Universal Health Services, Inc. (NYSE:UHS) Q1 2024 Earnings Conference Call April 25, 2024 9:00 AM ET
Company Participants
Steve Filton - Executive Vice President & Chief Financial Officer
Marc Miller - President & Chief Executive Officer
Conference Call Participants
Justin Lake - Wolfe Research
Ann Hynes - Mizuho Securities
Stephen Baxter - Wells Fargo
Pito Chickering - Deutsche Bank
A.J. Rice - UBS
Ben Hendrix - RBC Capital Markets
Kevin Fischbeck - Bank of America
Jason Cassorla - Citi
Whit Mayo - Leerink Partners
Sarah James - Cantor Fitzgerald
Joshua Raskin - Nephron Research
Andrew Mok - Barclays
Operator
Good day and thank you for standing by. Welcome to the Universal Health Services First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers’ 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. We welcome you to this review of Universal Health Services results for the first quarter ended March 31st, 2024.
During the 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, 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 $3.81 for the first quarter of 2024.
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 $3.70 for the quarter ended March 31, 2024.
Our Acute Hospitals continue to experience strong demand for their services in the first quarter with adjusted admissions increasing 4.5% year-over-year on a same-facility basis.
When combined with the net revenue per adjusted admission increase of 4.6%, our Acute Care Services net revenues increased by 9.6% during the first quarter of 2024 as compared to the first quarter of 2023.