Tenet Healthcare has revised its adjusted EBITDA outlook for 2024 to between $3.82bn and $3.97bn. Credit: JHVEPhoto / Shutterstock.

US-based healthcare services company Tenet Healthcare has reported net income of $259m available to common shareholders in the second quarter (Q2) of this year, up by 110.5% from $123m a year earlier.

The company’s net operating revenues rose to $5.10bn in the quarter from $5.08bn in Q2 2023, but fell from $5.36bn in the first quarter (Q1).

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Revenue for Tenet Healthcare’s Ambulatory Care segment increased by 21.1% from the same period of last year, driven by net revenue for each case growth, as well as facility acquisitions and expanded service lines.

Overall net operating revenues for the company’s Hospital segment fell by 4.3% from $4.14bn to $3.96bn year-over-year.

This decrease was primarily due to the impact of hospital divestitures in the first quarter, although this was partly mitigated by strong same-hospital admissions growth, a favourable payer mix and improved pricing yield.

Tenet Healthcare’s operating income rose by 14.9% to $761m in Q2 2024 from $604m in Q2 2023.

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The company’s consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached $945m in Q2 2024, up by 12.1% from $843m in the same quarter of last year.

Tenet Healthcare chairman and CEO Saum Sutaria said: “Our results through the second quarter, which have significantly exceeded our expectations, have been driven by volume and revenue growth as well as sustained fundamentally strong operating performance.

“Our portfolio transformation and enhanced cash flow profile provide us with compelling opportunities for growth as we execute on our strategy and continue to broaden our service offerings for patient-centred care.”

For the full year, Tenet Healthcare has forecast adjusted EBITDA of $3.82bn to $3.97bn, a $300m increase.

The company’s FY2024 free cash flow outlook is also expected to rise, with projections now set between $1.10bn and $1.35bn, marking a $150m increase.