Sparrow Quantum Secures €21.5 Million to Accelerate Photonic Quantum Innovation in Europe
Sparrow Quantum, a leading European supplier of photonic quantum chips, has secured €21.5 million in Series A funding to accelerate the development and commercialization of its world-leading quantum chip technology. The investment round was led by PensionDanmark, with strong backing from EIFO and Novo Holdings and additional investments from existing investors 2xN, LIFTT, and the European Innovation Council. This investment will enable Sparrow Quantum to meet the growing demand for photonic quantum hardware by accelerating R&D, expanding chip production, and bringing next-generation quantum chips to market.
This press release features multimedia. View the full release here:
Sparrow Quantum is a global leader in photonic quantum chip technology, reliably delivering single photons on demand.
Pioneering the Future of Photonic Quantum Chip Technology
Sparrow Quantum builds on a rich Danish history of scientific quantum discovery. While at the Niels Bohr Institute in Copenhagen, its founder Professor Peter Lodahl conducted research that laid the groundwork for the company's flagship product, Sparrow Core —an on-chip deterministic single-photon source critical for scaling photonic quantum computing by generating photons reliably on demand. Today, Sparrow Core sets the industry benchmark, delivering best-in-class efficiency, quality, and exceptional stability.
'With this investment, we can truly intensify our efforts to bring quantum technology from the lab to the market,' says Professor Peter Lodahl, Founder and Chief Quantum Officer of Sparrow Quantum. 'It enables us to scale up in three critical areas which are essential for industrializing our photonic quantum chips and ensuring we can deliver stable, advanced solutions to the market. It is an honor to build up a truly world-class team of quantum photonics experts with unique know-how on quantum photonic chip technology.'
Building on a €4.1 million seed investment raised in 2023, this new funding enables Sparrow Quantum to broaden its ambitions across the following strategic areas:
Scaling Production: Establish a scaled-up production for photonic quantum chips to meet growing demand.
Advancing R&D: Develop entangled photon sources, critical to unlocking the full potential of quantum technologies.
Expanding Expertise: Expand technical expertise to bring new quantum products to market.
'Quantum technology can open an entirely new world of solutions to complex problems, and the Danish research environment, from which Sparrow Quantum emerges, has the potential to position Denmark as an international frontrunner in the field. Therefore, we see a clear potential for the investment to yield an attractive return on our members' pension savings while also benefiting the national economy and Danish industry. That is why it is an obvious investment for PensionDanmark,' says Peter Stensgaard Mørch, CEO of PensionDanmark.
Building on a Solid Foundation
In the past few years, Sparrow Quantum has made significant strides toward delivering market-ready solutions by partnering with quantum computer integrators and full-stack system providers across Europe. Powered by the Sparrow Core chip, photonic quantum computers can achieve notably faster processing speeds than earlier iterations using probabilistic sources, fuelling further advancements in generative AI and quantum-optimized machine learning. These developments promise unprecedented scalability and real-world applications across multiple sectors—within Europe and beyond.
Strengthening Europe's Quantum Position
This investment exemplifies how to foster broader collaboration among chip manufacturers, foundries, and system integrators on European soil, marking a crucial leap for Europe's emerging quantum supply chain. As Sparrow Quantum's CEO Kurt Stokbro highlights: 'This investment is a testament to Denmark and Europe's ability to lead in quantum technology. With strong backing from visionary Danish investors, we are ready to unlock quantum breakthroughs that benefit society and the global economy.' Beyond commercial scaling, this investment strengthens Europe's quantum supply chain, ensuring that chip manufacturing, quality control, and R&D remain within European borders. This aligns with key EU initiatives like the Chips Act, reinforcing technological sovereignty and global competitiveness in quantum innovation.
'Sparrow Quantum demonstrates how Denmark – building on the foundation of the Niels Bohr Institute – has developed world-leading quantum expertise. Professor Lodahl's research paved the way for the company's groundbreaking quantum chip, which is now in global demand. With our investment, we are strengthening both their leading position and the role of Denmark and Europe in the quantum future,' says Peder Lundquist, CEO of EIFO.
Quantum physics has opened the door to a new technological era, enabling the development of extremely powerful computers—known as quantum computers—and the creation of communication systems that are entirely secure against hacking.
In quantum computers, classical bits are replaced by quantum bits, or qubits. While a classical bit is binary and can only be either 0 or 1, a qubit can exist in a so-called superposition —a state where it holds both possibilities at once until it is measured. This unique property allows quantum computers to solve certain types of problems far faster than even the most advanced supercomputers today.
Photonic quantum technology distinguishes itself from other quantum platforms by using light—photons —instead of electrons or atoms. This provides several advantages: these systems can operate at room temperature, they are highly resistant to noise, and they can be integrated into microchips—similar to the technology already used in modern electronics. This makes them scalable, stable, and easier to deploy in real-world applications.
