Universal Health Services, Inc. Reports 2010 Second Quarter Financial Results
07/26/2010
KING OF PRUSSIA, Pa., July 26, 2010 /PRNewswire via COMTEX/ --
Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $65.6 million, or $.67 per diluted share, during the second quarter of 2010 as compared to $80.9 million, or $.82 per diluted share, during the comparable prior year quarter. Net revenues increased 3% to $1.34 billion during the second quarter of 2010 as compared to $1.30 billion during the second quarter of 2009.
After adjusting the reported results for the second quarters of 2010 and 2009 to neutralize the impact of the below-mentioned adjustments, our adjusted net income attributable to UHS was $66.7 million, or $.68 per diluted share, during the second quarter of 2010 as compared to $71.1 million, or $.72 per diluted share, during the second quarter of 2009.
As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedules"), included in our net income attributable to UHS during the three and six-month periods ended June 30, 2010, was a net loss of $1.1 million, or $.01 per diluted share, consisting of: (i) a favorable after-tax adjustment of $10.2 million, or $.10 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2010 based upon a reserve analysis, offset by; (ii) the unfavorable after-tax impact of $11.3 million, or $.11 per diluted share, resulting from the recording of transaction fees incurred in connection with our previously announced agreement to acquire Psychiatric Solutions, Inc.
As indicated on the attached Supplemental Schedules, included in our net income attributable to UHS during the three and six-month periods ended June 30, 2009, was net income of $9.8 million, or $.10 per diluted share, consisting of: (i) a favorable after-tax adjustment of $14.1 million, or $.14 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2009 based upon a reserve analysis, partially offset by; (ii) an unfavorable discrete tax item of $4.3 million, or $.04 per diluted share.
Consolidated Results of Operations - Six-month periods ended June 30, 2010 and 2009:
During the six-month period ended June 30, 2010, our reported net income attributable to UHS was $137.4 million, or $1.40 per diluted share, as compared to $148.4 million, or $1.50 per diluted share, during the comparable prior year period. Net revenues increased 3% to $2.69 billion during the first six months of 2010 as compared to $2.62 billion during the first six months of 2009.
After adjusting the reported results for six-month periods ended June 30, 2010 and 2009 to neutralize the impact of the above-mentioned adjustments, our adjusted net income attributable to UHS was $138.5 million, or $1.41 per diluted share, during the first six months of 2010 as compared to $138.6 million, or $1.40 per diluted share, during the first six months of 2009.
Acute Care Services - Three-month periods ended June 30, 2010 and 2009:
At our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased 1.9% while adjusted patient days increased 0.3% during the second quarter of 2010, as compared to the second quarter of 2009. Net revenues at these facilities increased 2.2% during the second quarter of 2010 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission during the second quarter of 2010 increased 0.3% while net revenue per adjusted patient day increased 1.9% as compared to the comparable quarter of the prior year. On a same facility basis, excluding the items mentioned above and as included on the Supplemental Schedules, the operating margin at our acute care hospitals decreased to 14.2% during the second quarter of 2010 as compared to 16.9% during the second quarter of 2009.
We provide care to patients who meet certain financial or economic criteria without charge or at amounts substantially less than our established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $190 million and $181 million during the three-month periods ended June 30, 2010 and 2009, respectively.
Acute Care Services - Six-month periods ended June 30, 2010 and 2009:
During the six-month period ended June 30, 2010, on a same facility basis, adjusted admissions increased 1.8% while adjusted patient days increased 0.5% over the comparable prior year period. Net revenues at these facilities increased 2.6% during the second quarter of 2010 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 0.8% while net revenue per adjusted patient day increased 2.2% during the second quarter of 2010 as compared to the comparable quarter of the prior year. On a same facility basis, excluding the items mentioned above and as included on the Supplemental Schedules, the operating margin at our acute care hospitals decreased to 15.2% during the second quarter of 2010 as compared to 17.2% during the second quarter of 2009.
Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $366 million and $340 million during the six-month periods ended June 30, 2010 and 2009, respectively.
