Tenet Healthcare stock reached a 22-year high today

NEWARK, Del. - July 27, 2024 - PRLog -- The hospital and surgical center chain Tenet Healthcare (THC) produced results that were greater than anticipated and upgraded its outlook as it brought in more customers who paid more for services. As a consequence, the company's stock price skyrocketed to a level that had not been seen in more than two decades.

A decrease of less than one percent in net operating revenue to $5.1 billion was reported by the corporation, which also announced adjusted profits per share (EPS) of $2.31 for the second quarter. The two surpassed the projections. There was a $102 million increase in adjusted profits before interest, taxes, depreciation, and amortization (EBITDA), which brought the total to $945 million.

In contrast to its previous projections, which ranged from $20 billion to $20.4 billion, Tenet now forecasts that its operational revenue for the whole year would fall somewhere in the range of $20.6 billion to $21.0 billion.

As of today, Tenet's stock price increased by about 5%, bringing its year-to-date increase to more than 90%. It is presently reaching levels that were not seen since the year 2002.

During the course of this week, Tenet is the second hospital provider to publish satisfactory figures. Additionally, HCA Healthcare exceeded its profit and revenue projections, and it also increased its forecast as a result of the increased number of patients it served.

As a result of increased expenditure on patient care, Tenet's ambulatory business had a 21.1% increase in its net operating revenue, which reached $1.14 billion. Even though the number of patients admitted increased, hospital sector revenue fell by 4.3% to $3.96 billion. This decline was mostly caused by a fall in the number of institutions.

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