Universal Health Services, Inc. (NYSE:UHS) Q2 2024 Earnings Conference Call July 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
Ann Hynes - Mizuho Securities
Stephen Baxter - Wells Fargo
Ben Hendrix - RBC Capital Markets
A.J. Rice - UBS
Justin Lake - Wolfe Research
Jason Cassorla - Citi
Sarah James - Cantor Fitzgerald
Andrew Mok - Barclays
Pito Chickering - Deutsche Bank
Michael Ha - Baird
Kevin Fischbeck - Bank of America
Whit Mayo - Leerink Partners
Joshua Raskin - Nephron Research
Ryan Langston - TD Cowen
Operator
Good day, and thank you for standing by. Welcome to the Q2 2024 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 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 speaker today, Steve Filton, Executive Vice President and CFO. Please go ahead.
Steve Filton
Good morning. Marc Miller is also joining us this morning. We welcome you to this review of Universal Health Services results for the second quarter ended June 30, 2024. During the conference call, we'll 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, and our Form 10-Q for the quarter ended March 31, 2024. 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 $4.26 for the second quarter of 2024. After adjusting for the impact of the items reflected on the supplemental schedule, as included with the press release, our adjusted net income attributable to UHS per diluted share was $4.31 for the quarter ended June 30, 2024.
Our acute hospitals experienced a moderation of the demand for their services in the second quarter with adjusted admissions increasing 3.4% year-over-year and surgical growth flattening out.
Overall, revenue growth was still a solid 6.6%. Meanwhile, expenses were well controlled. Specifically, the amount of premium pay in the second quarter was $61 million, reflecting a 15% to 20% decline from the prior year quarter.