Behavioral Health Care Services - Three-month periods ended June 30, 2010 and 2009:
At our behavioral health care facilities, on a same facility basis, adjusted admissions increased 4.7% and adjusted patient days increased 2.4% during the second quarter of 2010 as compared to the second quarter of 2009. Net revenues at these facilities increased 5.5% during the second quarter of 2010 as compared to the comparable quarter in the prior year. At these facilities, net revenue per adjusted admission during the second quarter of 2010 increased 0.1% while net revenue per adjusted patient day increased 2.3% as compared to the comparable prior year quarter. On a same facility basis, excluding the items mentioned above and as included on the Supplemental Schedules, the operating margin at our behavioral health care facilities increased to 27.9% during the second quarter of 2010 as compared to 25.9% during the second quarter of 2009.
Behavioral Health Care Services - Six-month periods ended June 30, 2010 and 2009:
During the six-month period ended June 30, 2010, on a same facility basis, adjusted admissions increased 4.2% and adjusted patient days increased 3.1% during the first six months of 2010 as compared to the comparable period of 2009. Net revenues at these facilities increased 6.1% during the first six months of 2010 as compared to the comparable prior year period. At these facilities, net revenue per adjusted admission increased 1.4% while net revenue per adjusted patient day increased 2.5% during the first six months of 2010 over the comparable prior year period. On a same facility basis, excluding the items mentioned above and as included on the Supplemental Schedules, the operating margin at our behavioral health care facilities increased to 27.0% during the first six months of 2010 as compared to 25.2% during the comparable period of 2009.
Dividends Declared:
On July 21, 2010, our Board of Directors approved a cash dividend of $0.05 per share payable on September 15, 2010 to shareholders of record as of September 1, 2010.
Conference Call Information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 27, 2010. The dial-in number is 1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on July 27, 2010 and will continue through midnight on August 10, 2010. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 88336222. A live broadcast of the call will be available on our web site at www.uhsinc.com. The webcast will be available through Thompson StreetEvents Network at www.earnings.com or www.streetevents.com, a password-protected event management site for institutional investors.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
Universal Health Services, Inc. ("UHS") is one of the nation's largest hospital companies operating, through its subsidiaries, acute care hospitals, behavioral healthcare facilities and ambulatory centers located throughout the United States and Puerto Rico. UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2009 and in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended March 31, 2010), may cause the results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
We believe that operating income, operating margin, adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share and earnings before interest, taxes, depreciation and amortization ("EBITDA"), which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of items that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses, reserves for settlements, legal judgments and lawsuits and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2009 and Report on Form 10-Q for the quarterly period ended March 31, 2010. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.
(more)
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Income
---------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months Six months
ended June 30, ended June 30,
-------------- --------------
2010 2009 2010 2009
---- ---- ---- ----
Net revenues $1,338,315 $1,303,640 $2,685,468 $2,616,059
Operating
charges:
Salaries,
wages and
benefits 563,552 541,950 1,142,478 1,083,247
Other
operating
expenses 249,114 232,894 496,142 506,115
Supplies
expense 179,926 176,411 363,742 350,378
Provision
for
doubtful
accounts 143,764 120,670 269,154 239,648
Depreciation
and
amortization 54,025 51,085 107,536 102,219
Lease and
rental
expense 18,185 17,587 36,119 34,659
1,208,566 1,140,597 2,415,171 2,316,266
--------- --------- --------- ---------
Income from
operations 129,749 163,043 270,297 299,793
Interest
expense,
net 12,277 11,879 24,654 24,517
------ ------ ------ ------
Income
before
income
taxes 117,472 151,164 245,643 275,276
Provision
for income
taxes 41,057 57,187 86,466 99,265
------ ------ ------ ------
Net income 76,415 93,977 159,177 176,011
Less:
Income
attributable
to
noncontrolling
interests 10,843 13,084 21,786 27,577
Net income
attributable
to UHS $65,572 $80,893 $137,391 $148,434
======= ======= ======== ========
Basic
earnings
per share
attributable
to UHS (a) $0.68 $0.82 $1.42 $1.51
===== ===== ===== =====
Diluted
earnings
per share
attributable
to UHS (a) $0.67 $0.82 $1.40 $1.50
