Despite industry headwinds, one of the country’s largest health systems reported higher revenues in its quarterly earnings. HCA, Inc.’s revenues in the second quarter of 2023 increased to $15.9 billion, compared to $14.8 billion in the second quarter of 2022, according to its newly released results.
Net income totaled $1.193 billion, or $4.29 per diluted share, compared to $1.155 billion, or $3.90 per diluted share, in the second quarter of 2022. The second quarter of 2022 results included losses on sales of facilities of $32 million, or $0.11 per diluted share, and losses on retirement of debt of $78 million, or $0.20 per diluted share.
For the second quarter of 2023, Adjusted EBITDA totaled $3.056 billion, compared to $3.042 billion in the second quarter of 2022.
Same facility admissions increased 2.2% and same facility equivalent admissions increased 3.7% in the second quarter of 2023, compared to the prior year period.
“The company produced solid results in the second quarter driven by continued strong demand for our services and good execution by our teams. I want to thank our colleagues for their dedication and great work,” said Sam Hazen, Chief Executive Officer of HCA Healthcare.
As of June 30, 2023, HCA operated 182 hospitals and approximately 2,300 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom.
In terms of M&A activity, HCA did strike a deal to acquire 41 urgent care centers in Texas owned by FastMed as it expands its post-acute care network. In 2022, HCA announced two deals in the urgent care space: Bettermed in Virginia, and following that, MD Now Urgent Care in Florida. The latter deal was valued at $594 million according to transaction data found in HCA’s annual 2022 report.
