Tenet Healthcare Corporation reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Net operating revenues for Q3 2024 reached $5,122 million, a 1.1% increase from $5,066 million in Q3 2023. For the nine months, revenues rose to $15,593 million, up 2.8% from $15,169 million in the prior year.
Operating income saw a substantial increase, with Q3 2024 operating income at $1,089 million, compared to $568 million in Q3 2023. For the nine-month period, operating income surged to $5,135 million from $1,775 million. Net income for Q3 2024 was $681 million, significantly higher than $266 million in Q3 2023, while for the nine months, net income reached $3,492 million, up from $855 million.
The company’s earnings per share also reflected this growth, with basic earnings per share for Q3 2024 at $4.93, compared to $0.99 in Q3 2023. For the nine months, basic earnings per share increased to $29.56 from $3.60.
The Hospital Operations segment reported a decline in revenues, with Q3 2024 revenues at $3,983 million, down from $4,125 million in Q3 2023, primarily due to the sale of divested hospitals. Conversely, the Ambulatory Care segment experienced a robust revenue increase of 21.0% in Q3 2024, reaching $1,139 million, driven by acquisitions and higher patient acuity.
Tenet Healthcare executed several strategic divestitures, including the sale of multiple hospitals in California and Alabama, which contributed to a pre-tax gain of $2.906 billion for the nine months ended September 30, 2024. The company also made significant investments in acquisitions, totaling $523 million, compared to $123 million in the same period of 2023.
Operating expenses for the Hospital Operations segment decreased by 5.4% to $3,449 million in Q3 2024, while the Ambulatory Care segment's operating expenses increased by 22.5% to $761 million, reflecting the impact of acquisitions.
Cash flow improved significantly, with net cash provided by operating activities for the nine months ending September 30, 2024, at $2,378 million, compared to $1,550 million in 2023. The company ended the period with cash and cash equivalents of $4.094 billion, a notable increase from $1.228 billion at the end of 2023.
Overall, Tenet Healthcare's financial performance for the reported periods demonstrates strong revenue growth, improved profitability, and strategic repositioning through acquisitions and divestitures.
About TENET HEALTHCARE CORP
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