US-based hospital management company Universal Health Services (UHS) has reported an attributable net income of $167m for Q3 2023, an 8.6% increase from $182.8m in the same quarter of last year.
Quarterly adjusted net income attributable to UHS was $177.5m, or $2.55 to a diluted share, against $185.8m or $2.54 to a share a year ago.
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The company’s net revenues for the three months to 30 September were $3.56bn, up by 6.8% from $3.34bn in Q3 2022.
Its operating expenses grew by 7.1% to $3.28bn, largely driven by a 6.4% rise in salaries, wages and benefits.
UHS’ earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $410.1m in the three months to September, compared with $421.7m in the prior-year period.
The company’s adjusted EBITDA for the quarter fell from $427.8m to $421.5m year-on-year.
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By GlobalDataIn its acute care services, UHS’ net revenues generated on a same-facility basis, increased 7.5% year-on-year.
The company’s net revenue for adjusted admission and for adjusted patient days at these facilities rose by 0.4% and 3.3% respectively.
In its Behavioural Health Care Services, the net revenues generated on a same-facility basis from July to September were 7.6% higher than in the third quarter of the previous year.
UHS’ net revenue for adjusted admission at these facilities grew by 6.8% year-over-year while its net revenue for adjusted patient days rose by 6.5%,
Operating income for the company’s Behavioural Health Care Services was $262.34m for Q3 2022 while its Acute Care Hospital Services recorded an operating income of $131.42m.
Based in King of Prussia, Pennsylvania, UHS has around 93,800 employees and a presence in 39 US states and Washington, DC, as well as Puerto Rico and the UK.
The company runs 27 inpatient acute care hospitals, 43 outpatient facilities and ambulatory care access points and 331 inpatient behavioural health centres through its subsidiaries.
