Dallas-based Tenet Healthcare ended its second quarter of 2017 with a net loss. During its 2Q, which ended on June 30, the company reported a loss of $56 million, losing $12 million more than in the same period last year.
Tenet reported that earnings before interest, taxes, depreciation, and amortization logged in at $570 million, which included “$23 million of gains primarily from the sale of home health and hospice assets.”
Second-quarter net cash from operating activities totaled $401 million, a 31.1 percent decrease from the same period last year. Adjusted free cash flow was $117 million, a 56.3 percent decrease from 2016’s second quarter.
Tenet also recorded net operating revenue of $4.8 billion in the second quarter, a 1.4 percent decrease year-over-year. Its hospital segment declined 0.1 percent, while its ambulatory segment increased with a projected 6.8 percent year-over-year growth, coming in this quarter at $472 million.
Trevor Fetter, CEO of Tenet, said in a statement: “While we experienced a softer volume environment in the second quarter, our teams responded well with solid performance on cost control, which mitigated the impact on our results.”
Fetter also said the company is continuing to invest in targeted service lines, and had largely competed construction projects to strengthen Tenet’s position in four strategic hospital markets. “We are also making progress on portfolio refinement, including completing the sale of our Houston-based hospitals and affiliated outpatient centers, and redeploying that capital to increase our ownership position” in United Surgical Partners International, Fetter said.