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Jun 30, 2022
Tenet Healthcare Q2 2022 Earnings Report
Tenet Healthcare's financial performance remained strong despite facing a cybersecurity incident, with Ambulatory segment revenues increasing and Adjusted EBITDA reaffirmed for 2022.
Key Takeaways
Tenet Healthcare Corporation reported its Q2 2022 results, showing a net income of $38 million and an Adjusted EBITDA of $843 million. The company reaffirmed its 2022 Adjusted EBITDA outlook. The Ambulatory segment saw revenue growth, while the Hospital segment was impacted by a cybersecurity incident.
Net income from continuing operations available to common shareholders was $38 million in Q2 2022, compared to $120 million in Q2 2021.
Consolidated Adjusted EBITDA was $843 million in Q2 2022, versus $834 million in Q2 2021.
USPI Adjusted EBITDA grew 15.3 percent over Q2 2021 excluding grant income.
The cybersecurity incident had an unfavorable impact of approximately $100 million to Adjusted EBITDA during Q2 2022.
Revenue by Segment
Forward Guidance
Tenet Healthcare provides financial outlook for FY 2022 and Q3 2022.
Positive Outlook
- Net operating revenues are expected to be between $19,000 million and $19,400 million for FY 2022.
- Adjusted EBITDA is projected to be in the range of $3,375 million to $3,575 million for FY 2022.
- Diluted income per common share from continuing operations is anticipated to be between $3.35 and $4.91 for FY 2022.
- Adjusted diluted earnings per share from continuing operations are expected to be between $5.80 and $7.00 for FY 2022.
- Free cash flow is projected to be between $375 million and $625 million for FY 2022.
Challenges Ahead
- The effective tax rate is estimated to be approximately 24%.
- Interest expense is projected to be between $880 million and $890 million.
- Depreciation and amortization expenses are expected to be between $840 million and $860 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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