A key component of this technology is the deterministic single-photon source, which emits precisely one photon at a time with high accuracy. This is essential to ensuring that quantum systems operate stably and reliably. The photons are processed through specially designed photonic chips, where light is controlled and manipulated—enabling quantum computations or secure communication that cannot be intercepted by unauthorized parties.
About PensionDanmark:
PensionDanmark is a labour market pension fund and among the 50 largest pension funds in Europe. PensionDanmark manages pension schemes, healthcare programme and educational funds on behalf of 839,000 members and 21,100 businesses within the Danish private and public sector. PensionDanmark is not-for-profit and owned by our members. As a result, all profits go to our members. Contributions totaled EUR 2.2bn in 2024. Total AUM is now EUR 49bn. For more information please visit pensiondanmark.com
About EIFO – Export and Investment Fund of Denmark:
EIFO aims to open doors for global business, drive the green transition, advance innovative technologies, and contribute to Denmark's security.
EIFO is Denmark's national business development bank and official export credit agency in a single financial institution. With a total commitment of DKK 170 billion in 2024 and activities in more than 100 countries, EIFO offers financial solutions to Danish companies and their global partners.
EIFO is also Denmark's largest venture investor, investing in both startups and venture capital funds. In 2024, EIFO invested in 78 companies and 16 funds.
About Novo Holdings A/S:
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Planetary Health Investments and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2024, Novo Holdings had total assets of EUR 142 billion.
About Sparrow Quantum:
Sparrow Quantum is a spin-out from a powerhouse of innovation—Professor Peter Lodahl's research group at the Niels Bohr Institute. With 25+ years of ground-breaking research and nearly a decade of engineering expertise, they are dedicated to advancing the frontier of high-quality photon generation for quantum technologies. They specialize in light-matter interfaces—the essential building blocks for scaling optical quantum technologies. Sparrow Quantum's on-chip deterministic single-photon source is at the core of their innovation, a breakthrough technology that sets industry benchmarks and is trusted by quantum technology leaders worldwide.
By delivering high-purity, high-efficiency photons, Sparrow Quantum empowers its partners and customers to push the boundaries of quantum computing and secure communication, transforming the immense potential of quantum technology into real-world innovation and impact.
[email protected], +45 31 13 66 55
• PensionDanmark: Head of Press and Communications Niels Nørgaard, [email protected], +45 31 63 01 37
• EIFO – Denmark's Export and Investment Fund: Press Officer Jon Arskog, [email protected], +45 22 52 96 48
• Novo Holdings: Senior Lead, Public relations Marie-Louise Jersin, [email protected], +45 30 49 49 57
SOURCE: Sparrow Quantum
Copyright Business Wire 2025.
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HCA Healthcare Reports Second Quarter 2025 Results
Raises 2025 Guidance NASHVILLE, Tenn., July 25, 2025--(BUSINESS WIRE)--HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the second quarter ended June 30, 2025. Key second quarter metrics (all percentage changes compare 2Q 2025 to 2Q 2024 unless otherwise noted): Revenues increased 6.4 percent to $18.605 billion Net income attributable to HCA Healthcare, Inc. increased 13.1 percent to $1.653 billion Diluted earnings per share increased 23.5 percent to $6.83 per diluted share, and diluted earnings per share, as adjusted, increased 24.4 percent to $6.84 per diluted share Adjusted EBITDA increased 8.4 percent to $3.849 billion Cash flows from operating activities totaled $4.210 billion, compared to $1.971 billion in the second quarter of 2024 Same facility admissions increased 1.8 percent and same facility equivalent admissions increased 1.7 percent "We are pleased to report strong financial results for the second quarter. They reflected solid revenue growth, improved margins, and better outcomes for our patients. I want to thank our exceptional colleagues for their great work and continuous efforts to improve," said Sam Hazen, Chief Executive Officer of HCA Healthcare. Revenues in the second quarter of 2025 totaled $18.605 billion, compared to $17.492 billion in the second quarter of 2024. Net income attributable to HCA Healthcare, Inc. totaled $1.653 billion, or $6.83 per diluted share, compared to $1.461 billion, or $5.53 per diluted share, in the second quarter of 2024. Results for the second quarter of 2025 include losses on sales of facilities of $3 million, or $0.01 per diluted share, compared to gains on sales of facilities of $12 million, or $0.03 per diluted share, in the second quarter of 2024. For the second quarter of 2025, Adjusted EBITDA totaled $3.849 billion, compared to $3.550 billion in the second quarter of 