Community Health Systems Inc. (NYSE: CYH) saw its stock plummet by 5.06% on October 25, 2024, following the release of its third-quarter 2024 financial results. The healthcare company faced multiple challenges during the quarter, leading to a weaker-than-expected performance and revised guidance.
The company reported a net loss of $391.0 million, or $2.96 per share, significantly wider than the $0.70 loss per share recorded in the same quarter last year. While revenue remained flat at $3.09 billion, in line with analyst estimates, adjusted EBITDA declined to $347 million from $360 million in the prior-year period, reflecting an 11.2% margin compared to 11.7% a year ago.
A significant factor impacting CYH's performance was the impact of back-to-back hurricanes, Helene and Milton, which led to facility closures and an estimated $7 million impact from missed revenue and incremental costs. The company's ShorePoint Health Punta Gorda hospital in Florida experienced major damage due to flooding and remains closed, further weighing on the fourth quarter's outlook.
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