HCA Holdings (NYSE: HCA) reported Q3 EPS of $1.95, $0.37 worse than the analyst estimate of $2.32. Revenue for the quarter came in at $13.31 billion versus the consensus estimate of $12.87 billion.

Key third quarter metrics (all percentage changes compare 3Q 2020 to 3Q 2019 unless otherwise noted):

• Revenues totaled $13.311 billion
• Net income attributable to HCA Healthcare, Inc. totaled $668 million, or $1.95 per diluted share
• Adjusted EBITDA totaled $2.053 billion
• Results include reversal of $822 million, or $1.72 per diluted share, in government stimulus income from CARES Act funds
• Cash flows from operating activities totaled $2.717 billion
• Same facility admissions and same facility equivalent admissions declined 3.8 percent and 9.0 percent, respectively

Consistent with the Company’s preview of third quarter 2020 results, revenues in the third quarter of 2020 increased to $13.311 billion, compared to $12.694 billion in the third quarter of 2019. Net income attributable to HCA Healthcare, Inc. totaled $668 million, or $1.95 per diluted share, compared to $612 million, or $1.76 per diluted share, in the third quarter of 2019. Results for the third quarter of 2020 include a reversal of $822 million, or $1.72 per diluted share, in government stimulus income recorded in the second quarter of 2020 related to general distribution funds received from the Provider Relief Fund established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and $14 million, or $0.03 per diluted share, of gains on sales of facilities. Third quarter of 2019 results included losses on retirement of debt of $211 million, or $0.47 per diluted share.

For the third quarter of 2020, Adjusted EBITDA totaled $2.053 billion, compared to $2.285 billion in the third quarter of 2019. Adjusted EBITDA is a non-GAAP financial measure. A table providing supplemental information on Adjusted EBITDA and reconciling net income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is included in this release.

Same facility admissions and equivalent admissions declined 3.8 percent and 9.0 percent, respectively, in the third quarter of 2020, compared to the prior year period. Same facility emergency room visits declined 20.3 percent in the third quarter of 2020, compared to the prior year period. Same facility inpatient surgeries declined 6.8 percent, and same facility outpatient surgeries declined 6.3 percent in the third quarter of 2020, compared to the same period of 2019. Same facility revenue per equivalent admission increased 14.8 percent in the third quarter of 2020, compared to the third quarter of 2019, due to increases in acuity of patients treated and favorable payer mix in the quarter.

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