Universal Health Services, Inc. (NYSE:UHS) Q4 2023 Earnings Conference Call February 28, 2024 9:00 AM ET
Company Participants
Steve Filton - Executive Vice President and CFO
Marc Miller - President and CEO
Conference Call Participants
Ann Hynes - Mizuho
Justin Lake - Wolfe Research
Joshua Raskin - Nephron Research
Stephen Baxter - Wells Fargo
Kevin Fischbeck - Bank of America
Jason Cassorla - Citi
A.J. Rice - UBS
Pito Chickering - Deutsche Bank
Whit Mayo - Leerink Partners
Sarah James - Cantor Fitzgerald
Operator
Good day and thank you for standing by. Welcome to the Fourth Quarter 2023 Universal Health Services Earnings 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, Executive Vice President and Chief Financial Officer. Please go ahead.
Steve Filton
Thank you and good morning. Marc Miller is also joining us this morning and we welcome you to this review of Universal Health Services results for the fourth quarter and to December 31, 2023.
During the conference call, we’ll be using words such as believes, expects, anticipates, estimates and similar words that represent forecast 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, 2023. We would 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 $3.16 for the fourth 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 $3.13 for the quarter ended December 31, 2023.
Marc Miller
Our acute hospitals continue to experience strong demand for their services in the fourth quarter. With adjusted admissions increasing 5.6% year-over-year. Overall surgical volumes were solid as well, increasing 4% year-over-year.
Net revenue per adjusted admission, which has lagged for much of the year, increased by 3.7% as compared to the fourth quarter of 2022, as acuity trends and pressure from payers have started to stabilize.