Universal Health Services, Inc. (NYSE:UHS) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET
Company Participants
Steve Filton - EVP, CFO & Secretary
Marc Miller - CEO, President & Director
Conference Call Participants
Justin Lake - Wolfe Research
Jason Cassorla - Citigroup
Stephen Baxter - Wells Fargo Securities
Sarah James - Cantor Fitzgerald & Co.
Benjamin Mayo - Leerink Partners
Philip Chickering - Deutsche Bank
Joshua Raskin - Nephron Research
A.J. Rice - UBS
Ann Hynes - Mizuho Securities
Jamie Perse - Goldman Sachs Group
Kevin Fischbeck – Bank of America Merrill Lynch
Operator
Good day, and thank you for standing by. Welcome to the Universal Health Services Third Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Steve Filton, CFO. Please go ahead.
Steve Filton
Thank you, and good morning. Marc Miller is also joining us this morning. Welcome to this review of Universal Health Services results for the third quarter ended September 30, 2023.
During this conference call, we will be using words such as believes, expects, anticipates, estimates and similar words that represent forecasts, projections and forward-looking statements. For anyone not familiar with the risks and uncertainties inherent in these forward-looking statements, I recommend a careful reading of the section on risk factors and forward-looking statements and Risk Factors in our Form 10-K for the year ended December 31, 2022, and our Form 10-Q for the quarter ended June 30, 2023. We'd like to highlight just a couple of developments and business trends before opening the call up to questions.
As discussed in our press release last night, the company reported net income attributable to UHS per diluted share of $2.40 for the third quarter of 2023. After adjusting for the impact of the item reflected on the supplemental schedule, as included with the press release, our adjusted net income attributable to UHS per diluted share was $2.55 for the quarter ended September 30, 2023.
During the third quarter, same facility revenues at our behavioral health hospitals increased by 7.6%, primarily driven by a 6.5% increase in revenue per adjusted patient day. The patient day growth in the quarter was greater at our acute care behavioral hospitals versus our lower acuity residential treatment centers, which tended to drive up the revenue per day beyond the already robust levels we've been posting for several periods.