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Ascension releases Q2 FY24 financial results

Ascension has released its second fiscal quarter financial results for the three and six months ended December 31, 2023. Ascension reported income from recurring operations of $231 million and $40 million, respectively, for the three and six months ended December 31, 2023 as compared to recurring operating losses of $291 million and $409 million for the comparable three and six month periods in the prior fiscal year, which represent improvements of $522 million and $450 million for the comparable three and six months from the prior fiscal year. Ascension has realized meaningful operational improvement from economic improvement plans focused on volume growth, rates and pricing, and cost levers. Achievement of these plans has contributed to improved operating performance over both the preceding quarter and same quarter in the prior year.

Additionally, Ascension reported positive recurring operating EBIDA (earnings before interest, depreciation, and amortization) of $741 million or a 4.9% recurring operating EBIDA margin for the six months ended December 31, 2023 (Q2 FY24 YTD). For Q2 FY24 YTD, Ascension reported a net operating loss of $155 million, inclusive of $196 million of one-time, non-cash write-downs and non-recurring losses. Ascension’s Q2 FY24 YTD net operating loss also represented a significant improvement over the comparable period in the prior year.

“Guided by our Mission, we continue to make meaningful progress in the implementation of our strategic plan,” said Liz Foshage, Executive Vice President and Chief Financial Officer, Ascension. “We remain focused on improving hospital operations, ensuring sustainability for the future, and making purposeful decisions that improve the health of individuals and the communities we are privileged to serve. Our Q2 quarterly results are a demonstration of this commitment and a signal that we continue to move in the right direction.”

For Q2 FY24 YTD, Ascension experienced an increase in overall same facility volume over the comparable period in the prior year, most notably driven by total inpatient admissions and surgery visits as the System continues to expand capacity and backfill certain volumes that have shifted to the outpatient setting. For the six months ended December 31, 2023, Ascension reported a 4.9% increase in total operating revenue, driven by net patient service revenue, while total operating expenses were managed to net growth of 2.1% over the comparable period in the prior year.

Ascension’s net income for the second fiscal quarter, including both operating and nonoperating items, was $359 million which represents a $708 million turnaround from the same period in the prior year.

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