HCA posts $5.2B profit in 2023: 7 details

Nashville, Tenn.-based HCA Healthcare saw revenues of $17.3 billion in the fourth quarter of 2023, up from $15.5 billion over the same period in 2022, according to its financial report released Jan. 30. 

Seven details:

1. Net income for the quarter ended Dec. 31 was $1.6 billion, down from $2 billion in the same quarter in 2022. Results for the fourth quarter of 2023 included gains on facility sales of $7 billion. The 2022 results included gains on facility sales of $1.3 billion. 

2. For the year ended Dec. 31, HCA posted revenues of $65 billion, up from $60.2 billion in 2022. 

3. Net income for 2023 was $5.2 billion, compared to $5.6 billion in 2022. Results for 2023 included losses on facility sales of $5 million. The 2022 results included facility sales gains of $1.3 billion and losses on the retirement of debt of $78 million.

4. Same-facility admissions increased $3.1% in the fourth quarter over the same period in 2022, and same-facility equivalent admissions increased 3.9%

5. "In the quarter, we experienced strong demand for services across our diversified portfolio of markets, facilities and service lines," HCA CEO Sam Hazen said. "This growth coupled with improved cost trends drove solid financial performance in the fourth quarter."

6. As of Dec. 31, HCA's balance sheet reflected cash and cash equivalents of $935 million, total debt of $39.6 billion and total assets of $56.2 billion. During the fourth quarter, capital expenditures totaled $1.16 billion, excluding acquisitions. Cash flow provided by operating activities in the fourth quarter totaled $2.7 billion, compared to $2.5 billion in the same period last year. 

7. HCA projects revenues between $67.75 billion and $70.25 billion for 2024. It anticipates net income of $5.2 billion to $5.6 billion. Capital expenditures for 2024, excluding acquisitions, are estimated to be in the range of $5.1 billion to $5.3 billion.

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