Financial Data and Key Metrics Changes - Net operating revenues for the quarter were $3.140 billion, representing year-over-year growth of 0.8% [20] - Same-store net revenue increased by 4.7%, driven by a 3.2% increase in adjusted admissions and a 1.4% growth in net revenue per adjusted admission [20][29] - Adjusted EBITDA for the quarter was $387 million, compared to $373 million in the second quarter of 2023 [29][57] - Average hourly wage rate increased by 4% year-over-year, while contract labor spend decreased by approximately $29 million or 39% from the previous year [21][58] Business Line Data and Key Metrics Changes - Strong growth in outpatient surgery was noted, with significant increases in emergency department visits, urgent care, and physician practices [30][35] - Same-store admissions improved by 3%, adjusted admissions improved by 3.2%, and surgeries were up by 0.6% [29][35] - The company opened a new tower in Knoxville and plans to open another inpatient tower in Foley, Alabama, to drive more inpatient business [3][15] Market Data and Key Metrics Changes - There has been a decrease in the volume of Medicaid patients, offset by an increase in commercial business [45] - The company is experiencing a shift from Medicare fee-for-service to Medicare Advantage, with solid commercial volumes [57] - The company has seen a better balance in growth between commercial and government-insured patients compared to the previous year [79] Company Strategy and Development Direction - The company has invested over $3 billion into health systems since 2018, focusing on expanding access and capacity [15] - A centralized recruitment program has been expanded to include allied health positions, with hiring up by more than 14% year-over-year [32] - The company is actively pursuing divestiture opportunities, with potential proceeds of more than $1 billion from various transactions [38][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum, expecting continued improvement in the second half of the year [30][54] - The company anticipates the fourth quarter to be the strongest quarter of the year from an EBITDA and cash flow perspective [61] - Management noted that the demand for healthcare services is returning, particularly among commercially insured patients [79] Other Important Information - The divestiture of the Cleveland, Tennessee hospital is on track to be completed in the third quarter, with estimated proceeds of approximately $160 million [59] - The company has implemented new technology and workflows as part of Project Empower, which is expected to yield insights into cost savings opportunities [33][36] Q&A Session Summary Question: Visibility into asset sales given FTC's objections to the Novant deal - Management noted that the group of buyers is changing, with both for-profit and non-profit systems looking outside their traditional areas for expansion [42] Question: Impact of Medicaid patient volume decrease - Management indicated a decrease in Medicaid patients but an increase in commercial business, suggesting a shift rather than a loss to uninsured patients [45] Question: Increase in other operating expenses - Management explained that timing differences related to provider tax payments contributed to the increase in other operating expenses [50][76] Question: Outlook for surgical growth in the back half of the year - Management expects continued demand growth, particularly in the back half of the year, with a focus on procedural volumes [54][79] Question: Impact of enhanced subsidies on exchange volume - Management is actively advocating for the continuation of funding for exchange business, recognizing its importance for maintaining growth [74]

Community Health Systems, Inc. (CYH) reported a second-quarter 2024 adjusted loss of 17 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 11 cents. However, the bottom line improved from the prior-year loss of 22 cents per share. Net operating revenues rose 0.6% year over year to $3.14 billion in the quarter under review. The top line beat the consensus mark by 2%. The quarterly earnings suffered from lower patient days, admissions and average length of stay. However, improved ...

Earnings Presentation – 2nd Quarter, 2024 July 24, 2024 Disclaimer Statement 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this presentation other than statements of historical fact, including statements regarding projections, expected operating res ...

The reported revenue represents a surprise of +1.96% over the Zacks Consensus Estimate of $3.08 billion. With the consensus EPS estimate being -$0.11, the EPS surprise was -54.55%. Here is how Community Health Systems performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Community Health Systems (CYH) reported $3.14 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 0.8%. EPS of -$0.17 for the sa ...

Exhibit Number 99.1 Investor Contact: Kevin Hammons President and Chief Financial Officer (615) 465-7000 COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES SECOND QUARTER ENDED JUNE 30, 2024 RESULTS FRANKLIN, Tenn. (July 24, 2024) – Community Health Systems, Inc. (NYSE: CYH) (the "Company") today announced financial and operating results for the three and six months ended June 30, 2024. The following highlights the financial and operating results for the three months ended June 30, 2024. Commenting on the results, Ti ...

The second-quarter earnings season for Hospital companies is likely characterized by the ongoing resumption of elective procedures, growing patient volumes, admission and utilization of resources. Continuous technological advancements are also expected to have boosted efficiency efforts within the industry during this period. The hospital space belongs to the Medical sector (one of the 16 broad Zacks sectors within the Zacks Industry classification), overall earnings of which are projected to increase 18.4% ...

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 ...