Q2 2024 HCA Healthcare Inc Earnings Call Transcript
Key Points
- HCA Healthcare Inc (HCA) reported a 28% increase in diluted earnings per share as adjusted, reaching $5.50.
- Same-facility revenue growth was 10%, driven by strong demand and improved payer mixes.
- Operating margins improved by 100 basis points year-over-year, with labor costs as a percent of revenue improving by 200 basis points.
- Contract labor costs declined by 25.7% from the prior year, representing 4.8% of total labor costs.
- Adjusted EBITDA increased by 16% to $3.55 billion, reflecting solid operational performance.
- Outpatient surgery cases were down 2%, primarily due to lower volumes in Medicaid and self-pay categories.
- Cash flow from operations declined by $500 million year-over-year, driven by increased tax payments and timing of Medicaid supplemental program accruals and cash receipts.
- Capital expenditures totaled $1.28 billion, indicating significant ongoing investments.
- Medicaid equivalent admissions were down 10%, mostly related to Medicaid redeterminations.
- Professional fee costs grew by approximately 13% year-over-year, although this was an improvement from the 20% increase in the first quarter.
Welcome to the HCA Healthcare second quarter 2024 earnings conference call. Today's call is being recorded. And at this time for opening remarks and introductions, I would like to turn the call over to the Vice President of Investor Relations, Mr. Frank Morgan. Please go ahead, sir.
Good morning and welcome to everyone on today's call. With me this morning, is our CEO, Samuel Hazen, and our CFO, Mike Marks. Sam and Mike will provide some prepared remarks and then we'll take some questions.
Before I turn the call over to Sam let me remind everyone that should today's call contain any forward-looking statements that are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. More information or forward-looking statements, and these factors are listed in today's press release and in our various SEC filings.
On this morning's call, we may reference measures
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