Tenet Reports $50M Q2 Loss

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Dallas-based Tenet Healthcare Corp. reported a loss of $50 million in the second quarter of 2013, compared to a $6 million loss in the second quarter of 2012.

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For the three months ended June 30, 2013, the hospital operator reported about $2.4 billion in net operating revenues, a 6.9 percent increase from around $2.3 billion in the same quarter of 2012. However, the company also experienced $171 million in losses from early extinguishment of debt in the second quarter of 2013. Its inpatient admissions also declined by 3.5 percent in the quarter, offsetting a 2.5 percent increase in outpatient admissions.

Tenet's adjusted EBITDA was $336 million in the second quarter of 2013, a 16.7 percent increase from $288 million in the second quarter of 2012.  

For the six months ended June 30, 2013, Tenet reported about $4.8 billion in net revenues, a 5.3 percent increase from nearly $4.6 billion in the first six months of 2012. However, it saw $138 million in losses in the first six months of 2013 as well, compared to $52 million in net income for the six months ended June 30, 2012.

In June, Tenet agreed to buy Nashville, Tenn.-based Vanguard Health System in a total transaction valued at $4.3 billion. The deal is expected to close by the end of 2013, and Tenet expects anywhere from $100 million to $200 million annually in savings through the revenue cycle, supply chain and other efficiencies of scale.

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