2024. Diluted earnings per share, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A table providing supplemental information on these non-GAAP financial measures and reconciling GAAP measures of financial performance to them is included in this release. Same facility admissions increased 1.8 percent and same facility equivalent admissions increased 1.7 percent in the second quarter of 2025, compared to the prior year period. Same facility emergency room visits increased 1.3 percent in the second quarter of 2025, compared to the prior year period. Same facility inpatient surgeries declined 0.3 percent, and same facility outpatient surgeries declined 0.6 percent in the second quarter of 2025, compared to the same period of 2024. Same facility revenue per equivalent admission increased 4.0 percent in the second quarter of 2025, compared to the second quarter of 2024. Balance Sheet and Cash Flows from Operations As of June 30, 2025, HCA Healthcare, Inc.'s balance sheet reflected cash and cash equivalents of $939 million, total debt of $44.483 billion, and total assets of $59.536 billion. During the second quarter of 2025, capital expenditures totaled $1.176 billion, excluding acquisitions. Cash flows provided by operating activities in the second quarter of 2025 totaled $4.210 billion, compared to $1.971 billion in the second quarter of 2024. During the second quarter of 2025, the Company repurchased 7.031 million shares of its common stock at a cost of $2.505 billion. The Company had $5.753 billion remaining under its repurchase authorization as of June 30, 2025. As of June 30, 2025, the Company had $6.208 billion of availability under its credit facility (after giving effect to letters of credit and amounts reserved to backstop our commercial paper program). Dividend HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.72 per share on the Company's common stock. The dividend will be paid on September 30, 2025 to stockholders of record at the close of business on September 16, 2025. The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company's financial condition and results of operations. Future dividends are expected to be funded by cash balances and future cash flows from operations. 2025 Guidance Update Today, the Company is updating its 2025 estimated guidance ranges issued on January 24, 2025. Previous 2025 Guidance Range, as of January 24, 2025 Revised 2025 Guidance Range, as of July 25, 2025 Revenues $72.80 to $75.80 billion $74.00 to $76.00 billion Net Income Attributable to HCA Healthcare, Inc. $5.85 to $6.29 billion $6.11 to $6.48 billion Adjusted EBITDA $14.30 to $15.10 billion $14.70 to $15.30 billion EPS (diluted) $24.05 to $25.85 per diluted share $25.50 to $27.00 per diluted share Capital expenditures for 2025, excluding acquisitions, are estimated to be approximately $5.0 billion. The Company's guidance contains a number of assumptions, including, among others, the Company's current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, the ongoing impacts of the two major 2024 hurricanes, the impact of current and future health care public policy developments, as well as general business or economic conditions, including inflation, and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release. The Company's guidance is based on current plans and expectations and are subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company's "Forward-Looking Statements." Earnings Conference Call HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company's Investor Relations web page at About the Company As of June 30, 2025, HCA operated 191 hospitals and approximately 2,500 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's financial guidance for the year ending December 31, 2025, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like "may," "believe," "will," "expect," "project," "estimate," "anticipate," "plan," "initiative" or "continue." These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of potential federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting the health care industry, including the expiration of enhanced premium tax credits ("EPTCs") for individuals eligible to purchase insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, and effects of the One Big Beautiful Bill Act ("OBBBA"), (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and those that may be required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of OBBBA, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from OBBBA, the scheduled expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (8) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (20) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, (22) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (23) the impact of natural disasters, such as hurricanes and floods, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (24) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (25) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience and (26) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2024 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to "Company," "HCA" and "HCA Healthcare" as used throughout this release refer to HCA Healthcare, Inc. and its affiliates. HCA Healthcare, Consolidated Comprehensive Income StatementsSecond QuarterUnaudited(Dollars in millions, except per share amounts) 2025 2024 Amount Ratio Amount Ratio Revenues $ 18,605 100.0 % $ 17,492 100.0 % Salaries and benefits 8,138 43.7 7,685 43.9 Supplies 2,844 15.3 2,634 15.1 Other operating expenses 3,793 20.4 3,623 20.7 Equity in earnings of affiliates (19 ) (0.1 ) — — Depreciation and amortization 863 4.7 819 4.7 Interest expense 568 3.0 506 2.9 Losses (gains) on sales of facilities 3 — (12 ) (0.1 ) 16,190 87.0 15,255 87.2 Income before income taxes 2,415 13.0 2,237 12.8 Provision for income taxes 524 2.8 550 3.2 Net income 1,891 10.2 1,687 9.6 Net income attributable to noncontrolling interests 238 1.3 226 1.2 Net income attributable to HCA Healthcare, Inc. $ 1,653 8.9 $ 1,461 8.4 Diluted earnings per share $ 6.83 $ 5.53 Shares used in computing diluted earnings per share (millions) 241.911 264.071 Comprehensive income attributable to HCA Healthcare, Inc. $ 1,701 $ 1,461 HCA Healthcare, Consolidated Comprehensive Income StatementsFor the Six Months Ended June 30, 2025 and 2024Unaudited(Dollars in millions, except per share amounts) 2025 2024 Amount Ratio Amount Ratio Revenues $ 36,926 100.0 % $ 34,831 100.0 % Salaries and benefits 16,135 43.7 15,392 44.2 Supplies 5,608 15.2 5,305 15.2 Other operating expenses 7,638 20.7 7,229 20.8 Equity in (earnings) losses of affiliates (37 ) (0.1 ) 2 — Depreciation and amortization 1,723 4.7 1,614 4.6 Interest expense 1,115 3.0 1,018 2.9 Losses (gains) on sales of facilities 2 — (213 ) (0.6 ) 32,184 87.2 30,347 87.1 Income before income taxes 4,742 12.8 4,484 12.9 Provision for income taxes 1,026 2.7 995 2.9 Net income 3,716 10.1 3,489 10.0 Net income attributable to noncontrolling interests 453 1.3 437 1.2 Net income attributable to HCA Healthcare, Inc. $ 3,263 8.8 $ 3,052 8.8 Diluted earnings per share $ 13.28 $ 11.47 Shares used in computing diluted earnings per share (millions) 245.654 266.044 Comprehensive income attributable to HCA Healthcare, Inc. $ 3,341 $ 3,044 HCA Healthcare, Consolidated Balance SheetsUnaudited(Dollars in millions) June 30, March 31, December 31, 2025 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 939 $ 1,060 $ 1,933 Accounts receivable 10,459 11,088 10,751 Inventories 1,792 1,794 1,738 Other 2,373 2,316 1,992 15,563 16,258 16,414 Property and equipment, at cost 64,388 63,680 62,514 Accumulated depreciation (34,265 ) (33,942 ) (33,100 ) 30,123 29,738 29,414 Investments of insurance subsidiaries 531 550 569 Investments in and advances to affiliates 654 657 662 Goodwill and other intangible assets 10,273 10,237 10,093 Right-of-use operating lease assets 2,156 2,132 2,131 Other 236 226 230 $ 59,536 $ 59,798 $ 59,513 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current liabilities: Accounts payable $ 4,250 $ 4,488 $ 4,276 Accrued salaries 2,072 1,857 2,304 Other accrued expenses 4,513 3,767 3,899 Short-term borrowings and long-term debt due within one year 5,104 3,519 4,698 15,939 13,631 15,177 Long-term debt, less debt issuance costs and discounts of $429, $432 and $369 39,379 41,057 38,333 Professional liability risks 1,506 1,497 1,544 Right-of-use operating lease obligations 1,881 1,860 1,863 Income taxes and other liabilities 2,069 2,191 2,041 Stockholders' (deficit) equity: Stockholders' deficit attributable to HCA Healthcare, Inc. (4,394 ) (3,519 ) (2,499 ) Noncontrolling interests 3,156 3,081 3,054 (1,238 ) (438 ) 555 $ 59,536 $ 59,798 $ 59,513 HCA Healthcare, Consolidated Statements of Cash FlowsFor the Six Months Ended June 30, 2025 and 2024Unaudited(Dollars in millions) 2025 2024 Cash flows from operating activities: Net income $ 3,716 $ 3,489 Adjustments to reconcile net income to net cash provided by operating activities: Increase (decrease) in cash from operating assets and liabilities: Accounts receivable 320 (285 ) Inventories and other assets (427 ) (68 ) Accounts payable and accrued expenses (676 ) (459 ) Depreciation and amortization 1,723 1,614 Income taxes 880 (4 ) Losses (gains) on sales of facilities 2 (213 ) Amortization of debt issuance costs and discounts 25 17 Share-based compensation 197 199 Other 101 150 Net cash provided by operating activities 5,861 4,440 Cash flows from investing activities: Purchase of property and equipment (2,167 ) (2,399 ) Acquisition of hospitals and health care entities (326 ) (131 ) Sales of hospitals and health care entities 167 311 Change in investments 41 (14 ) Other 2 (2 ) Net cash used in investing activities (2,283 ) (2,235 ) Cash flows from financing activities: Issuances of long-term debt 5,233 4,483 Net change in short-term borrowings and revolving credit facilities 1,768 (1,030 ) Repayment of long-term debt (5,660 ) (2,269 ) Distributions to noncontrolling interests (394 ) (338 ) Payment of debt issuance costs (57 ) (40 ) Payment of dividends (351 ) (356 ) Repurchase of common stock (5,011 ) (2,547 ) Other (112 ) (212 ) Net cash used in financing activities (4,584 ) (2,309 ) Effect of