Universal Health Services, Inc. Reports 2008 Third Quarter Results
10/27/2008
Reported net income was $28.9 million, or $.54 per diluted share, during the three-month period ended September 30, 2007 and $130.4 million, or $2.43 per diluted share, during the nine-month period ended September 30, 2007. After adjusting our 2007 results for the items indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule"), our adjusted net income was $34.1 million, or $.64 per diluted share, during the third quarter of 2007 and $124.7 million, or $2.32 per diluted share, during the nine-month period ended September 30, 2007. As indicated on the Supplemental Schedules, the combined net impact of the various favorable and unfavorable items included in our net income during the 2007 periods amounted to: (i) an unfavorable $5.3 million, or $.10 per diluted share, during the three-month period ended September 30, 2007, and; (ii) a favorable $5.8 million, or $.11 per diluted share, during the nine-month period ended September 30, 2007.
Net revenues increased 7% to $1.24 billion during the third quarter of 2008 as compared to $1.16 billion during the third quarter of 2007. Net revenues increased 8% to $3.79 billion during the nine-month period ended September 30, 2008 as compared to $3.51 billion during the nine-month period ended September 30, 2007.
Acute Care Services:
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions decreased 0.8% and patient days decreased 1.9% during the third quarter of 2008 as compared to the third quarter of 2007. On a same facility basis, net revenues at our acute care facilities increased 2.5% during the third quarter of 2008 as compared to the comparable prior year quarter. Net revenue per adjusted admission at these facilities increased 3.7% during the third quarter of 2008 over the comparable prior year quarter. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other operating expenses, supplies expense and provision for doubtful accounts) at our acute care hospitals decreased to 11.8% during the third quarter of 2008 as compared to 12.6% during the third quarter of 2007.
On a same facility basis, inpatient admissions at our acute care facilities increased 0.2% and patient days increased 0.6% during the nine- month period ended September 30, 2008 as compared to the comparable period of the prior year. Net revenues at these facilities increased 5.6% during the nine-month period ended September 30, 2008 as compared to the comparable prior year period. Net revenue per adjusted admission at these facilities increased 5.3% during the nine-month period ended September 30, 2008 over the comparable prior year period. On a same facility basis, the operating margin at our acute care hospitals increased to 14.7% during the first nine months of 2008 as compared to 13.7% during the comparable nine months of 2007.
We provide care to patients who meet certain financial or economic criteria without charge or at amounts substantially less than our established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $154 million and $148 million during the three-month periods ended September 30, 2008 and 2007, respectively, and $451 million and $422 million during the nine-month periods ended September 30, 2008 and 2007, respectively.
Behavioral Health Care Services:
At our behavioral health facilities, on a same facility basis, inpatient admissions increased 8.5% and patient days increased 3.9% during the third quarter of 2008 as compared to the third quarter of 2007. On a same facility basis, net revenues at our behavioral health facilities increased 9.5% during the third quarter of 2008 as compared to the comparable prior year quarter. Net revenue per adjusted patient day at these facilities increased 5.3% during the third quarter of 2008 as compared to the comparable quarter of the prior year. The operating margin at our behavioral health facilities owned during both periods increased to 23.7% during the third quarter of 2008 as compared to 22.3% during the third quarter of 2007.
On a same facility basis, inpatient admissions increased 8.3% and patient days increased 4.4% during the first nine months of 2008 over the comparable prior year period. On a same facility basis, net revenues at our behavioral health facilities increased 8.8% during the nine-month period ended September 30, 2008 as compared to the comparable period of the prior year. Net revenue per adjusted patient day at these facilities increased 4.5% during the nine- month period ended September 30, 2008 over the comparable period of the prior year. The operating margin at our behavioral health facilities owned during both periods increased to 24.1% during the first nine months of 2008 as compared to 23.2% during the comparable period of the prior year.
Other Matters:
As previously announced, we entered into a definitive agreement to sell Central Montgomery Medical Center, a 125-bed acute care hospital located in Lansdale, Pennsylvania. The sale, which is subject to customary regulatory approval, is scheduled to close by early November, 2008. The operating results of this facility are reflected as "Income/(loss) from discontinued operations, net of income taxes", on the Consolidated Statements of Income for the three and nine-month periods ended September 30, 2008 and 2007. The assets and liabilities of this facility are reflected as "current/long-term assets held for sale" and "current liabilities held for sale" on the Consolidated Balance Sheet as of September 30, 2008.
