Tenet Healthcare Posts Second-Quarter Loss
Tenet Healthcare posted a second-quarter net loss of $398 million, or 85 cents per share, compared with last year's Q2 net loss of $33 million, or seven cents per share, due in large part to litigation and legal settlement costs, the Wall Street Journal reports. The company reported a $711 million pretax charge to settle allegations that it overbilled Medicare, as well as a pretax charge of $27 million for impairment and restructuring. Revenue rose 2.5% to $2.2 billion (Wall Street Journal, 8/10).
Excluding one-time charges, the company reported earnings of four cents per share in the quarter. Analysts forecasted a net loss of three cents per share excluding one-time costs.
Company CEO Trevor Fetter said, "I can't give you a timeline, but I'm very confident we are doing the right things. We're investing in our hospitals. We've lifted the uncertainty about being under investigation by the federal government" (Keonig, AP/Houston Chronicle, 8/9).