Community Health Systems, Inc. - CYH STOCK NEWS

Community Health Systems (NYSE: CYH) reported Q3 2024 financial results with net operating revenues of $3.090 billion, a slight 0.1% increase from 2023. The company posted a net loss of $(391) million, or $(2.95) per share, compared to $(91) million in Q3 2023. Same-store admissions increased 2.4%, while Adjusted EBITDA was $347 million. Operating cash flow improved to $67 million from $29 million year-over-year. The increased net loss was primarily due to professional liability claims accrual adjustments and hurricane-related impacts, partially offset by higher same-store volumes and improved reimbursement rates.

Community Health Systems (NYSE: CYH) has announced the scheduling of its third quarter 2024 conference call. The company will release its financial results on Wednesday, October 23, 2024, after the regular close of trading. The conference call is set for Thursday, October 24, 2024, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

During the call, CYH will review its financial and operating results for the quarter ended September 30, 2024. Interested parties can access a live webcast of the call at the company's investor relations website. An online replay will be available for approximately 30 days following the call.

To join the live call, participants can dial 1-833-630-1961 (domestic) or 1-412-317-1842 (international). A telephonic replay will be accessible through October 31, 2024, by dialing 1-877-344-7529 and entering the confirmation number 4255068.

Community Health Systems (NYSE: CYH) and Denim Health have announced a development partnership to implement conversational AI in CHS's Patient Access Center (PAC). The PAC serves nearly 1,000 CHS-affiliated primary care providers and handles over 25,000 daily inbound calls. Following a successful pilot, CHS has deployed Denim Health's AI bot across the PAC environment for all inbound calls.

Initially, the AI authenticates caller identities, understands call reasons, and captures information to assist agents. This has resulted in reduced call times and improved efficiency. Future plans include enabling patient self-scheduling and care gap closures. Callers retain the option to speak with human agents at any time.

The partnership aims to enhance patient experience, streamline agent workload, and create organizational savings while maintaining human interactions for complex needs.

Northwest Urgent Care, , a subsidiary of Community Health Systems (NYSE: CYH), has signed an agreement to acquire 10 Arizona urgent care centers from Carbon Health. This strategic move will expand Northwest Healthcare's network to over 80 sites of care in the Tucson area. The acquisition, set to complete in Q4 2023, aligns with CYH's strategy to increase healthcare accessibility and improve its competitive position.

Over the past five years, Northwest Healthcare has invested $200 million in growth and capital projects in the Greater Tucson Metro area, including two new hospitals. In 2022, the network provided care for more than 845,000 patient encounters, demonstrating its significant impact on local healthcare services.

Community Health Systems (NYSE: CYH) announced that Lynn Simon, MD, President of Healthcare Innovation and Chief Medical Officer, will retire from her executive role at the end of the year and transition to a consulting position effective January 1, 2025. Simon, who joined CHS in 2010, has been instrumental in establishing patient safety initiatives, developing transfer and patient access centers, and implementing innovative healthcare technologies.

As part of the succession plan, Miguel Benet, MD, currently Executive Vice President of Clinical Operations, will become the company's President of Clinical Operations and Chief Medical Officer in 2025. The transition aims to ensure continuity in clinical leadership and innovation at CHS.

Community Health Systems (NYSE:CYH) has announced its participation in the 2024 Wells Fargo Healthcare Conference, scheduled for September 4-6, 2024. The company's management will engage in a fireside chat presentation on Wednesday, September 4, 2024, at 3:45 p.m. Eastern time (2:45 p.m. Central time).

Investors can access a live audio webcast of the presentation through the investor relations section of the company's website at www.chs.net. A replay of the webcast will also be available on the same page for those unable to attend the live event. This conference provides an opportunity for Community Health Systems to showcase its developments and strategies to investors and industry professionals.

Community Health Systems (NYSE: CYH) has completed the sale of Tennova Healthcare – Cleveland, a 351-bed hospital in Cleveland, Tennessee, to Hamilton Health Care System for $160 million. The transaction, effective August 1, 2024, also includes certain related businesses. Additional cash consideration may be received based on potential changes to supplemental reimbursement programs.

This divestiture is part of Community Health Systems' ongoing strategy to optimize its portfolio and focus on core markets. The sale of the Cleveland facility demonstrates the company's commitment to streamlining operations and potentially improving its financial position. Investors and analysts will likely monitor how this transaction impacts CYH's balance sheet and future performance in the healthcare sector.

Community Health Systems (NYSE: CYH) has announced a definitive agreement to sell three Pennsylvania hospitals and related businesses to WoodBridge Healthcare for $120 million. The deal includes:

• 186-bed Regional Hospital of Scranton
• 122-bed Moses Taylor Hospital in Scranton
• 369-bed Wilkes-Barre General Hospital in Wilkes-Barre

The transaction price includes a $10 million prepayment for IT transition services and is subject to adjustments. The sale is expected to close in Q4 2024, pending regulatory approvals and closing conditions. This divestiture aligns with CYH's strategy discussed in their Q2 2024 earnings call.

Community Health Systems, Inc. (NYSE: CYH) announced financial results for Q2 2024. Net operating revenues totaled $3.140 billion, a 0.8% increase from Q2 2023. Net loss attributable to stockholders was $(13) million, or $(0.10) per share, compared to $(38) million in Q2 2023. Adjusted EBITDA was $387 million.

On a same-store basis, admissions increased 3.0% and adjusted admissions increased 3.2%. The company completed a tack-on offering of $1.225 billion Senior Secured Notes due 2032, using proceeds to redeem outstanding notes and fund repurchases.

CEO Tim L. Hingtgen highlighted same-store improvements in operating results, supported by strong volume growth and expense management. The company's progress demonstrates a growth mindset and consistent execution on strategic opportunities.