Community Health Systems, Inc. - CYH STOCK NEWS

Novant Health signed a definitive agreement to acquire Lake Norman Regional Medical Center and Davis Regional Medical Center, along with their related operations, from Community Health Systems (NYSE: CYH). The acquisition aims to enhance community health and provide patient-centered care, expanding Novant Health's regional network. The transaction, expected to close later this year, is subject to regulatory approvals. CEO Carl S. Armato emphasized the commitment to delivering quality care and creating opportunities for medical education and research as part of this strategic move.

Community Health Systems, Inc. (NYSE: CYH) announced the signing of a definitive agreement to sell Lake Norman Regional Medical Center in Mooresville, NC, and Davis Regional Medical Center in Statesville, NC, to Novant Health for approximately $320 million. The sale includes a 123-bed acute care hospital and a facility transitioning to inpatient behavioral health. This transaction is expected to close later this year, pending regulatory approvals. These hospitals were mentioned as potential divestitures in the Company’s Q4 2022 earnings call.

Community Health Systems (NYSE: CYH) reported its Q4 and full-year results for 2022, highlighting net revenues of $3.142 billion, down 2.8% YoY, and a net income of $414 million, or $3.18 per diluted share, compared to $178 million, or $1.34 per share in Q4 2021. Excluding adjustments, net income was $1.50 per share, up from $1.15. Adjusted EBITDA for Q4 was $404 million, marking a 25.2% decline YoY. For the full year, total revenues reached $12.211 billion, a decrease of 1.3%, with a net income of $46 million or $0.35 per diluted share, significantly down from $230 million or $1.76 in 2021. The company is optimistic for 2023, expecting improved operational performance.

Community Health Systems (NYSE:CYH) has announced its fourth quarter and year-end 2022 conference call scheduled for February 16, 2023, at 10:00 a.m. Central time. A press release disclosing financial results will be issued on February 15, 2023, after market close. The live webcast will be available at www.chs.net, with a replay accessible for 30 days post-call. Community Health Systems operates 79 hospitals and over 1,000 care sites, serving 45 markets across 16 states, making it one of the largest healthcare providers in the U.S.

Community Health Systems, Inc. (NYSE: CYH) has completed the divestiture of the 122-bed Greenbrier Valley Medical Center in Ronceverte, West Virginia. This transaction, which includes associated assets and outpatient services, became effective on January 1, 2023. The divestiture was referenced during the company's third quarter 2022 earnings call as part of potential transactions. Community Health Systems operates 79 affiliated hospitals across 16 states, providing a wide range of healthcare services.

Community Health Systems (NYSE:CYH) announced that Wayne T. Smith will retire as Executive Chairman effective January 1, 2023. He will remain as non-executive Chairman. This change is part of a leadership succession plan initiated in January 2021. Smith has been pivotal in transforming the company into a major healthcare provider, overseeing its growth to over 80 acute-care hospitals and 1,000 outpatient sites in 16 states over nearly 26 years of leadership. Tim L. Hingtgen continues as CEO, appreciating Smith's significant contributions.

Community Health Systems, Inc. (NYSE:CYH) will participate in the BofA Securities 2022 Leveraged Finance Conference from November 28 to 30, 2022, in Boca Raton, Florida. Management will present on November 30 at 10:50 a.m. Eastern time, with a live audio webcast available for investors via their website. Community Health Systems is a leading healthcare provider operating 81 hospitals and over 1,000 care sites across 16 states, with headquarters in Franklin, Tennessee.

Community Health Systems, Inc. (NYSE:CYH) will participate in the Credit Suisse 31st Annual Global Healthcare Conference from November 7-10, 2022, at Terranea Resort, Rancho Palos Verdes, California. The investor presentation is scheduled for November 10th at 12:25 p.m. Central Time, with a live audio webcast available on the company's investor relations website. Community Health Systems, one of the nation's largest healthcare providers, operates 81 affiliated hospitals and over 1,000 care sites across 47 markets in 16 states.

Community Health Systems reported a net loss of $(42) million, or $(0.32) per share, for Q3 2022, a significant decline from a net income of $111 million, or $0.85 per share, in Q3 2021. The company's net operating revenues reached $3.025 billion, reflecting a 2.9% decrease year-over-year, mainly due to reduced admissions and the impact of Hurricane Ian, which resulted in an estimated loss of $10 million. Adjusted EBITDA stood at $400 million, down 17% from the previous year, indicating continued challenges in operating performance.