Here are 12 key findings.
Ambulatory segment
1. Net operating revenues were $468 million, up 4.5 percent from the same period last year.
2. Adjusted EBITDA hit $159 million, a 1.3 percent increase from the third quarter of 2016.
3. Within the ambulatory segment, Tenet found hurricanes Harvey and Irma lowered its EBITDA by nearly $10 million and EBITDA less facility-level controlling interest by approximately $4 million.
4. Tenet ambulatory revenue jumped 0.9 percent on a same-facility system-wide basis.
Full company
5. Net losses from continuing operations attributable to Tenet shareholders were $366 million.
6. Adjusted EBITDA totaled $507 million.
7. Cash and cash equivalents were $429 million as of Sept. 30.
Hospital operations and other segment
8. Net operating revenues were nearly $3.86 billion, down 4.6 percent from the third quarter of 2016. Tenet attributed the decline to a drop in adjusted admissions, the inability to record revenue under the California Provider Fee Program and selling former hospitals and related assets in Houston.
9. Tenet’s patient revenue dropped 2.3 percent to nearly $3.78 billion.
10. Adjusted EBITDA was $269 million.
2017 outlook
11. Tenet expects revenue between $18.9 billion and $19.1 billion.
12. For 2017, the company anticipates a net loss from continuing operations attributable to Tenet common shareholders between $367 million and $372 million.
Tenet Executive Chairman and CEO Ronald Rittenmeyer said, “We are partially offsetting the volume declines with tighter cost controls, but the one-time impacts are difficult to recover in a short period of time. We are challenging ourselves to improve accountability, agility and decision making, changing how we manage our business day-to-day and reiterating our focus on quality and service.”
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