company completed a tack-on offering of $1.225 billion of Senior Secured Notes due 2032, using proceeds to redeem outstanding notes and fund repurchases[13] - Long-term debt increased to $11,504 million from $11,466 million at the end of 2023[44] - The Company projects net operating revenues for 2024 to be between $12,500 million and $12,700 million[59] - Adjusted EBITDA for 2024 is projected to range from $1,520 million to $1,600 million[59] - The projected net loss per share (diluted) for 2024 is expected to be between $(0.45) and $(0.30)[59] - Interest expense for 2024 is estimated to be between $850 million and $865 million, with cash paid for interest expected to be $730 million to $740 million[60] - The Company had outstanding borrowings of $273 million under its ABL Facility as of June 30, 2024, with approximately $599 million of additional borrowing capacity[57] - The Company anticipates capital expenditures for 2024 to be between $350 million and $400 million[62] - The weighted-average diluted shares outstanding are projected to be approximately 132 million to 133 million for 2024[62] Operational Challenges and Risks - The company faces risks associated with substantial indebtedness, leverage, and debt service obligations, impacting its ability to refinance or incur additional debt[66] - The company is experiencing increases in the amount and risk of collectability of patient accounts receivable, influenced by self-pay growth and difficulties in recovering payments[66] - The company is focused on maintaining provider arrangements with payors, which may be affected by the consolidation of health insurers and managed care companies[66] - The company is undergoing a redesign and consolidation of key business functions, including the implementation of a new core enterprise resource planning system[66] - The company is subject to potential impairments in the carrying value of goodwill and other intangible assets[66] - The company is impacted by competitive labor market conditions, affecting its ability to hire and retain qualified medical personnel[66] - The company is evaluating the effects of severe weather conditions and climate change on its operations and insurance recoveries[68] - The company is concentrating its revenue in a small number of states, which poses a risk to its financial stability[68] - The company is committed to realizing anticipated cost savings from its current strategic and operational cost savings initiatives[68]

Industry Overview - The second-quarter earnings season for hospital companies is characterized by the resumption of elective procedures, growing patient volumes, and increased resource utilization, alongside technological advancements boosting efficiency [1][4][6] - The Medical sector, which includes hospitals, is projected to see overall earnings increase by 18.4% year-over-year, with revenues expected to rise by 7.2% [2] Key Influences on Earnings - The increase in elective procedures, particularly among seniors, is likely to have significantly boosted patient volumes and revenues [4] - An aging U.S. population and rising disease prevalence are driving demand for hospital services, which is expected to increase revenues per patient [4] - Higher admissions and service utilization have likely led to increased medical and operating costs, partially offsetting profit growth [5] - Staffing expenses are anticipated to continue rising, although staffing challenges are easing [5] - The quarter is expected to have seen ongoing investments in healthcare infrastructure and modernization of hospital facilities, enhancing capacity to meet demand [6] - The integration of AI and automation is expected to improve efficiency and reduce patient wait times and treatment costs [6] - There is a rise in merger-and-acquisition activity within the hospital sector, aimed at achieving financial synergies and expanding service offerings [7] Company-Specific Insights Tenet Healthcare Corporation (THC) - The consensus estimate for adjusted patient admissions suggests a 1.3% growth year-over-year, with net patient revenues per adjusted admission expected to increase by nearly 6% [10] - The Zacks Consensus Estimate for earnings is $1.89 per share, indicating a 31.3% increase, while revenue is projected at $5 billion, reflecting a 2% decline from the previous year [11] - THC has an Earnings ESP of +4.11% and a Zacks Rank 1, indicating a likely earnings beat [12] Universal Health Services, Inc. (UHS) - The consensus estimate for net revenues in the Acute Care Hospital Services segment is $2.2 billion, reflecting an 8.4% year-over-year increase [13] - The Zacks Consensus Estimate for earnings is $3.37 per share, indicating a 33.2% increase, with revenues projected at $3.9 billion, an 8.5% increase from the previous year [18] - UHS has an Earnings ESP of +8.65% and a Zacks Rank 2, suggesting a likely earnings beat [14] Community Health Systems, Inc. (CYH) - The consensus estimate for same-store occupancy is 52.72%, up from 49.30% year-over-year, with earnings expected to benefit from improved reimbursement rates [15] - The consensus estimate for earnings indicates a loss of 11 cents per share, showing a 50% improvement year-over-year, while revenues are projected at $3.1 billion, a 1.1% decline [18] - CYH has an Earnings ESP of 0.00% and a Zacks Rank of 3, indicating a neutral outlook [16]

The investigation concerns whether Community Health and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. On this news, Community Health's stock price fell $0.33 per share, or 9.48%, to close at $3.15 per share on June 20, 2024. CONTACT: Danielle Peyton Pomerantz LLP dpeyton@pomlaw.com 646-581-9980 ext. 7980 NEW YORK, June 30, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Community Health Systems, Inc. ( ...

Community Health Systems, Inc. (CYH) recently announced an expansion of its partnership with Mark Cuban Cost Plus Drugs Company (Cost Plus Drugs). Under this extended partnership, CYH will source more medications at lower costs for use at its affiliated hospitals. The Cost Plus Drugs Marketplace aims to provide transparent pricing and make drugs cheaper. Hence, it charges only a 15% markup on the actual cost of drugs. CYH is expected to save hundreds or thousands of dollars while purchasing drugs at this lo ...

On June 19, 2024, Community Health issued a press release "provid[ing] an update on the planned divestiture of two North Carolina hospitals[.]" The press release stated that "[o]n June 18, 2024, Novant Health, Inc., a North Carolina non-profit corporation ('Novant'), informed [Community Health] that Novant has decided not to move forward with the acquisition of two North Carolina hospitals. The transactions were contemplated by an Asset Purchase Agreement dated February 28, 2023 (as amended, the 'Purchase A ...

It has been about a month since the last earnings report for Community Health Systems (CYH) . Shares have added about 9.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Community Health Systems due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Community Health Q1 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ or Washington, D.C. 20549 Form 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ________ Commission file number 001-15925 COMMUNITY HEALTH SYSTEMS, INC. (Exact name of registrant as specified in its charter) (State or oth ...

Community Health Systems, Inc. (CYH) reported first-quarter 2024 adjusted loss of 14 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 19 cents. The bottom line also improved from the prior year's loss of 43 cents per share.Net operating revenues rose 1% year over year to $3.14 billion in the quarter under review. The top line beat the consensus mark by 1.5%.The strong quarterly results benefited from improved occupancy rates, reimbursement rates and lower contract labor and ...

Community Health Systems, Inc. (NYSE:CYH) Q1 2024 Earnings Conference Call April 25, 2024 11:00 AM ET Company Participants Anton Hie - Vice President, Investor Relations Tim Hingtgen - Chief Executive Officer Kevin Hammons - President and Chief Financial Officer Lynn Simon - President, Healthcare Innovation and Chief Medical Officer Conference Call Participants Jason Cassorla - Citi Brian Tanquilut - Jefferies Ben Hendrix - RBC A.J. Rice - UBS Andrew Mok - Barclays Josh Raskin - Nephron Research Operator Go ...

For the quarter ended March 2024, Community Health Systems (CYH) reported revenue of $3.14 billion, up 1% over the same period last year. EPS came in at -$0.14, compared to -$0.43 in the year-ago quarter.The reported revenue represents a surprise of +1.49% over the Zacks Consensus Estimate of $3.09 billion. With the consensus EPS estimate being -$0.19, the EPS surprise was +26.32%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...