On October 24, 2023, HCA Healthcare Inc (HCA, Financial) released its financial and operating results for the third quarter ended September 30, 2023. The company reported strong revenue growth despite challenges with its Valesco physician staffing joint venture.
Financial Highlights
Revenues for Q3 2023 totaled $16.213 billion, a significant increase from $14.971 billion in the same period last year. Net income attributable to HCA Healthcare Inc was $1.079 billion, or $3.91 per diluted share, compared to $1.134 billion, or $3.91 per diluted share, in Q3 2022.
Adjusted EBITDA for the quarter was $2.880 billion, slightly down from $2.902 billion in Q3 2022. The company also reported revenues of $397 million and other operating expenses of $195 million related to the Florida directed payment program year that ended September 30, 2023.
Operational Performance
Same facility admissions increased by 3.4% while same facility equivalent admissions increased by 4.1% in Q3 2023, compared to the prior year period. Same facility emergency room visits increased by 3.5% in Q3 2023, compared to the prior year period. Same facility inpatient surgeries increased by 1.6%, and same facility outpatient surgeries increased by 0.9% in Q3 2023, compared to the same period of 2022. Same facility revenue per equivalent admission increased by 3.6% in Q3 2023, compared to Q3 2022.
Nine Months Performance
For the nine months ended September 30, 2023, revenues totaled $47.665 billion, compared to $44.736 billion in the same period of 2022. Net income attributable to HCA Healthcare Inc was $3.635 billion, or $13.07 per diluted share, for the nine months ended September 30, 2023 compared to $3.562 billion, or $11.97 per diluted share, for the first nine months of 2022.
Balance Sheet and Cash Flows
As of September 30, 2023, HCA Healthcare Inc's balance sheet reflected cash and cash equivalents of $891 million, total debt of $39.346 billion, and total assets of $54.589 billion. During Q3 2023, capital expenditures totaled $1.147 billion, excluding acquisitions. Cash flows provided by operating activities in Q3 2023 totaled $2.479 billion, compared to $3.020 billion in Q3 2022.
Dividend and Share Repurchase
HCA announced that its Board of Directors declared a quarterly cash dividend of $0.60 per share on the Company’s common stock. The dividend will be paid on December 28, 2023 to stockholders of record at the close of business on December 14, 2023. During Q3 2023, the Company repurchased 4.2 million shares of its common stock at a cost of $1.140 billion.
2023 Revised Guidance
The company revised its 2023 guidance ranges, with revenues now expected to be between $63.5 billion to $64.5 billion, and net income attributable to HCA Healthcare Inc forecasted to be between $4.940 billion to $5.130 billion.