Conference Call Information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on October 28, 2008. The dial-in number is 1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on October 28, 2008 and will continue through midnight on November 11, 2008. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 68544706. This call will also be available live over the internet at our web site at www.uhsinc.com. It will also be distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com).
General Information, Forward-Looking Statements and Risk Factors and Non- GAAP Financial Measures:
Universal Health Services, Inc. is one of the nation's largest hospital companies, operating acute care and behavioral health hospitals and ambulatory centers nationwide and in Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors in our Form 10-K for the year ended December 31, 2007 and in Item 2- Forward-Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended June 30, 2008), may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
We believe that operating income, operating margin, adjusted income from continuing operations, adjusted income from continuing operations per diluted share, adjusted net income, adjusted net income per diluted share and earnings before interest, taxes, depreciation and amortization ("EBITDA"), which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that it is helpful to our investors to present, compare and discuss our financial results after the effect of items that are nonrecurring or non-operational in nature has been neutralized. Such items include, but are not limited to, gains on sales of assets and businesses, adjustments to reserves for self-insured claims, reserves for legal judgments, lawsuits and other settlements and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2007 and Report on Form 10-Q for the quarterly period ended June 30, 2008. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.
Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months Nine months
ended September 30, ended September 30,
2008 2007 2008 2007
Net revenues $1,244,462 $1,163,605 $3,785,015 $3,505,813
Operating charges:
Salaries, wages and
benefits 530,858 502,361 1,600,514 1,494,553
Other operating
expenses 269,299 261,637 777,257 737,240
Supplies expense 170,743 160,190 524,246 499,930
Provision for doubtful
accounts 125,003 108,639 365,446 308,363
Depreciation and
amortization 48,465 45,898 142,544 133,343
Lease and rental
expense 17,600 17,838 53,021 50,405
Hurricane related
expenses, net - 82 - 707
1,161,968 1,096,645 3,463,028 3,224,541
Income before interest
expense, minority
interests and
income taxes 82,494 66,960 321,987 281,272
Interest expense, net 13,419 12,881 40,147 38,643
Minority interests in earnings
of consolidated entities 9,316 9,784 34,022 32,651
Income before income taxes 59,759 44,295 247,818 209,978
Provision for income taxes 22,536 14,961 95,352 79,177
Income from continuing
operations 37,223 29,334 152,466 130,801
(Loss) income from
discontinued operations,
net of income taxes (226) (480) 434 (368)
Net income $36,997 $28,854 $152,900 $130,433
Basic earnings per share:
From continuing
operations $0.73 $0.55 $3.00 $2.45
From discontinued
operations 0.00 (0.01) 0.01 (0.01)
Total basic earnings
per share $0.73 $0.54 $3.01 $2.44
Diluted earnings per
share:
From continuing
operations $0.73 $0.55 $2.99 $2.44
From discontinued
operations 0.00 (0.01) 0.01 (0.01)
Total diluted
earnings per share $0.73 $0.54 $3.00 $2.43
Weighted average number of
common shares 50,544 53,481 50,812 53,491
Other share equivalents 217 148 157 190
Weighted average number of
common shares and equiv.
- diluted 50,761 53,629 50,969 53,681
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the three months ended September 30, 2008 and 2007
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
September 30, 2008 September 30, 2007
Net revenues $1,244,462 100.0% $1,163,605 100.0%
Operating charges:
Salaries, wages and benefits 530,858 42.7% 502,361 43.2%
Other operating expenses 269,299 21.6% 261,637 22.5%
Supplies expense 170,743 13.7% 160,190 13.8%
Provision for doubtful accounts 125,003 10.0% 108,639 9.3%
1,095,903 88.1% 1,032,827 88.8%
Operating income/margin 148,559 11.9% 130,778 11.2%
Lease and rental expense 17,600 17,838
Minority interests in earnings
of consolidated entities 9,316 9,784
Earnings before hurricane related
expenses, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 121,643 103,156
Hurricane related expenses, net - 82
Depreciation and amortization 48,465 45,898