exchange rate changes on cash and cash equivalents 12 - Change in cash and cash equivalents (994 ) (104 ) Cash and cash equivalents at beginning of period 1,933 935 Cash and cash equivalents at end of period $ 939 $ 831 Interest payments $ 1,074 $ 943 Income tax payments, net $ 146 $ 999 HCA Healthcare, Statistics Second Quarter For the Six Months Ended June 30, 2025 2024 2025 2024 Operations: Number of Hospitals 191 188 191 188 Number of Freestanding Outpatient Surgery Centers* 124 123 124 123 Licensed Beds at End of Period 50,485 49,844 50,485 49,844 Weighted Average Beds in Service 42,858 42,624 42,860 42,594 Reported: Admissions 566,061 554,456 1,142,422 1,115,325 % Change 2.1 % 2.4 % Equivalent Admissions 1,017,994 994,835 2,030,084 1,976,356 % Change 2.3 % 2.7 % Revenue per Equivalent Admission $ 18,276 $ 17,583 $ 18,189 $ 17,624 % Change 3.9 % 3.2 % Inpatient Revenue per Admission $ 19,656 $ 18,814 $ 19,501 $ 18,869 % Change 4.5 % 3.3 % Patient Days 2,675,284 2,662,550 5,511,900 5,444,146 % Change 0.5 % 1.2 % Equivalent Patient Days 4,813,548 4,779,234 9,794,646 9,647,027 % Change 0.7 % 1.5 % Inpatient Surgery Cases 136,122 135,860 269,881 269,258 % Change 0.2 % 0.2 % Outpatient Surgery Cases 258,365 258,967 504,985 511,802 % Change -0.2 % -1.3 % Emergency Room Visits 2,439,763 2,414,960 4,958,479 4,843,874 % Change 1.0 % 2.4 % Outpatient Revenues as a Percentage of Patient Revenues 38.4 % 38.2 % 37.9 % 37.6 % Average Length of Stay (days) 4.726 4.802 4.825 4.881 Occupancy** 72.0 % 71.9 % 74.4 % 73.6 % Same Facility: Admissions 556,544 546,945 1,123,176 1,098,367 % Change 1.8 % 2.3 % Equivalent Admissions 990,092 973,562 1,974,543 1,930,929 % Change 1.7 % 2.3 % Revenue per Equivalent Admission $ 18,110 $ 17,408 $ 18,080 $ 17,456 % Change 4.0 % 3.6 % Inpatient Revenue per Admission $ 19,576 $ 18,741 $ 19,470 $ 18,800 % Change 4.5 % 3.6 % Inpatient Surgery Cases 134,307 134,662 266,330 266,321 % Change -0.3 % 0.0 % Outpatient Surgery Cases 253,006 254,599 495,316 502,037 % Change -0.6 % -1.3 % Emergency Room Visits 2,401,684 2,370,754 4,868,579 4,741,737 % Change 1.3 % 2.7 % * Excludes freestanding endoscopy centers (29 centers at June 30, 2025 and 23 centers at June 30, 2024). ** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service. HCA Healthcare, Non-GAAP DisclosuresOperating Results Summary(Dollars in millions, except per share amounts) Second Quarter For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 18,605 $ 17,492 $ 36,926 $ 34,831 Net income attributable to HCA Healthcare, Inc. $ 1,653 $ 1,461 $ 3,263 $ 3,052 Losses (gains) on sales of facilities (net of tax) 3 (9 ) 2 (163 ) Net income attributable to HCA Healthcare, Inc., as adjusted (a) 1,656 1,452 3,265 2,889 Depreciation and amortization 863 819 1,723 1,614 Interest expense 568 506 1,115 1,018 Provision for income taxes 524 547 1,026 945 Net income attributable to noncontrolling interests 238 226 453 437 Adjusted EBITDA (a) 3,849 $ 3,550 $ 7,582 $ 6,903 Adjusted EBITDA margin (a) 20.7 % 20.3 % 20.5 % 19.8 % Diluted earnings per share: Net income attributable to HCA Healthcare, Inc. $ 6.83 $ 5.53 $ 13.28 $ 11.47 Losses (gains) on sales of facilities 0.01 (0.03 ) 0.01 (0.61 ) Net income attributable to HCA Healthcare, Inc., as adjusted (a) $ 6.84 $ 5.50 $ 13.29 $ 10.86 Shares used in computing diluted earnings per share (millions) 241.911 264.071 245.654 266.044 __________________________ (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies. Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. HCA Healthcare, Non-GAAP Disclosures2025 Operating Results Forecast(Dollars in millions, except per share amounts) For the Year Ending December 31, 2025 Low High Revenues $ 74,000 $ 76,000 Net income attributable to HCA Healthcare, Inc. (a) $ 6,110 $ 6,480 Depreciation and amortization 3,450 3,495 Interest expense 2,250 2,300 Provision for income taxes 1,930 2,035 Net income attributable to noncontrolling interests 960 990 Adjusted EBITDA (a) (b) $ 14,700 $ 15,300 Diluted earnings per share: Net income attributable to HCA Healthcare, Inc. $ 25.50 $ 27.00 Shares used in computing diluted earnings per share (millions) 240.000 240.000 The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. __________________________ (a) The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy. (b) Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. View source version on Contacts INVESTOR CONTACT: Frank Morgan615-344-2688 MEDIA CONTACT: Harlow Sumerford615-344-1851 Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
TRYNGOLZA® (olezarsen) recommended for approval in the EU by CHMP for familial chylomicronemia syndrome (FCS)
