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Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. With a workforce of approximately 115,000 employees, Tenet is committed to helping people live happier and healthier lives through a variety of healthcare facilities and services.
Tenet's portfolio includes 60 acute care and specialty hospitals, along with over 450 ambulatory surgery centers and other outpatient facilities spread across the U.S., primarily in the Southern regions. These facilities provide a range of medical services, from urgent care to complex surgical procedures.
A significant part of Tenet's operations is managed through its subsidiary, Conifer Health Solutions, which offers technology-enabled performance improvement and health management solutions. Conifer's services extend to hospitals, health systems, physician practices, self-insured organizations, and health plans, ensuring efficient revenue cycle management and value-based care.
Tenet’s partnership with United Surgical Partners International (USPI) forms the largest ambulatory surgery platform in the country, operating or holding interests in more than 480 surgical centers and hospitals. This extensive network ensures that patients have access to top-notch surgical care in convenient outpatient settings.
One of the significant recent achievements for Tenet is its strategic agreement to sell three hospitals in South Carolina to Novant Health for approximately $2.4 billion. These hospitals include Hilton Head Hospital in Beaufort County, Coastal Carolina Hospital in Jasper County, and East Cooper Medical Center in Charleston County. This transaction is expected to close early next year, subject to regulatory approvals. This move is part of Tenet’s strategy to optimize its portfolio and focus on markets and facilities where it can provide the most value.
Additionally, Tenet has entered into a definitive agreement with the Regents of the University of California to sell its Pacific Coast Network, which includes four medical centers in Orange County. This acquisition is expected to enhance UCI Health's capabilities and expand its reach in providing advanced healthcare services. These strategic transactions align with Tenet’s ongoing commitment to deliver quality, compassionate care in the communities it serves.
Overall, Tenet Healthcare Corporation continues to play a vital role in the U.S. healthcare landscape through its diverse range of services and strategic partnerships, ensuring quality care for millions of patients annually.
Tenet Healthcare Corporation (NYSE: THC) faced a cybersecurity incident last week, prompting immediate suspension of user access to affected IT applications. The company implemented extensive cybersecurity protocols to limit unauthorized activities. Despite temporary disruptions in some acute care operations, hospitals continued to provide patient care safely using backup processes. Critical applications are largely restored, and operations are returning to normal. An investigation into the incident is ongoing, with additional measures being taken to protect sensitive data.
Tenet Healthcare Corporation (THC) reported a strong Q1’22 with net income from continuing operations of $139 million, up from $97 million in Q1’21. Adjusted EBITDA reached $888 million, exceeding expectations and also higher than $777 million in the prior year. Diluted earnings per share rose to $1.27 from $0.90 year-over-year. The Ambulatory segment saw an 8.0% increase in surgical cases, although same-hospital adjusted admissions fell by 1.4%. The company reduced debt by $824 million in 2022, saving $61 million in annual interest. Free cash flow stood at $73 million for the quarter.
Tenet Healthcare Corporation (NYSE: THC) is set to release its first quarter results for the period ending March 31, 2022, after market close on April 20, 2022. A conference call will be held the following morning, April 21, at 10:00 a.m. ET. Investors can access the live webcast and audio archive through the investor relations section of Tenet’s website. Tenet Healthcare operates 60 hospitals and approximately 550 other healthcare facilities, emphasizing quality, compassionate care across its expansive network.
Tenet Healthcare Corporation (NYSE: THC) has appointed Will McDowell as its new Vice President of Investor Relations, effective March 31, 2022. McDowell brings over two decades of healthcare experience, most recently at Cigna, where he held several leadership roles including Vice President of Strategy and Corporate Development. His responsibilities included enhancing investor relationships and overseeing ESG matters. McDowell aims to reinforce Tenet's commitment to shareholder value creation and effectively communicate the company's growth strategy.
Tenet Healthcare Corporation (NYSE: THC) announced an amendment to its senior secured revolving credit facility, effective March 16, 2022. The key changes include aggregate revolving commitments of up to $1.5 billion, extending the maturity date to March 16, 2027, and replacing LIBOR with Term SOFR as the reference interest rate. The credit facility is secured by a first-priority lien on accounts receivable and inventory and guaranteed by certain subsidiaries. This financial maneuver reflects Tenet’s strategic response to the evolving financial landscape amidst the ongoing challenges of the healthcare sector.
Tenet Healthcare Corporation (NYSE: THC) will participate in two investor conferences in March 2022. The first is the Raymond James Institutional Investors Conference on March 8, beginning at 8:40 a.m. Eastern time, and the second is the Barclays Global Healthcare Conference on March 15, starting at 10:45 a.m. Eastern time. Interested parties can access live webcasts and audio archives on Tenet's investor relations website for 30 days following each presentation. Tenet operates 60 hospitals and around 550 other healthcare facilities across the U.S., emphasizing quality care.
Tenet Healthcare Corporation (NYSE: THC) announced its decision to retain its subsidiary, Conifer Health Solutions, after evaluating shareholder value creation opportunities. This choice was influenced by significant improvements in financial metrics, including a 1,000 basis point increase in Conifer's Adjusted EBITDA margin since 2017. Expectations project mid- to high-single digit revenue growth for Conifer in FY 2022, bolstered by new client acquisitions and a strong cash flow profile. Tenet reaffirmed its financial outlook for FY 2022 in this context.
Tenet Healthcare Corporation (NYSE: THC) announced the redemption of all $700 million of its 7.500% senior secured first lien notes due April 1, 2025. The redemption will occur on February 23, 2022, using available cash, resulting in a total expected cost of approximately $730 million. This strategic move will reduce future annual cash interest payments by around $53 million, indicating a proactive effort to improve financial health.
Tenet Healthcare Corporation (NYSE: THC) reported Q4’21 net income of $250 million ($2.30 per diluted share), a decline from $414 million ($3.86 per diluted share) in Q4’20. Adjusted EBITDA fell to $1.017 billion from $1.278 billion year-over-year. For FY 2021, net income rose to $915 million, with adjusted diluted EPS of $7.58. The company is optimistic about FY 2022, projecting income per share between $4.56 and $6.16 and adjusted EBITDA of $3.375 to $3.575 billion. Tenet also acquired 86 surgery centers, enhancing its growth strategy.
GI Alliance has formed a new joint venture with United Surgical Partners International (USPI) to enhance gastroenterology services in Texas. The joint venture holds a majority stake in two endoscopy centers in San Antonio and Lubbock, Texas, which are accredited by reputable organizations. This partnership aims to provide high-quality outpatient care and allows physicians to maintain focus on patient care. GI Alliance supports over 665 gastroenterologists across multiple states, while USPI operates over 430 ambulatory facilities nationwide.
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