Net revenue rose slightly for the 2022 fourth quarter to $4.9 billion from $4.8 billion.
Tenet Healthcare—a Dallas-based health system—has reported its 2022 fourth-quarter earnings result and is projecting strong growth in fiscal 2023.
Net income from continuing operations available to common shareholders in the fourth quarter of 2022 was $102 million, or $0.92 per diluted share. Net income for the 2021 fourth quarter came in at $250 million or $2.30 per share. Despite the year-over-year decline, Tenet Healthcare says it came out of the final quarter of 2022 in solid financial positioning, which is setting up the provider for a robust 2023.
The healthcare provider also posted a quarter-over-quarter rise in its net revenue for the 2022 fourth quarter of $4.9 billion, versus $4.8 billion for the 2021 fourth quarter.
For the 2022 full fiscal year, Tenet Health reported net income from continuing operations available to common shareholders of $410 million versus $915 million for the 2021 full fiscal year. Earnings per share for fiscal 2022 were $3.78 compared to $8.43 for the 2021 full fiscal year.
Looking ahead to the 2023 full fiscal year, Tenet Health expects adjusted earnings before interest, taxes, depreciation, and amortization to come in between $3.16 billion and $3.36 billion.
"We closed the year with a strong fourth quarter and demonstrated operating discipline in a dynamic environment while providing patient-centered high-quality care," Saum Sutaria, M.D., Chief Executive Officer of Tenet Healthcare, said in the earnings report. "Our momentum going into 2023 positions us for continued growth as we remain focused on expanding our industry-leading ambulatory business and investing in technology, innovation, and talent."
Amanda Schiavo is the Finance Editor for HealthLeaders.