Interest expense, net 13,419 12,881
Income before income taxes 59,759 44,295
Provision for income taxes 22,536 14,961
Income from continuing operations 37,223 29,334
Income (loss) from discontinued
operations, net of income taxes (226) (480)
Net income $36,997 $28,854
Three months ended Three months ended
September 30, 2008 September 30, 2007
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $37,223 $0.73 $29,334 $0.55
Plus/minus adjustments:
Gains, legal judgment, write-down
of investments in joint-ventures
and hurricane related expense, net
of income taxes - - 3,945 0.07
Unfavorable prior period effect of
Texas Medicaid supplemental
payments and cost report settlements,
net of income taxes - - 3,399 0.07
Favorable tax reserve adjustment - - (2,079) (0.04)
Subtotal after-tax adjustments to
income from continuing operations - - 5,265 0.10
Adjusted income from continuing
operations $37,223 $0.73 $34,599 $0.65
Calculation of Adjusted Net Income
Net income $36,997 $0.73 $28,854 $0.54
After-tax adjustments to income from
continuing operations, as indicated
above - - 5,265 0.10
Adjusted net income $36,997 $0.73 $34,119 $0.64
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the nine months ended September 30, 2008 and 2007
(in thousands, except per share amounts)
(unaudited)
Nine months ended Nine months ended
September 30, 2008 September 30, 2007
Net revenues $3,785,015 100.0% $3,505,813 100.0%
Operating charges:
Salaries, wages and benefits 1,600,514 42.3% 1,494,553 42.6%
Other operating expenses 777,257 20.5% 737,240 21.0%
Supplies expense 524,246 13.9% 499,930 14.3%
Provision for doubtful accounts 365,446 9.7% 308,363 8.8%
3,267,463 86.3% 3,040,086 86.7%
Operating income/margin 517,552 13.7% 465,727 13.3%
Lease and rental expense 53,021 50,405
Minority interests in earnings
of consolidated entities 34,022 32,651
Earnings before hurricane related
expenses, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 430,509 382,671
Hurricane related expenses, net - 707
Depreciation and amortization 142,544 133,343
Interest expense, net 40,147 38,643
Income before income taxes 247,818 209,978
Provision for income taxes 95,352 79,177
Income from continuing operations 152,466 130,801
Income (loss) from discontinued
operations, net of income taxes 434 (368)
Net income $152,900 $130,433
Nine months ended Nine months ended
September 30, 2008 September 30, 2007
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income from
Continuing Operations
Income from continuing operations $152,466 $2.99 $130,801 $2.44
Plus/minus adjustments:
Reduction of reserve for
professional and general
liability self-insured claims,
net of minority interests and
income taxes - - (10,045) (0.19)
Unfavorable prior period effect of
Texas Medicaid supplemental
payments and cost report
settlements, net of income taxes - - 3,399 0.07
Gains, legal judgment, write-down
of investments in joint-ventures
and hurricane related expense,
net of income taxes - - 2,975 0.05
Favorable tax reserve adjustment - - (2,079) (0.04)
Subtotal after-tax adjustments to
income from continuing operations - - (5,750) (0.11)
Adjusted income from continuing
operations $152,466 $2.99 $125,051 $2.33
Calculation of Adjusted Net Income
Net income $152,900 $3.00 $130,433 $2.43
After-tax adjustments to income from
continuing operations, as indicated
above - - (5,750) (0.11)
Adjusted net income $152,900 $3.00 $124,683 $2.32
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2008 2007
Assets:
Cash and cash equivalents $7,805 $16,354
Accounts receivable, net 628,973 627,186
Other current assets 130,151 131,307
Current assets held for sale 10,871 -
Property, plant and equipment, net 2,015,290 1,933,916
Other assets 874,659 899,894
Other non current assets held for sale 30,587 -
Total Assets $3,698,336 $3,608,657
Liabilities and Stockholders' Equity:
Current portion of long-term debt $8,260 $3,116
Other current liabilities 553,762 484,595
Current liabilities held for sale 4,221 -
Other noncurrent liabilities 362,421 344,755
Long-term debt 935,461 1,008,786
Deferred income taxes 35,342 40,022
Minority interests 232,555 210,184
Stockholders' equity 1,566,314 1,517,199
Total Liabilities and Stockholders' Equity $3,698,336 $3,608,657
Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine months
ended September 30,
2008 2007
Cash Flows from Operating Activities:
Net income $152,900 $130,433
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation & amortization 144,711 135,417
Changes in assets & liabilities,
net of effects from acquisitions
and dispositions:
Accounts receivable (7,796) (17,359)
Construction management receivable (1,674) -
Accrued interest 11,290 9,055
Accrued and deferred income taxes (3,418) (6,374)
Other working capital accounts 35,941 47,558
Other assets and deferred charges 16,317 37
Other 12,347 2,723
Minority interest in earnings of
consolidated entities, net of
distributions 15,209 9,041
Accrued insurance expense, net of
commercial premiums paid 58,127 45,275
Payments made in settlement of
self-insurance claims (38,011) (33,025)
Net cash provided by
operating activities 395,943 322,781
Cash Flows from Investing Activities:
Property and equipment additions,
net of disposals (239,880) (263,366)
Proceeds received from sale of
assets 32,634 5,268
Settlement proceeds received
related to prior year
acquisition, net of expenses 1,539 -
Investment in joint-venture (1,270) -
Acquisition of assets and
businesses (14,775) (103,159)
Purchase of minority ownership
interest in majority owned
business (1,058) (14,762)
Net cash used in investing
activities (222,810) (376,019)
Cash Flows from Financing Activities:
Additional borrowings, net of
financing costs 150,155 169,852
Reduction of long-term debt (219,311) (103,846)
Repurchase of common shares (104,436) (14,386)
Dividends paid (12,147) (12,917)
Issuance of common stock 1,751 1,041
Capital contributions from
minority member 2,306 12,129
Net cash (used in) provided
by financing activities (181,682) 51,873
Decrease in cash and cash equivalents (8,549) (1,365)
Cash and cash equivalents, beginning of period 16,354 14,939
Cash and cash equivalents, end of period $7,805 $13,574
Supplemental Disclosures of Cash Flow
Information:
Interest paid $34,198 $35,991
Income taxes paid, net of refunds $97,907 $83,894
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 9 months ended
Same Facility: 9/30/2008 9/30/2008
Acute Care Hospitals
Revenues 2.5% 5.6%
Adjusted Admissions -1.1% 0.3%
Adjusted Patient Days -2.2% 0.6%
Revenue Per Adjusted Admission 3.7% 5.3%
Revenue Per Adjusted Patient Day 4.8% 5.0%
Behavioral Health Hospitals
Revenues 9.5% 8.8%
Adjusted Admissions 8.5% 8.1%
Adjusted Patient Days 4.0% 4.1%
Revenue Per Adjusted Admission 0.9% 0.7%
Revenue Per Adjusted Patient Day 5.3% 4.5%
UHS Consolidated Third Quarter Ended Nine months Ended
9/30/2008 9/30/2007 9/30/2008 9/30/2007
Revenues $1,244,462 $1,163,605 $3,785,015 $3,505,813
EBITDA (1) 121,643 103,156 430,509 382,671
EBITDA Margin (1) 9.8% 8.9% 11.4% 10.9%
Cash Flow From Operations 197,477 163,805 395,943 322,781
Days Sales Outstanding 46 49 46 49
Capital Expenditures 83,818 78,779 239,880 263,366
Debt 943,721 903,957
Shareholders Equity 1,566,314 1,534,839
Debt / Total
Capitalization 37.6% 37.1%
Debt / EBITDA (2) 1.69 1.85
Debt / Cash From
Operations (2) 2.24 3.74
Acute Care EBITDAR
Margin (3) (4) 11.7% 11.6% 14.2% 13.9%
Behavioral Health EBITDAR
Margin (3) (4) 23.0% 21.4% 23.5% 23.0%
(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation and minority interest
(4) Excluding discontinued operations
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2008
AS REPORTED:
ACUTE (1) BEHAVIORAL HEALTH
% %
09/30/08 09/30/07 change 09/30/08 09/30/07 change
Hospitals owned and
leased 22 21 4.8% 83 85 -2.4%
Average licensed beds 5,450 5,292 3.0% 7,618 7,485 1.8%
Patient days 286,547 285,505 0.4% 519,362 506,466 2.5%
Average daily census 3,114.6 3,103.3 0.4% 5,645.2 5,505.1 2.5%
Occupancy-licensed
beds 57.1% 58.6% -2.5% 74.1% 73.5% 0.8%
Admissions 64,738 63,448 2.0% 32,786 30,156 8.7%
Length of stay 4.4 4.5 -1.6% 15.8 16.8 -5.7%
Inpatient revenue $2,259,640 $2,044,147 10.5% $488,986 $452,223 8.1%
Outpatient revenue 917,982 858,313 7.0% 61,358 54,470 12.6%
Total patient
revenue 3,177,622 2,902,460 9.5% 550,344 506,693 8.6%
Other revenue 18,027 15,313 17.7% 8,183 7,476 9.5%
Gross hospital
revenue 3,195,649 2,917,773 9.5% 558,527 514,169 8.6%
Total deductions 2,296,319 2,071,179 10.9% 247,695 229,156 8.1%
Net hospital revenue $899,330 $846,594 6.2% $310,832 $285,013 9.1%
SAME FACILITY:
ACUTE (2) BEHAVIORAL HEALTH (3)
% %
09/30/08 09/30/07 change 09/30/08 09/30/07 change
Hospitals owned and
leased 21 21 0.0% 81 81 0.0%
Average licensed beds 5,285 5,292 -0.1% 7,455 7,266 2.6%
Patient days 280,020 285,531 -1.9% 509,708 490,388 3.9%
Average daily census 3,043.7 3,103.6 -1.9% 5,540.3 5,330.3 3.9%
Occupancy-licensed
beds 57.6% 58.6% -1.8% 74.3% 73.4% 1.3%
Admissions 62,912 63,448 -0.8% 32,599 30,041 8.5%
Length of stay 4.5 4.5 -1.1% 15.6 16.3 -4.2%
(1) Acute care hospitals located in New Orleans and discontinued operations are excluded in 2007 and 2008.
