Tenet Healthcare (NYSE: THC) reported Q3 EPS of ($0.17), $0.23 better than the analyst estimate of ($0.40). Revenue for the quarter came in at $4.59 billion versus the consensus estimate of $4.68 billion.

GUIDANCE:

Tenet Healthcare sees FY2017 EPS of $0.59-$0.74, versus the consensus of $0.76.

• Reported a net loss from continuing operations attributable to Tenet shareholders of $366 million or $3.63 per diluted share. Adjusted diluted loss per share from continuing operations was $0.17.
• Adjusted EBITDA was $507 million including an estimated $30 million impact due to lower revenues and higher expenses related to Hurricanes Harvey and Irma and $10 million of lower-than-anticipated revenues from the Texas Medicaid Waiver and Florida Medicaid programs.
• Same-hospital patient revenue decreased 2.3% and reflects a 2.2% decrease in adjusted admissions and a 0.2% decrease in revenue per adjusted admission. Hospital segment Adjusted EBITDA totaled $269 million.
• Ambulatory Care segment revenue increased 0.9% on a same-facility system-wide basis, with cases decreasing 2.4% and revenue per case increasing 3.4%. Adjusted EBITDA for the Ambulatory segment was $159 million, a 1.3% increase, representing a margin of 34.0%.
• Revenue from Conifer Health Solutions increased 0.8% with revenue from third parties increasing 5.4%. Conifer generated $79 million of Adjusted EBITDA, flat with the third quarter of 2016, representing a margin of 19.7%.
• Net cash provided by operating activities in the nine months of 2017 was $709 million, a $142 million decrease when compared to $851 million in the first nine months of 2016. Free Cash Flow was $217 million in the first nine months of 2017, a $20 million decrease when compared to $237 million in the first nine months of 2016. Adjusted Free Cash Flow was $308 million in the first nine months of 2017, a $60 million decrease when compared to $368 million in the first nine months of 2016.
• 2017 Outlook has been lowered to reflect a net loss from continuing operations attributable to Tenet common shareholders of a loss of $372 million to a loss of $367 million, Adjusted EBITDA of $2.375 billion to $2.425 billion, a diluted loss per share from continuing operations of a loss of $3.68 to a loss of $3.63 and Adjusted diluted earnings per share from continuing operations of $0.59 to $0.74.

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