Community Health Systems Stock Decline

Shares of Community Health Systems declined after the healthcare provider reported a loss as its number of hospitals declined.

Stock Performance

The stock fell 18.3% to $3.30 in premarket trading, marking a nearly 40% decrease over the past 12 months.

Financial Results

Adjusted for certain one-time items, the Franklin, Tenn.-based company reported a per-share loss of 41 cents, significantly below the expected profit of 5 cents a share as per analysts polled by FactSet.

In the fourth quarter, Community Health Systems reported a profit of $46 million, or 35 cents a share for the period ended Dec. 31, compared with $414 million, or $3.18 a share in the same period a year ago. Fourth-quarter revenue increased to $3.18 billion from $3.14 billion a year ago, slightly surpassing analysts' expectations of $3.16 billion.

Hospital Count

The company recently completed the divestiture of eight hospitals and the sale of a majority interest in another hospital, resulting in a decrease in the number of hospitals from 80 to 71 year over year. Additionally, the number of beds decreased by 7% to 11,902.

For more detailed information, please contact Community Health Systems directly.