PresentationBefore I kick off kind of my question list here, I thought I'd give Celeste a second, to give us a little bit of a state of the union coming out of 3Q. How the company views kind of the momentum in the year-end in 2026, and then we'll get into it.All right. Good morning. My name is Justin Lake. I cover health care services here at Wolfe Research. Appreciate everyone joining us for our next presentation. Very excited to have the Humana team here. Celeste Mellet, the company's CFO; the Queen of IR ...

Core Insights - The company has experienced a largely expected performance in the third quarter, with notable positive and negative surprises [2] - A significant positive factor was the receipt of approximately $90 million in annual DPP payments from Washington, D.C., which had been pending CMS approval [2] - The company is now operating in a post-COVID environment, with business models returning to more historically normative patterns [3] Financial Performance - The company reported mid-single digit same-store revenue growth, with acute care revenue growth in the range of 5.5% to 6% [3] - The growth is evenly split between different business segments, indicating a balanced performance across operations [3] Future Outlook - The company anticipates continued alignment with historical performance models as it moves towards 2026 [3]

Summary of Universal Health Services (UHS) 2025 Conference Call Company Overview - **Company**: Universal Health Services (NYSE: UHS) - **Date of Conference**: November 19, 2025 - **Key Speakers**: CFO Steve Filton, VP of IR Darren Heikes Key Points Industry Context - The company operates in the healthcare services industry, specifically focusing on hospital and behavioral health services [1][2]. Financial Performance - **Third Quarter Earnings**: The company reported largely expected performance with a notable positive impact from $90 million in annual DPP payments from Washington, DC, pending CMS approval [2]. - **Revenue Growth**: Same-store revenue growth is in the mid-single digits, with acute care growth at approximately 5.5%-6% and behavioral care at 6%-7% [3]. - **Adjusted Patient-Day Growth**: Expected to be in the range of 2%-3% in the near term, with a cautious outlook due to potential holiday fluctuations [3][34]. Exchange Subsidy Impact - The expiration of exchange subsidies could result in a $100 million headwind, with 6%-6.5% of adjusted admissions in the acute business being exchange patients [5][6]. - It is estimated that about one-third of exchange patients may lose coverage, impacting revenue [7][15]. Provider Tax Benefits - The current run rate for provider tax benefits is approximately $1.3 billion, up $140 million from previous estimates [16]. - Proposed cuts to Medicaid supplemental payments are expected to begin in 2028, with a projected impact of $420 million-$470 million by 2032 [19][20]. Behavioral Health Trends - The company is experiencing a shift from inpatient to outpatient care in behavioral health, with outpatient revenue currently at 10%-15% of total behavioral revenue [39][42]. - Staffing improvements are crucial for meeting demand, with ongoing efforts to reduce turnover and fill vacancies [36][37]. AI and Revenue Cycle Management - The company has focused on enhancing revenue cycle performance, attributing a 1-2% increase in pricing to better collections and coding practices, partly driven by AI [45][46]. - Future pricing growth is expected to moderate to around 3% as the company continues to implement these initiatives [49]. Future Outlook - The company plans to provide detailed guidance for 2026 at the end of February during the Q4 earnings call [4]. - There is a cautious optimism regarding the growth trajectory, particularly in behavioral health, with expectations of gradual improvements in staffing and operational efficiency [34][36]. Additional Insights - The company is exploring the establishment of freestanding outpatient facilities to cater to patients who prefer not to receive care on hospital campuses [41]. - The impact of regulatory changes and CMS guidelines on provider tax programs remains uncertain, with ongoing monitoring and adjustments to estimates as needed [22][24]. This summary encapsulates the key discussions and insights from the Universal Health Services conference call, highlighting the company's current performance, challenges, and strategic outlook.