– Recommendation based on Phase 3 Balance results, which showed a significant reduction of triglycerides and substantial reduction of acute pancreatitis events with TRYNGOLZA – – European Commission decision expected by Q4 2025 – CARLSBAD, Calif., July 25, 2025--(BUSINESS WIRE)--Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) and Sobi® today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion of TRYNGOLZA® (olezarsen) as an adjunct to diet in adult patients for the treatment of genetically confirmed familial chylomicronemia syndrome (FCS). The positive opinion is now referred to the European Commission (EC) for an approval decision, which is expected by Q4 2025. "Building on the strong early launch of TRYNGOLZA in the U.S., the positive CHMP opinion advances our commitment to expand access to TRYNGOLZA globally," said Brett P. Monia, Ph.D., chief executive officer, Ionis. "TRYNGOLZA has demonstrated significant reductions in triglycerides and substantial reductions in acute pancreatitis events with favorable safety and tolerability. With this robust clinical profile, combined with Sobi's deep commercial market expertise in FCS, TRYNGOLZA has the potential to make a meaningful difference for people living with FCS in the EU." The CHMP opinion is based on positive data from the Phase 3 Balance study, in which TRYNGOLZA demonstrated a statistically significant reduction in triglyceride levels at six months that was sustained through 12 months. Additionally, TRYNGOLZA demonstrated a substantial and clinically meaningful reduction in acute pancreatitis events over 12 months. TRYNGOLZA showed a favorable safety and tolerability profile. Study results were published in The New England Journal of Medicine (NEJM). FCS is a rare and genetic form of severe hypertriglyceridemia (sHTG) that prevents the body from breaking down fats and severely impairs the ability to remove triglycerides from the bloodstream. People with FCS often have triglyceride levels of more than 880 mg/dL (10 mmol/L), compared to normal levels of <150 mg/dL (1.7 mmol/L), and are at high risk of developing acute pancreatitis, which can be life-threatening. In the EU, FCS is estimated to impact up to 13 people per million. Sobi has exclusive rights to commercialize TRYNGOLZA in countries outside the U.S., Canada and China. As Ionis' European commercial partner for Waylivra (volanesorsen), the only medicine currently approved for FCS in the EU, Sobi will leverage existing market expertise and distribution channels to enable an effective TRYNGOLZA launch in FCS, if approved. "The approval recommendation brings us one step closer toward delivering TRYNGOLZA to people living with FCS in the EU and is a testament to our long-standing support for the FCS community," said Lydia Abad-Franch, M.D., MBA, head of research, development and medical affairs and chief medical officer, Sobi. "Patients with FCS suffer from complications such as acute pancreatitis. These are very severe events, often requiring intensive care and sometimes causing multiorgan failure as well as increasing morbidity and mortality. We believe TRYNGOLZA has the potential to be an important treatment for people living with this rare and serious disease, and we look forward to the final decision from the EC later this year." TRYNGOLZA was approved in the United States in December 2024 and granted orphan designation in the EU. Olezarsen is also being evaluated for sHTG, a serious condition defined by dangerously high triglycerides (≥500 mg/dL), and data from the Phase 3 CORE and CORE2 studies are expected in Q3 2025. About the Balance Study Balance is a global, multicenter, randomized, double-blind, placebo-controlled Phase 3 study evaluating the efficacy and safety of olezarsen in patients with FCS at six and 12 months. The primary endpoint was the percent change from baseline in fasting triglyceride levels at six months compared to placebo. Secondary endpoints included percent changes in triglyceride levels at 12 months, percent changes in other lipid parameters and adjudicated acute pancreatitis event rates over the treatment period. Following treatment and the end-of-trial assessments, patients were eligible to enter an open-label extension study to continue receiving olezarsen once every four weeks. About Familial Chylomicronemia Syndrome (FCS) FCS is a rare, genetic disease characterized by extremely elevated triglyceride levels. It is caused by impaired function of the enzyme lipoprotein lipase (LPL). Because of limited LPL production or function, people with FCS cannot effectively break down chylomicrons, lipoprotein particles that are 90% triglycerides. People living with FCS are at high risk of acute pancreatitis in addition to other chronic health issues such as fatigue and severe, recurrent abdominal pain. People living with FCS are sometimes unable to work, adding to the burden of disease. About TRYNGOLZA® (olezarsen) TRYNGOLZA® is an RNA-targeted medicine designed to lower the body's production of apoC-III, a protein produced in the liver that is a key regulator of triglyceride metabolism. TRYNGOLZA® (olezarsen) is approved in the United States as an adjunct to diet to reduce triglycerides in adults with familial chylomicronemia syndrome (FCS). For more information about TRYNGOLZA, visit TRYNGOLZA is not yet approved for any indication in Europe. IMPORTANT SAFETY INFORMATION CONTRAINDICATIONS TRYNGOLZA is contraindicated in patients with a history of serious hypersensitivity to TRYNGOLZA or any of the excipients in TRYNGOLZA. Hypersensitivity reactions requiring