Ardent Health falls after surprise quarterly loss
Shares of hospital operator Ardent Health ARDT.N fall 32.4% to $9.50 premarket
Company posts Q3 net loss of 17 cents per share compared to analysts' estimated profit per share of 41 cents - LSEG data
Reports Q3 revenue of $1.58 billion compared to estimates of $1.55 billion
"Professional Fee growth accelerated to 11% in the third quarter. Additionally, payor denials were more pronounced in the third quarter," said CEO Marty Bonick
"These dynamics drove a shortfall to our third quarter adjusted EBITDA projections and we expect fourth quarter earnings to be below our original targets," Bonick added
As of September 30, the Company had total cash and cash equivalents of $609 million and total debt of $1.1 billion
Up to last close, stock down 17.7% YTD
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