Community Health Systems announced net income in the second quarter of $75 million, up from $53 million the year prior. Per diluted share, adjusted net earnings were 37 cents.
The company posted revenues of $4.7 billion, a nearly 50 percent increase from Q2 2013 due to its acquisition of Health Management Associates. On a same-store basis, adjusted admissions in the quarter were down 1.2 percent and net operating revenues increased 0.4 percent.
"We have already realized the early benefits of health care reform in the second quarter with a decline in uninsured admissions and a modest shift in payor mix, and we expect this trend to continue with further expansion of insurance coverage," Wayne Smith, CHS' chairman and CEO, said in a release. "While we were pleased with the sequential improvement in our volume trends over the first quarter, we are focused on initiatives to drive our overall admissions."
Shares of CHS (Ticker: CYH) were down 4 percent to $47.70 after hours Thursday. Year to date, they're up 21 percent.
AmSurg Corp. posted net income in the second quarter of $19 million, up from $18.4 million the year prior. Per diluted share, adjusted net earnings were 63 cents, in line with analysts' expectations. The company reported revenues in the quarter of $281 million, a 5 percent increase from Q2 2013.
"AmSurg's financial results met our expectations for the second quarter," Christopher Holden, AmSurg president and CEO, said in a release. "We benefitted from a 1 percent increase in same-center revenue, despite having one less business day in the quarter compared with the second quarter last year. Average revenue per procedure increased 4 percent on a comparable-quarter basis, primarily due to changing procedure mix."
During the quarter, the company acquired Sheridan Healthcare, which Holden said effectively doubled the company's size and strengthened its geographic, payor and revenue diversity. Costs of the transaction will top $50 million and be recorded in the third quarter, pushing the company into the red.
Shares of AmSurg (Ticker: AMSG) were down 2 percent to $47.76 after hours Thursday. They're up 14 percent in the last six months.
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