Tenet posts net income in Q4, but ends FY 2019 with a net loss

Tenet Healthcare saw its revenue increase in the fourth quarter of 2019, which helped the Dallas-based system end the period with a profit.

The 65-hospital system ended the fourth quarter of 2019 with revenues of $4.81 billion, up 4 percent from the same period last year when the company had revenue of $4.62 billion. Tenet said the increase was primarily driven by increased patient volumes.

On a same hospital basis, patient admissions grew 2.6 percent in the fourth quarter of this year from one year prior. In addition, hospital surgeries grew 0.2 percent and surgical cases performed at United Surgical Partners International facilities grew 3.5 percent. Tenet owns USPI.

After factoring in expenses, Tenet reported a net income attributable to shareholders of $2 million in the fourth quarter of 2019. In the fourth quarter of fiscal 2018, Tenet reported a net loss attributable to shareholders of $5 million. 

"We closed the year with a very strong fourth quarter and believe our focus on our patients, our physicians and all stakeholders — supported by underlying enhancements to technology, a renewed dedication to customer service and a keen eye on administrative expenses — are driving our growth and positioning us well for 2020 and future years," said Ronald Rittenmeyer, Tenet's executive chairman and CEO.

Looking at full-year 2019 results, Tenet reported a net loss of $243 million on revenues of $18.48 billion. This compares to a net income of $108 million on revenues of $18.31 billion in fiscal year 2018.

The loss was attributed to debt refinancings as well as impairment and restructuring charges and acquisition-related costs of $185 million in fiscal 2019.

"Our financial results for 2019 support the sustainable changes we have made across each of our operating segments," Mr. Rittenmeyer said.

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