Universal Health Services reported an uptick in profits to $814.9 million last year but fell short of expectations.
The King of Prussia, Pennsylvania-based health system giant reported its earnings reached $9.13 per diluted share for the year ended Dec. 31, up from $779.7 million, or $8.31 per diluted share, the prior year. That was on net revenues that increased 5.6% to $11.4 billion during 2019 from $10.8 billion in 2018.
However, it fell short of UHS' previously downgraded guidance from its third-quarter earnings report estimating their range on earnings for the year to $9.60 to $9.90 per diluted share.
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For the fourth quarter ended Dec. 31, UHS reported income of $245.2 million, or $2.79 per diluted share, up from $158.1 million, or $1.70 per diluted share, the same quarter a year earlier. Its revenues increased 5.1% to $2.9 billion during the fourth quarter of 2019, up from $2.8 billion during the fourth quarter of 2018.
In the fourth quarter, the health system reported adjusted admissions rose 2.1% and adjusted patient days increased 6% in its acute care hospitals in the fourth quarter compared to the same period of 2018. At those facilities, net revenue per adjusted admission increased 5.3%, and net revenue per adjusted patient day increased 1.4% during the fourth quarter of 2019.
Net revenues from acute care services on a same facility basis increased 7.9%.
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For the year, UHS' acute care adjusted admissions increased 4.8%, and adjusted patient days increased 5.7% compared to 2018. At those facilities, net revenue per adjusted admission increased 2.5%, and net revenue per adjusted patient day increased 1.7% compared to the prior year.
Net revenues on a same facility basis increased 7.7%.