Universal Health Services is upping its 2023 guidance range after posting a strong first half of the year.
The for-profit health system said Tuesday it is revising its adjusted earnings per share outlook for the year to $9.85 to $10.50, compared with $9.50 to $10.50.
Net revenue is projected to land at $14.13 billion to $14.33 billion, up from the previous projection of $14.04 billion to $14.31 billion.
The King of Prussia, Pennsylvania-based organization reported second-quarter net income of $171.31 million, or $2.42 per diluted share, compared with net income of $164.06 million, or $2.20 per share, in the year-ago period. Quarterly revenue was up 6.8% to $3.55 billion.
Second-quarter expenses were up 5.8% to $3.27 billion, including a 4.7% increase for salaries and wages and a 7.1% jump for supplies.
The system, which operates 27 hospitals, 331 inpatient behavioral health facilities and 42 outpatient sites, noted some improvement in patient volumes. Same-facility acute admissions in the quarter grew 7% year over year, while admissions for behavioral health sites rose 3%.
Universal Health Services executives will host an investor call on Wednesday morning to discuss financial results.