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Footnotes to Consolidated Statements of Income
----------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months Six months
ended June 30, ended June 30,
-------------- --------------
2010 2009 2010 2009
---- ---- ---- ----
(a) Earnings per share
calculation:
----------------------
Basic and diluted:
------------------
Net income attributable
to UHS $65,572 $80,893 $137,391 $148,434
Less: Net income
attributable to
unvested restricted
share grants (278) (381) (593) (695)
---- ---- ---- ----
Net income attributable
to UHS -basic and
diluted $65,294 $80,512 $136,798 $147,739
======= ======= ======== ========
Weighted average number
of common shares -
basic 96,703 97,700 96,621 98,056
------ ------ ------ ------
Basic earnings per
share attributable to
UHS: $0.68 $0.82 $1.42 $1.51
===== ===== ===== =====
Weighted average number
of common shares 96,703 97,700 96,621 98,056
Add: Other share
equivalents 1,351 404 1,131 202
Weighted average number
of common shares and
equiv. -diluted 98,054 98,104 97,752 98,258
------ ------ ------ ------
Diluted earnings per
share attributable to
UHS: $0.67 $0.82 $1.40 $1.50
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
-------------------------------------------------------------------
For the three months ended June 30, 2010 and 2009
-------------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
June 30, 2010 June 30, 2009
------------- -------------
Net revenues $1,338,315 100.0% $1,303,640 100.0%
Operating charges:
Salaries, wages and
benefits 563,552 42.1% 541,950 41.6%
Other operating
expenses 249,114 18.6% 232,894 17.9%
Supplies expense 179,926 13.4% 176,411 13.5%
Provision for
doubtful accounts 143,764 10.7% 120,670 9.3%
1,136,356 84.9% 1,071,925 82.2%
--------- ---- --------- ----
Operating income/
margin 201,959 15.1% 231,715 17.8%
Lease and rental
expense 18,185 17,587
Income attributable
to noncontrolling
interests 10,843 13,084
------ ------
Earnings before,
depreciation and
amortization,
interest expense,
and income taxes 172,931 201,044
Depreciation and
amortization 54,025 51,085
Interest expense,
net 12,277 11,879
------ ------
Income before income
taxes 106,629 138,080
Provision for income
taxes 41,057 57,187
------ ------
Net income
attributable to UHS $65,572 $80,893
======= =======
Three months ended Three months ended
June 30, 2010 June 30, 2009
------------- -------------
Per Per
Diluted Diluted
Amount Share Amount Share
------ -------- ------ --------
Calculation
of Adjusted
Net Income
Attributable
to UHS
-------------
Net income
attributable
to UHS $65,572 $0.67 $80,893 $0.82
Plus/minus
adjustments:
Reduction of
reserves
relating to
prior years
for
professional
and general
liability
self-
insured
claims, net
of income
taxes (10,198) (0.10) (14,168) (0.14)
Acquisition
transaction
costs, net
of income
taxes 11,288 0.11 - -
Unfavorable
discrete
tax item - - 4,331 0.04
Subtotal
after-tax
adjustments
to net
income
attributable
to UHS 1,090 0.01 (9,837) (0.10)
----- ---- ------ -----
Adjusted net
income
attributable
to UHS $66,662 $0.68 $71,056 $0.72
======= ===== ======= =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
-------------------------------------------------------------------
For the six months ended June 30, 2010 and 2009
-----------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Six months ended Six months ended
June 30, 2010 June 30, 2009
------------- -------------
Net revenues $2,685,468 100.0% $2,616,059 100.0%
Operating
charges:
Salaries,
wages and
benefits 1,142,478 42.5% 1,083,247 41.4%
Other
operating
expenses 496,142 18.5% 506,115 19.3%
Supplies
expense 363,742 13.5% 350,378 13.4%
Provision for
doubtful
accounts 269,154 10.0% 239,648 9.2%
2,271,516 84.6% 2,179,388 83.3%
--------- ---- --------- ----
Operating
income/
margin 413,952 15.4% 436,671 16.7%
Lease and
rental
expense 36,119 34,659
Income
attributable
to
noncontrolling
interests 21,786 27,577
------ ------
Earnings
before,
depreciation
and
amortization,
interest
expense, and
income taxes 356,047 374,435
Depreciation
and
amortization 107,536 102,219
Interest
expense, net 24,654 24,517
------ ------
Income before
income taxes 223,857 247,699
Provision for
income taxes 86,466 99,265
------ ------
Net income
attributable
to UHS $137,391 $148,434
======== ========
Six months ended Six months ended
June 30, 2010 June 30, 2009
------------- -------------
Per Per
Diluted Diluted
Amount Share Amount Share
------ -------- ------ --------
Calculation
of Adjusted
Net Income
Attributable
to UHS
-------------
Net income
attributable
to UHS $137,391 $1.40 $148,434 $1.50
Plus/minus
adjustments:
Reduction of
reserves
relating to
prior years
for
professional
and general
liability
self-
insured
claims, net
of income
taxes (10,198) (0.10) (14,168) (0.14)
Acquisition
transaction
costs, net
of income
taxes 11,288 0.11 - -
Unfavorable
discrete
tax item - - 4,331 0.04
Subtotal
after-tax
adjustments
to net
income
attributable
to UHS 1,090 0.01 (9,837) (0.10)
----- ---- ------ -----
Adjusted net
income
attributable
to UHS $138,481 $1.41 $138,597 $1.40
======== ===== ======== =====
Universal Health Services, Inc.