Core Insights - Progyny, Inc. (PGNY) is recognized as the leading provider of fertility benefits for employees in the US, with recent positive news contributing to an increase in stock price from $18.01 [1] Company Overview - Progyny specializes in offering fertility benefits, positioning itself as a key player in the US market [1] Stock Performance - The stock price of PGNY has seen a notable rise due to a series of favorable news releases [1]

Core Insights - Ardent Health, Inc. is under investigation for potential violations of federal securities laws due to improper accounting practices related to accounts receivable and professional liability reserves [1][2]. Financial Performance - In Q3 2025, Ardent reported a $43 million decrease in revenue after conducting evaluations of historical collection trends [3]. - The company also increased its professional liability reserves by $54 million due to adverse claim developments from 2019 to 2022 and broader industry trends [3]. - Following these disclosures, Ardent's stock price dropped over 33% on November 13, 2025 [3].

Core Viewpoint - The Schall Law Firm is investigating potential securities law violations by Ardent Health, Inc., focusing on misleading statements and undisclosed information that may have affected investors [2]. Financial Impact - Ardent Health, Inc. reported a $43 million reduction in revenue due to accounting changes and a $54 million increase in professional liability reserves in its Q3 2025 financial results [2]. - Following this announcement, Ardent's shares fell nearly 34% the next day [2]. Legal Action - The Schall Law Firm is encouraging shareholders who suffered losses to participate in the investigation and discuss their rights [3].

Core Viewpoint - Ardent Health's Q3 2025 financial results significantly disappointed investors, leading to a 33% drop in share price after missing consensus EPS estimates and revealing adverse non-recurring items [1][4]. Financial Performance - The company reported an EPS of -$0.17, a decrease of 189% compared to the same period last year, which was well below market expectations [4]. - A $43 million adjustment was made that reduced revenue for the quarter due to a change in the estimation technique for accounts receivable collectability [4]. - Ardent Health increased its professional and general liability reserves by $54 million, attributed to adverse developments in prior period claims related to settlements and ongoing litigation [5]. - The adjusted EBITDA guidance for 2025 was significantly lowered to $530-$550 million from a previous range of $575-$615 million, marking a 9% decrease at the midpoint [5]. Market Reaction - Following the disappointing financial results, Ardent Health's share price fell sharply, reflecting investor concerns over the company's financial health and operational issues [5]. Legal Investigation - Hagens Berman, a shareholder rights law firm, has initiated an investigation into potential violations of federal securities laws by Ardent Health, focusing on the accuracy of the company's financial statements and internal controls [2][3]. - The investigation aims to determine if company leadership was aware of issues related to revenue accounting and whether the reserve increase was timely [6].

United Health and Elevance lower today amid growing worries over a spike in premiums tied to the expiration of Affordable Care Act premium tax credits. The change would affect millions of Americans. Let's bring in Lance Wilks who covers healthc care services stocks for Bernstein Research.Lance has got an outperform rating on United Health and Elevance. Lance, great to have you with us. >> Great to be here.First, I want to I want to get your take on on President Trump's truth social post earlier today basica ...

SANTA CLARA, Calif.--(BUSINESS WIRE)--Agilent Technologies Inc. (NYSE: A) today announced that Chief Enterprise Transformation Officer Tom Callihan and Head of Investor Relations Tejas Savant will participate in a fireside chat at Citi's 2025 Global Healthcare Conference. The event is scheduled for 9 to 9:45 a.m. EDT on Thursday, Dec. 4, 2025, in Miami, Florida. A live audio webcast and replay of the presentation will be available through Agilent's Investor Relations website. About Agilent Tech. ...

Core Viewpoint - Ardent Health, Inc. is under investigation for potential violations of federal securities laws due to improper accounting practices related to accounts receivable and professional liability reserves [4]. Financial Performance - On November 12, 2025, Ardent reported a $43 million decrease in revenue for Q3 2025 after conducting evaluations of historical collection trends [5]. - The company increased its professional liability reserves by $54 million due to adverse claim developments from 2019 to 2022 and broader industry trends [5]. - Following the financial disclosures, Ardent's stock price dropped over 33% during trading on November 13, 2025 [5]. Legal Context - The investigation is being led by Bleichmar Fonti & Auld LLP, a law firm specializing in securities class actions [2][7]. - Investors are encouraged to seek legal options and submit their information to the firm, which operates on a contingency fee basis [6].