Community Health Reports 3.7% Jump In Q4 Sales Despite Fall In Admissions, Issues FY22 Guidance

Community Health Systems Inc CYH posted Q4 net operating revenues of $3.23 billion, a 3.7% Y/Y increase, beating the analysts' estimate of $3.17 billion.

• Adjusted EBITDA was $540 million compared with $614 million a year ago. Pandemic relief funds positively impacted Adjusted EBITDA of approximately $46 million and $153 million for Q4 FY21 and Q4 FY20, respectively.
• Admissions during the quarter decreased 7.3% to 107,998, and adjusted admissions declined 2.1% to 235,801.
• On a same-store basis, admissions decreased 3.9%, and adjusted admissions increased 1.7% compared to Q4 FY20. 
• On a same-store basis, net operating revenues increased 6.7%.
• The company reported an adjusted EPS of $1.15 compared to $0.96 a year ago and beat the consensus of $0.61.
• Guidance: Community Health forecasts FY22 net operating revenues of $12.6 billion - $13.1 billion, compared to the consensus of $12.67 billion.
• The company forecasts adjusted EBITDA of $1.825 billion - $1.975 billion, with EPS of $1.00 - $1.50, versus the consensus of $1.41.
• Price Action: CYH shares closed 3.15% higher at $14.10 on Wednesday.