-------------------------------
Condensed Consolidated Balance Sheets
-------------------------------------
(in thousands, unaudited)
As revised
(a)
June 30, December 31,
2010 2009
---- ----
Assets
Current assets:
Cash and cash equivalents $12,337 $9,180
Accounts receivable, net 618,855 602,559
Supplies 84,683 84,272
Other current assets 38,985 27,270
Deferred income taxes 51,109 51,336
Current assets held for
sale 16,250 21,580
Total current assets 822,219 796,197
------- -------
Property and equipment 3,818,209 3,738,818
Less: accumulated
depreciation (1,510,592) (1,423,580)
2,307,617 2,315,238
--------- ---------
Other assets:
Goodwill 732,754 732,685
Deferred charges 8,864 8,643
Other 118,303 111,700
$3,989,757 $3,964,463
========== ==========
Liabilities and
Stockholders' Equity
Current liabilities:
Current maturities of long-
term debt $2,032 $2,573
Accounts payable and
accrued liabilities 552,794 578,617
Federal and state taxes 3,298 1,627
Total current liabilities 558,124 582,817
------- -------
Other noncurrent
liabilities 346,310 375,580
Long-term debt 881,344 956,429
Deferred income taxes 68,386 60,091
Redeemable noncontrolling
interest 205,463 197,152
UHS common stockholders'
equity 1,887,365 1,751,071
Noncontrolling interest 42,765 41,323
------ ------
Total equity 1,930,130 1,792,394
$3,989,757 $3,964,463
========== ==========
(a) We have revised our Condensed Consolidated Balance Sheet at
December 31, 2009 to
reclassify $197.2 million of noncontrolling interests, which are
redeemable outside of our
control, from total equity to mezzanine equity. This revision did
not affect UHS's common
stockholders' equity. We do not believe this revision is material to
the Condensed
Consolidated Balance Sheet at December 31, 2009.
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Cash Flows
-------------------------------------
(in thousands)
(unaudited)
Six months
ended June 30,
--------------
2010 2009
---- ----
Cash Flows from Operating Activities:
Net income $159,177 $176,011
Adjustments to reconcile net income to
net
cash provided by operating activities:
Depreciation & amortization 107,536 102,219
Net gain on sale of assets and
noncontrolling interests (1,993) 0
Stock-based compensation expense 8,327 6,602
Changes in assets & liabilities, net
of effects from
acquisitions and dispositions:
Accounts receivable (16,523) 4,392
Construction management and other
receivable 0 21,003
Accrued interest (1,757) 106
Accrued and deferred income taxes 3,946 7,934
Other working capital accounts (15,753) (1,499)
Other assets and deferred charges (6,870) 3,844
Other (4,513) (3,273)
Accrued insurance expense, net of
commercial premiums paid 15,491 13,323
Payments made in settlement of self-
insurance claims (27,698) (29,823)
Net cash provided by operating
activities 219,370 300,839
------- -------
Cash Flows from Investing Activities:
Property and equipment additions, net
of disposals (121,640) (183,248)
Proceeds received from sale of assets 5,000 0
Acquisition of property and business 0 (9,006)
Net cash used in investing activities (116,640) (192,254)
-------- --------
Cash Flows from Financing Activities:
Reduction of long-term debt (77,974) (77,356)
Additional borrowings 0 170
Repurchase of common shares (3,703) (15,437)
Dividends paid (9,693) (7,890)
Issuance of common stock 3,833 1,350
Profit distributions to noncontrolling
