Ardent Health Partners Announces Q3 2024 Financial Results

Ardent Health Partners Reports Financial Results for September 2024

Ardent Health Partners, Inc. has disclosed its financial outcomes for the period ending September 30, 2024. The report reveals a net income of $46.0 million for the third quarter and $158.8 million for the first nine months of the year.

Financial Highlights

• Adjusted EBITDAR: Ardent Health Partners reported an Adjusted EBITDAR of $137.8 million for the third quarter and $435.7 million for the nine-month period. This metric includes adjustments for income tax expense, interest expense, depreciation and amortization, among others.

• Cybersecurity Incident Recoveries: The company recorded net recoveries of $5.0 million related to insurance proceeds from a cybersecurity incident, offset by related IT and litigation costs.

• Restructuring and Acquisition-Related Costs: These costs amounted to $3.8 million for the quarter and $11.7 million for the nine months, covering severance costs, penalties for contract terminations, and expenses related to acquisitions.

• Epic System Implementation: Costs associated with the implementation of the Epic health information technology system were $0.5 million for the quarter and $1.5 million for the nine-month period.

• Rent Expenses: Rent expenses to REITs, including agreements with Ventas and MPT, totaled $40.1 million for the third quarter and $119.8 million for the nine-month period.

Outlook for 2024

For the full year ending December 31, 2024, Ardent Health Partners projects net income between $241 million and $263 million. Adjusted EBITDA is forecasted to range from $425 million to $440 million.

Evaluation of Impact

The financial performance of Ardent Health Partners highlights a stable growth trajectory with significant income from operations. The company's ability to manage costs effectively, recover from cybersecurity incidents, and invest in technological upgrades like the Epic system positions it well for future growth. This financial stability can enhance investor confidence and support strategic expansion initiatives.