HCA Healthcare Starts 2019 Well Ahead of Expectations; Raising Fair Value Estimate
HCA Healthcare reported first-quarter numbers that handily beat our and consensus expectations. Outperformance was broad based, with continued strength in pricing, volume, and cost management. We think these results are characteristic of the firm's narrow economic moat and superior competitive positioning relative to peer facilities. Indeed, management indicated it gained 50 basis points of inpatient market share as of the most recently available data, putting firmwide share at 25.3% within its ...HCA Healthcare is a holding company. Through its subsidiaries, partnerships and joint ventures, the company owns and operates hospitals and related health care entities. Most of the company's general, acute care hospitals provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. The general, acute care hospitals also provide outpatient services such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. The company's psychiatric hospitals provide therapeutic programs including child, adolescent and adult psychiatric care, adolescent and adult alcohol and drug abuse treatment and counseling.
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