medical treatment have occurred. WARNINGS AND PRECAUTIONS Hypersensitivity Reactions Hypersensitivity reactions (including symptoms of bronchospasm, diffuse erythema, facial swelling, urticaria, chills and myalgias) have been reported in patients treated with TRYNGOLZA. Advise patients on the signs and symptoms of hypersensitivity reactions and instruct patients to promptly seek medical attention and discontinue use of TRYNGOLZA if hypersensitivity reactions occur. ADVERSE REACTIONS The most common adverse reactions (incidence >5% of TRYNGOLZA-treated patients and >3% higher frequency than placebo) were injection site reactions, decreased platelet count and arthralgia. Please see full Prescribing Information for TRYNGOLZA. About Ionis Pharmaceuticals, Inc. For three decades, Ionis has invented medicines that bring better futures to people with serious diseases. Ionis currently has marketed medicines and a leading pipeline in neurology, cardiology and select areas of high patient need. As the pioneer in RNA-targeted medicines, Ionis continues to drive innovation in RNA therapies in addition to advancing new approaches in gene editing. A deep understanding of disease biology and industry-leading technology propels our work, coupled with a passion and urgency to deliver life-changing advances for patients. To learn more about Ionis, visit and follow us on X (Twitter), LinkedIn and Instagram. Ionis Forward-looking Statements This press release includes forward-looking statements regarding Ionis' business and the therapeutic and commercial potential of our commercial medicines, olezarsen, additional medicines in development and technologies. Any statement describing Ionis' goals, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties including those inherent in the process of discovering, developing and commercializing medicines that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such medicines. Ionis' forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Ionis' forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Ionis. Except as required by law, we undertake no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Ionis' programs are described in additional detail in Ionis' annual report on Form 10-K for the year ended December 31, 2024, and most recent Form 10-Q, which are on file with the Securities and Exchange Commission. Copies of these and other documents are available from the Company. In this press release, unless the context requires otherwise, "Ionis," "Company," "we," "our" and "us" all refer to Ionis Pharmaceuticals and its subsidiaries. Ionis Pharmaceuticals® and TRYNGOLZA® are trademarks of Ionis Pharmaceuticals, Inc. View source version on Contacts Ionis Investor Contact: D. Wade Walke, 760-603-2331Ionis Media Contact: Hayley Soffermedia@ 760-603-4679 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
8 minutes ago
- Business Wire
HCA Healthcare Reports Second Quarter 2025 Results
NASHVILLE, Tenn.--(BUSINESS WIRE)-- HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the second quarter ended June 30, 2025. Key second quarter metrics (all percentage changes compare 2Q 2025 to 2Q 2024 unless otherwise noted): 'We are pleased to report strong financial results for the second quarter. They reflected solid revenue growth, improved margins, and better outcomes for our patients. I want to thank our exceptional colleagues for their great work and continuous efforts to improve,' said Sam Hazen, Chief Executive Officer of HCA Healthcare. Revenues in the second quarter of 2025 totaled $18.605 billion, compared to $17.492 billion in the second quarter of 2024. Net income attributable to HCA Healthcare, Inc. totaled $1.653 billion, or $6.83 per diluted share, compared to $1.461 billion, or $5.53 per diluted share, in the second quarter of 2024. Results for the second quarter of 2025 include losses on sales of facilities of $3 million, or $0.01 per diluted share, compared to gains on sales of facilities of $12 million, or $0.03 per diluted share, in the second quarter of 2024. For the second quarter of 2025, Adjusted EBITDA totaled $3.849 billion, compared to $3.550 billion in the second quarter of 2024. Diluted earnings per share, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A table providing supplemental information on these non-GAAP financial measures and reconciling GAAP measures of financial performance to them is included in this release. Same facility admissions increased 1.8 percent and same facility equivalent admissions increased 1.7 percent in the second quarter of 2025, compared to the prior year period. Same facility emergency room visits increased 1.3 percent in the second quarter of 2025, compared to the prior year period. Same facility inpatient surgeries declined 0.3 percent, and same facility outpatient surgeries declined 0.6 percent in the second quarter of 2025, compared to the same period of 2024. Same facility revenue per equivalent admission increased 4.0 percent in the second quarter of 2025, compared to the second quarter of 2024. Balance Sheet and Cash Flows from Operations As of June 30, 2025, HCA