Wed, Aug 14, 9:08 PM (153 days ago)
Ardent Health Partners, Inc. reported a strong quarterly performance for Q2 2024, with total revenue increasing by 7.5% to $1,470,920, driven by a 3.4% rise in adjusted admissions and a 4.1% increase in net patient service revenue per admission. Net income rose to $66,961, reflecting a 20.2% year-over-year increase. Operating expenses also grew, but as a percentage of revenue, they decreased to 94.4%, aided by reduced staffing costs and optimized supply chain management. The company successfully navigated challenges stemming from a cybersecurity incident in late 2023, with ongoing recovery efforts impacting billing processes. Despite this, cash flow from operations improved significantly to $105,749, compared to $65,546 in the prior year. Ardent's liquidity remains robust, with $334,538 in cash and available borrowings of $289,100, ensuring it can meet operational and capital needs. The company also executed a $100 million prepayment on its Term Loan B Facility, improving its debt profile. Overall, Ardent's financial health reflects effective management strategies and resilience in a competitive healthcare landscape, although uncertainties remain regarding future regulatory changes and market conditions.