Tenet's Second-Quarter Results Overshadowed by Soft Volumes and Reduced Outlook
Tenet reported weak second-quarter results from softer admission volumes and higher-than-expected growth in uncompensated care. We anticipate a modest decline in our fair value estimate amid management's reduced outlook, and we are leaving our no-moat rating intact. The company cut its overall 2017 adjusted EBITDA guidance by $50 million from both ends of its previous range, largely resulting from weak volume expectations and increases in bad debt. Patient volumes continue to face headwinds from...Tenet Healthcare is a healthcare services company. Through its subsidiaries, partnerships and joint ventures, including USPI Holding Company, Inc., the company operates hospitals, surgical hospitals and outpatient centers. In addition, the company's Conifer Holdings, Inc. (Conifer) subsidiary provides healthcare business process services in the areas of hospital and physician revenue cycle management and care solutions to healthcare systems, as well as individual hospitals, physician practices, self-insured organizations, health plans and other entities. The company has three reportable segments: Hospital Operations and other; Ambulatory Care; and Conifer.
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