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Community Health Systems (CYH) Reports Q3 Loss, Tops Revenue Estimates
ZACKS· 2024-10-23 22:35
Community Health Systems (CYH) came out with a quarterly loss of $0.30 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to loss of $0.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -87.50%. A quarter ago, it was expected that this operator of accute care hospitals would post a loss of $0.11 per share when it actually produced a loss of $0.17, delivering a surprise of -54.55%.Over the last fou ...
munity Health Systems(CYH) - 2024 Q3 - Quarterly Results
2024-10-23 20:30
COMMUNITY HEALTH SYSTEMS, INC. Investor Contact: Kevin Hammons President and Chief Financial Officer (615) 465-7000 Exhibit Number 99.1 COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES THIRD QUARTER ENDED SEPTEMBER 30, 2024 RESULTS FRANKLIN, Tenn. (October 23, 2024) – Community Health Systems, Inc. (NYSE: CYH) (the "Company") today announced financial and operating results for the three and nine months ended September 30, 2024. The following highlights the financial and operating results for the three months ended ...
Community Health Systems (CYH) Is Attractively Priced Despite Fast-paced Momentum
ZACKS· 2024-10-17 13:50
Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time. Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, inves ...
Community Health Teams Up With Denim to Scale Conversational AI
ZACKS· 2024-10-10 14:33
Community Health Systems, Inc. (CYH) recently partnered with Denim Health to integrate conversational AI technology into its Patient Access Center (PAC), which handles calls for almost a thousand CYH-affiliated primary care providers. These are responsible for operating more than 25,000 inbound calls every day. The collaboration aims to enhance the patient experience and streamline call center operations. After a successful pilot in late 2023, Community Health deployed Denim Health's AI bot across its PAC t ...
Community Health's Arm Northwest Urgent Buys 10 Arizona Facilities
ZACKS· 2024-09-17 15:55
Community Health Systems, Inc. (CYH) recently announced that its subsidiary, Northwest Urgent Care, LLC, has agreed to buy 10 urgent care centers in Arizona from Carbon Health. The move is expected to boost the company's capacity and footprint in the region. The transaction is scheduled to be completed in the fourth quarter of 2024. Northwest Urgent is part of Northwest Healthcare, which serves Tucson and its surrounding communities in Arizona. The acquisition is expected to expand Northwest Healthcare's ne ...
Why Is Community Health Systems (CYH) Up 2.3% Since Last Earnings Report?
ZACKS· 2024-08-23 16:38
It has been about a month since the last earnings report for Community Health Systems (CYH) . Shares have added about 2.3% in that time frame, underperforming 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 drivers. Community Health Q2 ...
CYH Investors Have Opportunity to Join Community Health Systems, Inc. Fraud Investigation with the Schall Law Firm
Prnewswire· 2024-08-02 14:00
LOS ANGELES, Aug. 2, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Community Health Systems, Inc. ("Community Health" or "the Company") (NYSE: CYH) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Community Health issued a press release on Juny 19, 2024, "pr ...
munity Health Systems(CYH) - 2024 Q2 - Quarterly Report
2024-07-25 20:30
10 Form 10-Q (Mark One) or Commission file number 001-15925 COMMUNITY HEALTH SYSTEMS, INC. (Exact name of registrant as specified in its charter) Delaware 13-3893191 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requi ...
munity Health Systems(CYH) - 2024 Q2 - Earnings Call Transcript
2024-07-25 19:54
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 (CYH) Q2 Earnings Miss on Lower Patient Days
ZACKS· 2024-07-25 16:50
Core Viewpoint - Community Health Systems, Inc. (CYH) reported a wider adjusted loss in Q2 2024 compared to estimates, but showed improvement from the previous year’s loss [1][10] Financial Performance - Adjusted loss per share was 17 cents, worse than the Zacks Consensus Estimate of 11 cents, but improved from a loss of 22 cents in the prior year [1] - Net operating revenues increased by 0.6% year over year to $3.14 billion, exceeding the consensus mark by 2% [1] - Total operating costs rose by 1.2% year over year to $2.9 billion, higher than the estimate of $2.8 billion [4] - Net interest expenses increased by 4.3% year over year to $216 million, surpassing the estimate of $204.8 million [4] Operational Metrics - Patient days decreased by 5.7% year over year, missing estimates by 5.1% [3] - Average length of stay declined to 4.3 days, while occupancy rate improved by 70 basis points to 50% [3] - Admissions fell by 2.8% year over year, but same-store admissions improved by 3% [9] Debt and Cash Flow - Long-term debt stood at $11.5 billion, slightly up from $11.47 billion at the end of 2023 [5] - Operating cash flows increased to $101 million from $86 million in the prior year [5] - Cash and cash equivalents rose to $39 million from $38 million at the end of 2023 [11] 2024 Guidance - The company raised its net operating revenue guidance to between $12.5 billion and $12.7 billion for 2024, indicating a 0.8% increase from 2023 [6] - Adjusted EBITDA is now estimated to be between $1.52 billion and $1.60 billion, implying a 7.4% rise from the previous year [6] - Net loss per share is expected to be between 30 cents and 45 cents in 2024, compared to a net loss of $1.39 per share in 2023 [6] Other Updates - Depreciation and amortization for 2024 is predicted to be between $465 million and $480 million [7] - Net cash from operating activities is reaffirmed to be between $500 million and $650 million [8] - Capital expenditures are anticipated to be in the range of $350 million to $400 million [8]