Universal Health Services has reported net income of $209.1m in Q1 2021, a 47% increase from the corresponding period of the prior year.

On a per-share basis, the Pennsylvania-based company posted net income of $2.43. Its net revenues grew 6.5% to $3.013bn in Q1 2021.

Universal Health Service owns and operates acute care hospitals, behaviour health centres, surgical hospitals, ambulatory surgery centres, and radiation oncology centres in the US.

In the first quarter of 2021, the firm received around $188m of additional funds from the federal government under the Coronavirus Aid, Relief, and Economic Security Act.

The firm stated that it has begun coordinating the return of the funds with the appropriate government agencies and expects to return the $188m during Q2 2021, using a part of its cash and cash equivalents held on deposit.

In the first quarter, the firm’s net cash provided by operating activities stood at $72m as against $502m during Q1 2020.

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This decline of $430m has been attributed to an unfavourable change of $509m resulting primarily from $695m of Medicare accelerated payments repaid during this year’s quarter; a favourable change of $72m resulting from an increase in net income plus depreciation and amortisation expense and stock-based compensation expense; and $7m of other combined net favourable changes.

As of 31 March this year, the company reported $997m of aggregate available borrowing capacity pursuant to its $1bn revolving credit facility.  The firm had around $765m of cash and cash equivalents in Q1 2021.