Tenet Healthcare Corporation New - $THC STOCK NEWS

Tenet Healthcare Corporation (NYSE: THC) will release its Q4 2023 results on February 8, 2024. The conference call will be held at 9:00 a.m. CT. Access the webcast and audio archive on Tenet's investor relations website.

Tenet Healthcare Corporation (NYSE: THC) appoints Dr. Vineeta Agarwala, M.D., PhD, to its Board of Directors, expanding the Board to 13 members. Dr. Agarwala brings expertise in healthcare, innovative technologies, and applications of artificial intelligence, enhancing governance in a rapidly evolving healthcare marketplace.

Tenet Healthcare Corporation (NYSE: THC) and Novant Health have signed a definitive agreement for Novant Health to acquire three Tenet hospitals and affiliated operations in South Carolina for approximately $2.4 billion. The acquisition aims to expand access to high-quality care in South Carolina, including Hilton Head Hospital, Coastal Carolina Hospital, and East Cooper Medical Center.

Tenet Healthcare Corporation (NYSE: THC) has entered into a definitive agreement with Novant Health for the sale of three Tenet hospitals and related operations in South Carolina for approximately $2.4 billion in cash. The sale is expected to generate after-tax proceeds of approximately $1.750 billion. The transaction includes Coastal Carolina Hospital, Hilton Head Hospital, and East Cooper Medical Center, along with affiliated physician practices and other related hospital operations. Tenet’s ambulatory facilities operated by United Surgical Partners International (USPI) will remain with Tenet. Additionally, Tenet's Conifer Health Solutions subsidiary will enter into a new and expanded fifteen-year contract to provide revenue cycle management services for the South Carolina hospitals. Novant Health and USPI will also enhance their ambulatory surgery partnership. The three hospitals and related operations included in the sale generated revenues of approximately $552 million in the last 12 months, with a pre-tax income of approximately $126 million and Adjusted EBITDA of approximately $150 million. Tenet estimates recording a pre-tax book gain of approximately $1.6 billion from this transaction. The proceeds from the sale will primarily be utilized for debt retirement. The completion of the transaction is expected in the first quarter of 2024, subject to regulatory approvals and closing conditions.

Tenet Healthcare Corporation (Tenet) (NYSE: THC) reported strong financial results for the third quarter of 2023. Net income from continuing operations available to common shareholders was $101 million, or $0.94 per diluted share. Adjusted diluted earnings per share from continuing operations was $1.44. Consolidated Adjusted EBITDA was $854 million, including $3 million of grant income. Ambulatory Care Adjusted EBITDA was $370 million, a 16.0% increase from the third quarter of 2022. Same-facility system-wide ambulatory surgical cases increased 4.1% compared to the same period last year. Net cash provided by operating activities was $503 million, and free cash flow was $327 million. The company raised its FY 2023 Adjusted EBITDA outlook to be in the range of $3.365 billion to $3.465 billion.

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Tenet Healthcare Corporation (NYSE: THC) announced the election of CEO Saum Sutaria, M.D., as Chairman, succeeding Senator J. Robert Kerrey. Sutaria's promotion reflects his leadership and commitment to the company, with the Board's confidence in creating value for stakeholders.