(2) Acute care hospitals located in New Orleans, discontinued operations and Centennial Hills Hospital are excluded in current and prior years.
(3) Casa de Lago, Central Florida, Summit Ridge Hospital and Shenandoah Valley are excluded in both current and prior years. Highlands Behavioral is included in both current and prior years from March 1st through year to date. Dover Behavioral is included in both current and prior years from May 1st through year to date. Foundations Behavioral is included in both current and prior years from July 1st through year to date. Cottonwood Treatment is included in both current and prior years from August 1st through year to date. Broad Horizons, Highlander RTC, Midwest Youth and Vista Group Homes are excluded in both current and prior years from July 1st through year to date.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2008
AS REPORTED:
ACUTE (1) BEHAVIORAL HEALTH
% %
09/30/08 09/30/07 change 09/30/08 09/30/07 change
Hospitals owned and
leased 22 21 4.8% 83 85 -2.4%
Average licensed beds 5,452 5,292 3.0% 7,629 7,269 5.0%
Patient days 892,689 869,860 2.6% 1,580,086 1,489,301 6.1%
Average daily census 3,258.0 3,186.3 2.2% 5,766.7 5,455.3 5.7%
Occupancy-licensed
beds 59.8% 60.2% -0.8% 75.6% 75.0% 0.7%
Admissions 198,685 193,589 2.6% 98,228 89,268 10.0%
Length of stay 4.5 4.5 -0.2% 16.1 16.8 -4.2%
Inpatient revenue $6,999,680 $6,299,927 11.1% $1,467,036 $1,339,098 9.6%
Outpatient revenue 2,748,382 2,532,815 8.5% 193,281 173,558 11.4%
Total patient
revenue 9,748,062 8,832,742 10.4% 1,660,317 1,512,656 9.8%
Other revenue 55,741 43,780 27.3% 26,234 21,938 19.6%
Gross hospital
revenue 9,803,803 8,876,522 10.4% 1,686,551 1,534,594 9.9%
Total deductions 7,027,440 6,317,760 11.2% 745,545 687,016 8.5%
Net hospital
revenue $2,776,363 $2,558,762 8.5% $941,006 $847,578 11.0%
SAME FACILITY:
ACUTE (2) BEHAVIORAL HEALTH (3)
% %
09/30/08 09/30/07 change 09/30/08 09/30/07 change
Hospitals owned and
leased 21 21 0.0% 81 81 0.0%
Average licensed beds 5,287 5,292 -0.1% 7,409 7,191 3.0%
Patient days 874,718 869,887 0.6% 1,537,496 1,472,453 4.4%
Average daily census 3,192.4 3,186.4 0.2% 5,611.3 5,393.6 4.0%
Occupancy-licensed
beds 60.4% 60.2% 0.3% 75.7% 75.0% 1.0%
Admissions 194,013 193,589 0.2% 96,574 89,136 8.3%
Length of stay 4.5 4.5 0.3% 15.9 16.5 -3.6%
(1) Acute care hospitals located in New Orleans and discontinued operations are excluded in 2007 and 2008.
(2) Acute care hospitals located in New Orleans, discontinued operations and Centennial Hills Hospital are excluded in current and prior years.
(3) Casa de Lago, Central Florida, Summit Ridge Hospital and Shenandoah Valley are excluded in both current and prior years. Highlands Behavioral is included in both current and prior years from March 1st through year to date. Dover Behavioral is included in both current and prior years from May 1st through year to date. Foundations Behavioral is included in both current and prior years from July 1st through year to date. Cottonwood Treatment is included in both current and prior years from August 1st through year to date. Broad Horizons, Highlander RTC, Midwest Youth and Vista Group Homes are excluded in both current and prior years from July 1st through year to date.
SOURCE Universal Health Services, Inc.
http://www.uhsinc.com