Ardent Health Partners Reports Strong Third Quarter 2024 Results

Ardent Health Partners, Inc. (NYSE: ARDT), a prominent healthcare provider in growing mid-sized urban communities across the U.S., has recently announced its financial results for the third quarter ended September 30, 2024. The results highlight a positive performance across various key metrics compared to the same period last year.

Total revenue for the third quarter of 2024 saw a growth of 5.2% year-over-year, reaching $1.45 billion. This increase was primarily driven by a 3.8% rise in adjusted admissions and a 0.9% growth in net patient service revenue per adjusted admission. Despite facing challenges such as the strategic decision to transfer certain oncology and infusion services to a health system partner resulting in a revenue reduction of over $10 million compared to the prior year, the company’s total revenue would have grown by approximately 8% excluding these items.

Net income attributable to Ardent Health in the third quarter of 2024 was $26 million, or $0.19 per basic and diluted share, as compared to $21 million, or $0.17 per basic and diluted share, in the third quarter of 2023. Adjusted EBITDA for the same period rose by 15.3% year-over-year to $98 million, with a margin expansion of 50 basis points to 6.7%.

Ardent Health’s key operating metrics for the third quarter of 2024 showed positive growth compared to the same period in the previous year. Adjusted admissions increased by 3.8%, admissions grew by 6.4%, and emergency room visits saw a 2.6% uptick. Additionally, surgeries experienced growth, with inpatient surgeries increasing by 0.5% and outpatient surgeries by 0.2%.

In terms of financial guidance for the full year 2024, Ardent Health has adjusted its revenue and adjusted EBITDA expectations following the strong third quarter results. The company is raising its revenue guidance to a range of $5.8 billion to $5.875 billion, and its adjusted EBITDA guidance to $425 million to $440 million.

The company’s strategic execution and operational initiatives have been credited for the positive performance, with Marty Bonick, President and Chief Executive Officer of Ardent Health, expressing confidence in the continued growth trajectory. The financial results indicate the company’s resilience and strategic direction in the evolving healthcare landscape.

Ardent Health Partners will hold a conference call to discuss these results on November 7, 2024, at 9:00 a.m. Eastern Time. Interested individuals can access a webcast of the call in the Investor Relations section of the company’s corporate website.

The company’s proactive approach to value creation, coupled with its strong financial performance, positions it favorably for sustained growth and market success. The financial outlook and performance metrics continue to reflect Ardent Health Partners’ commitment to delivering quality healthcare services and driving operational excellence in the healthcare sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ardent Health Partners’s 8K filing here.

Ardent Health Partners Company Profile

Ardent Health Partners, Inc owns and operates a network of hospitals and clinics that provides a range of healthcare services in the United States. It operates acute care hospitals, including rehabilitation hospitals and surgical hospitals. The company was founded in 2001 and is based in Brentwood, Tennessee.