interests (12,336) (4,259)
Proceeds from sale of noncontrolling
interest in majority owned business 300 0
Net cash used in financing activities (99,573) (103,422)
------- --------
Increase in cash and cash equivalents 3,157 5,163
Cash and cash equivalents, beginning
of period 9,180 5,460
Cash and cash equivalents, end of
period $12,337 $10,623
======= =======
Supplemental Disclosures of Cash Flow
Information:
Interest paid $29,783 $28,723
======= =======
Income taxes paid, net of refunds $79,943 $90,942
======= =======
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter 6 months
Ended ended
Same Facility: 6/30/2010 6/30/2010
-------------- --------- ---------
Acute Care Hospitals
--------------------
Revenues 2.2% 2.6%
Adjusted Admissions 1.9% 1.8%
Adjusted Patient Days 0.3% 0.5%
Revenue Per Adjusted
Admission 0.3% 0.8%
Revenue Per Adjusted
Patient Day 1.9% 2.2%
Behavioral Health Hospitals
---------------------------
Revenues 5.5% 6.1%
Adjusted Admissions 4.7% 4.2%
Adjusted Patient Days 2.4% 3.1%
Revenue Per Adjusted
Admission 0.1% 1.4%
Revenue Per Adjusted
Patient Day 2.3% 2.5%
UHS
Consolidated Second Quarter Ended Six months Ended
------------- -------------------- ----------------
6/30/2010 6/30/2009 6/30/2010 6/30/2009
--------- --------- --------- ---------
Revenues $1,338,315 $1,303,640 $2,685,468 $2,616,059
EBITDA (1) 174,021 186,876 357,137 360,267
EBITDA Margin
(1) 13.0% 14.3% 13.3% 13.8%
Cash Flow
From
Operations 83,363 148,585 219,370 300,839
Days Sales
Outstanding 42 42 42 41
Capital
Expenditures 59,064 105,029 121,640 183,248
Debt 883,376 921,878
UHS
Shareholders
Equity 1,877,365 1,677,996
Debt /Total
Capitalization 32.0% 35.5%
Debt /EBITDA
(2) 1.30 1.50
Debt /Cash
From
Operations
(2) 1.96 1.55
Acute Care
EBITDAR
Margin (3) 14.2% 16.9% 15.2% 17.2%
Behavioral
Health
EBITDAR
Margin (3) 27.8% 26.5% 26.7% 25.4%
(1) Net of Minority Interest and before prior year self insurance
reserve adjustments (net of taxes) booked in 2010 and 2009
and transaction related expenses (net of taxes) booked in 2010
(2) Latest 4 quarters
(3) Before Corporate overhead allocation, minority interest and
prior year self insurance reserve adjustment booked
in 2010 and 2009
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
JUNE 30, 2010
AS REPORTED:
------------
ACUTE
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned
and leased 21 21 0.0%
Average licensed
beds 5,689 5,465 4.1%
Patient days 286,230 289,644 -1.2%
Average daily
census 3,145.4 3,182.9 -1.2%
Occupancy-
licensed beds 55.3% 58.2% -5.1%
Admissions 66,208 65,946 0.4%
Length of stay 4.3 4.4 -1.6%
Inpatient revenue $2,624,502 $2,469,774 6.3%
Outpatient
revenue 1,171,634 1,047,095 11.9%
Total patient
revenue 3,796,136 3,516,869 7.9%
Other revenue 19,187 19,102 0.4%
Gross hospital
revenue 3,815,323 3,535,971 7.9%
Total deductions 2,841,313 2,583,135 10.0%
Net hospital
revenue $974,010 $952,836 2.2%
AS REPORTED:
------------
BEHAVIORAL HEALTH
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned
and leased 82 81 1.2%
Average licensed
beds 7,980 7,857 1.6%
Patient days 544,629 529,536 2.9%
Average daily
census 5,984.9 5,819.1 2.9%
Occupancy-
licensed beds 75.0% 74.1% 1.3%
Admissions 36,573 34,059 7.4%
Length of stay 14.9 15.5 -4.2%
Inpatient revenue $554,141 $524,246 5.7%
Outpatient
revenue 81,987 72,513 13.1%
Total patient
