Business & Finance
Tenet achieves higher net income from continuing operations of USD120m for Q2 2021; Raises 2021 guidance
22 July 2021 -

Healthcare services company Tenet Healthcare Corporation (NYSE:THC) disclosed on Wednesday its net income from continuing operations of USD120m (USD1.11 per diluted share) for the second quarter ended 30 June 2021 (Q2 2021).

This marks an improvement when compared with net income from continuing operations of USD88m (USD0.83 per diluted share) in Q2 2020.

The company said the Q2 2021 included COVID-related stimulus grant income of USD24m pre-tax versus USD523m of pre-tax grant income in Q2 2020.

Net operating revenues of USD4.095bn were generated in Q2 2021, up 32.6% from net operating revenues of USD3.088bn in Q2 2020, primarily due to significantly higher volumes given the impact of the pandemic in Q2 2020, as well as high patient acuity and pricing yield.

Adjusted EBITDA of USD834m was recorded in Q2 2021, a growth over USD732m in Q2 2020.

For FY 2021, the company expects net income from continuing operations in the USD6.25 to USD7.17 per diluted share range (prior USD2.98 to USD4.69 per diluted share), Adjusted EBITDA in USD3.150bn to USD3.250bn range (previously USD3.000bn to USD3.200bn) as well as Adjusted diluted earnings per share in the USD5.23 to USD5.73 range (earlier USD4.12 to USD5.46 per diluted share).