Tenet Healthcare Corp Stock Price, News & Analysis

Tenet Healthcare Corporation (NYSE: THC) announced a leadership transition, designating Saum Sutaria, M.D., as the new CEO effective September 1, 2021. Ron Rittenmeyer will remain as Executive Chairman through 2022, maintaining oversight during this transition. Rittenmeyer emphasized the importance of quality care and a robust succession plan throughout his tenure. Sutaria, who joined Tenet in 2019 and previously worked at McKinsey & Company, expressed his commitment to enhancing healthcare services and community partnerships as he steps into this pivotal role.

Tenet Healthcare Corporation (NYSE: THC) has completed the sale of its five hospitals in Miami-Dade and Southern Broward counties, which includes Coral Gables Hospital, Florida Medical Center, Hialeah Hospital, North Shore Medical Center, and Palmetto General Hospital. The sale encompasses related operations, and associated physician practices, but Tenet's ambulatory facilities operated by United Surgical Partners International in these areas will remain with the company. This transaction signifies Tenet's strategic shift within the healthcare market.

Tenet Healthcare (NYSE: THC) has announced the successful completion of its 2021 Healthy Over Hungry® Cereal Drive, collecting over 1.1 million servings of cereal to assist those facing hunger, particularly children without access to school nutrition programs during summer months. The initiative took place from June 7 to June 14, benefiting more than 75 local food banks. The program, which started in 2010, has provided over 20 million servings since its national expansion in 2014. Tenet emphasizes its commitment to community health and support through this philanthropic effort.

Tenet Healthcare Corporation (NYSE: THC) reported Q2 2021 results, showing a net income of $120 million ($1.11 per diluted share), up from $88 million in Q2 2020. Adjusted EBITDA rose to $834 million. The company’s strategic pivot includes divesting urgent care and Miami-area hospital operations while enhancing high-acuity services. Despite COVID-related challenges, patient volumes increased significantly, with same-hospital net patient service revenues climbing 33.1%. For FY 2021, Tenet projects net operating revenues of $19,250 to $19,650 million, with adjusted EBITDA between $3,150 and $3,250 million.

Tenet Healthcare Corporation (NYSE: THC) will announce its second-quarter financial results for the period ending June 30, 2021, post-market on July 21, 2021. A conference call is scheduled for the next morning, July 22, 2021, at 10:00 a.m. Eastern time. Investors can follow the live webcast through the investor relations section of Tenet's website.

With a workforce of 108,000, Tenet operates 65 hospitals and over 450 healthcare facilities, aiming to deliver quality care.

Steward Health Care System has signed a definitive agreement to acquire five hospitals from Tenet Healthcare for approximately $1.1 billion. This marks Steward's first acquisition after gaining full physician control in 2020. The hospitals included are Coral Gables, Florida Medical Center, Hialeah, North Shore, and Palmetto General. Post-transaction, Tenet’s Conifer Health Solutions will continue managing revenue cycles for these hospitals. The acquisition will increase Steward’s total hospital count to 44 and significantly expand its presence in Florida.

Tenet Healthcare Corporation (NYSE: THC) will present at the Goldman Sachs Annual Global Healthcare Conference on June 9, 2021, at 8:50 a.m. Eastern Time. A live webcast and audio replay will be available in the investor relations section of Tenet's website for 30 days. Tenet Healthcare is a diversified services company with 108,000 employees, operating 65 hospitals and over 450 healthcare facilities, including surgical hospitals and clinics. The company aims to provide quality care in the communities it serves. More details can be found at www.tenethealth.com.

Tenet Healthcare Corporation (NYSE: THC) will present at the Barclays High Yield Bond & Syndicated Loan Conference on May 26, 2021, at 1:30 p.m. ET. Investors can access a live webcast and audio archive via Tenet's investor relations site for 30 days after the event. Based in Dallas, Tenet operates 65 hospitals and over 450 healthcare facilities, employing 108,000 staff. Their services include surgical hospitals, imaging centers, and revenue cycle management through Conifer Health Solutions. For more details, visit tenethealth.com/investors.

Tenet Healthcare Corporation (NYSE: THC) has priced a private placement offering to issue $1.4 billion in senior secured first lien notes, maturing June 1, 2029, with a 4.25% interest rate. The sale is set for June 2, 2021, subject to market conditions. Proceeds will be utilized to redeem all outstanding 5.125% senior secured second lien notes due 2025. The notes will be secured on a first lien priority basis and will only be offered to qualified institutional buyers under Regulation S.