revenue 636,128 596,759 6.6%
Other revenue 7,224 8,342 -13.4%
Gross hospital
revenue 643,352 605,101 6.3%
Total deductions 286,344 272,512 5.1%
Net hospital
revenue $357,008 $332,589 7.3%
SAME FACILITY:
--------------
ACUTE
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned and
leased 21 21 0.0%
Average licensed
beds 5,689 5,465 4.1%
Patient days 286,230 289,644 -1.2%
Average daily census 3,145.4 3,182.9 -1.2%
Occupancy-licensed
beds 55.3% 58.2% -5.1%
Admissions 66,208 65,946 0.4%
Length of stay 4.3 4.4 -1.6%
SAME FACILITY:
--------------
BEHAVIORAL HEALTH (1)
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned and
leased 79 79 0.0%
Average licensed
beds 7,778 7,705 0.9%
Patient days 537,746 526,672 2.1%
Average daily census 5,909.3 5,787.6 2.1%
Occupancy-licensed
beds 76.0% 75.1% 1.1%
Admissions 35,524 34,042 4.4%
Length of stay 15.1 15.5 -2.2%
(1) Ascent, Centennial Peaks, Crescent Pines, The Hope program, and
Springwoods Behavioral are excluded in both
current and prior years. Coastal Behavioral is included in March 1st
thru year to date.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE SIX MONTHS ENDED
JUNE 30, 2010
AS REPORTED:
------------
ACUTE
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned and
leased 21 21 0.0%
Average licensed
beds 5,689 5,465 4.1%
Patient days 591,924 596,920 -0.8%
Average daily
census 3,270.3 3,297.9 -0.8%
Occupancy-licensed
beds 57.5% 60.3% -4.7%
Admissions 134,846 134,144 0.5%
Length of stay 4.4 4.4 -1.4%
Inpatient revenue $5,407,933 $5,049,913 7.1%
Outpatient revenue 2,288,559 2,042,794 12.0%
Total patient
revenue 7,696,492 7,092,707 8.5%
Other revenue 34,990 36,777 -4.9%
Gross hospital
revenue 7,731,482 7,129,484 8.4%
Total deductions 5,768,161 5,216,799 10.6%
Net hospital
revenue $1,963,321 $1,912,685 2.6%
AS REPORTED:
------------
BEHAVIORAL HEALTH
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned and
leased 83 83 0.0%
Average licensed
beds 7,975 7,826 1.9%
Patient days 1,083,379 1,042,470 3.9%
Average daily
census 5,952.6 5,727.9 3.9%
Occupancy-licensed
beds 74.6% 73.2% 2.0%
Admissions 72,930 68,020 7.2%
Length of stay 14.9 15.3 -3.1%
Inpatient revenue $1,098,922 $1,027,927 6.9%
Outpatient revenue 159,964 140,641 13.7%
Total patient
revenue 1,258,886 1,168,568 7.7%
Other revenue 15,632 16,251 -3.8%
Gross hospital
revenue 1,274,518 1,184,819 7.6%
Total deductions 568,328 530,077 7.2%
Net hospital
revenue $706,190 $654,742 7.9%
SAME FACILITY:
--------------
ACUTE
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned and
leased 21 21 0.0%
Average licensed
beds 5,689 5,465 4.1%
Patient days 591,924 596,920 -0.8%
Average daily
census 3,270.3 3,297.9 -0.8%
Occupancy-licensed
beds 57.5% 60.3% -4.7%
Admissions 134,846 134,144 0.5%
Length of stay 4.4 4.4 -1.4%
SAME FACILITY:
--------------
BEHAVIORAL HEALTH (1)
06/30/10 06/30/09 % change
-------- -------- ---------
Hospitals owned and
leased 79 79 0.0%
Average licensed
beds 7,757 7,674 1.1%
Patient days 1,068,443 1,036,334 3.1%
Average daily
census 5,903.0 5,725.6 3.1%
Occupancy-licensed
beds 76.1% 74.6% 2.0%
Admissions 70,819 67,979 4.2%
Length of stay 15.1 15.2 -1.0%
(1) Ascent, Centennial Peaks, Crescent Pines, The Hope program, and
Springwoods Behavioral are excluded in both current
and prior years. Coastal Behavioral is included in March 1st thru
year to date.
SOURCE Universal Health Services, Inc.