Franklin, Tenn.-based Community Health Systems reported $231 million in operating income (7.4% margin) in the first quarter, up from $210 million (6.8% margin) during the same period last year.
Net operating revenues for the three-month period totaled $3.1 billion, a 1% increase year over year. On a same-store basis, revenues increased 5.7% over the first quarter of 2023, while admissions increased 3.8% and adjusted admissions rose 1.9%.
Adjusted EBITDA for the first quarter was $378 million, up from $335 million during the prior-year period, while net loss attributable to shareholders was $41 million, up from a $51 million loss in the firsy quarter of 2023.
CHS said the decrease in net loss attributable to stockholders and the increase in adjusted EBITDA are primarily due to increased reimbursement rates, a higher net benefit from supplemental reimbursement programs,and reduced contract labor costs and supply costs.
After accounting for interest expenses ($211 million) and income taxes, CHS ended the three-month with a $6 million net loss, compared with a $20 million net loss during the same period in 2023. CHS' long-term debt stands at more than $11.5 billion.
"We were pleased with our first quarter performance compared to both prior year and prior quarter," CEO Tim Hingtgen said in an April 24 news release. "Progress was demonstrated on key operational and strategic priorities, and we remain focused on building further momentum as we pursue the opportunities available to us this year."