Healthcare, Inc.'s balance sheet reflected cash and cash equivalents of $939 million, total debt of $44.483 billion, and total assets of $59.536 billion. During the second quarter of 2025, capital expenditures totaled $1.176 billion, excluding acquisitions. Cash flows provided by operating activities in the second quarter of 2025 totaled $4.210 billion, compared to $1.971 billion in the second quarter of 2024. During the second quarter of 2025, the Company repurchased 7.031 million shares of its common stock at a cost of $2.505 billion. The Company had $5.753 billion remaining under its repurchase authorization as of June 30, 2025. As of June 30, 2025, the Company had $6.208 billion of availability under its credit facility (after giving effect to letters of credit and amounts reserved to backstop our commercial paper program). Dividend HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.72 per share on the Company's common stock. The dividend will be paid on September 30, 2025 to stockholders of record at the close of business on September 16, 2025. The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company's financial condition and results of operations. Future dividends are expected to be funded by cash balances and future cash flows from operations. 2025 Guidance Update Today, the Company is updating its 2025 estimated guidance ranges issued on January 24, 2025. Capital expenditures for 2025, excluding acquisitions, are estimated to be approximately $5.0 billion. The Company's guidance contains a number of assumptions, including, among others, the Company's current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, the ongoing impacts of the two major 2024 hurricanes, the impact of current and future health care public policy developments, as well as general business or economic conditions, including inflation, and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release. The Company's guidance is based on current plans and expectations and are subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company's 'Forward-Looking Statements.' Earnings Conference Call HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company's Investor Relations web page at About the Company As of June 30, 2025, HCA operated 191 hospitals and approximately 2,500 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's financial guidance for the year ending December 31, 2025, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like 'may,' 'believe,' 'will,' 'expect,' 'project,' 'estimate,' 'anticipate,' 'plan,' 'initiative' or 'continue.' These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of potential federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting the health care industry, including the expiration of enhanced premium tax credits ('EPTCs') for individuals eligible to purchase insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, and effects of the One Big Beautiful Bill Act ('OBBBA'), (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and those that may be required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of OBBBA, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from OBBBA, the scheduled expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (8) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (20) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, (22) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (23) the impact of natural disasters, such as hurricanes and floods, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (24) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (25) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience and (26) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2024 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to 'Company,' 'HCA' and 'HCA Healthcare' as used throughout this release refer to HCA Healthcare, Inc. and its affiliates. HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements For the Six Months Ended June 30, 2025 and 2024 Unaudited (Dollars in millions, except per share amounts) 2025 2024 Amount Ratio Amount Ratio Revenues $ 36,926 100.0 % $ 34,831 100.0 % Salaries and benefits 16,135 43.7 15,392 44.2 Supplies 5,608 15.2 5,305 15.2 Other operating expenses 7,638 20.7 7,229 20.8 Equity in (earnings) losses of affiliates (37 ) (0.1 ) 2 — Depreciation and amortization 1,723 4.7 1,614 4.6 Interest expense 1,115 3.0 1,018 2.9 Losses (gains) on sales of facilities 2 — (213 ) (0.6 ) 32,184 87.2 30,347 87.1 Income before income taxes 4,742 12.8 4,484 12.9 Provision for income taxes 1,026 2.7 995 2.9 Net income 3,716 10.1 3,489 10.0 Net income attributable to noncontrolling interests 453 1.3 437 1.2 Net income attributable to HCA Healthcare, Inc. $ 3,263 8.8 $ 3,052 8.8 Shares used in computing diluted earnings per share (millions) 245.654 266.044 Comprehensive income attributable to HCA Healthcare, Inc. $ 3,341 $ 3,044 Expand HCA Healthcare, Inc. Operating Statistics 2025 2024 2025 2024 Operations: Number of Hospitals 191 188 191 188 Number of Freestanding Outpatient Surgery Centers* 124 123 124 123 Licensed Beds at End of Period 50,485 49,844 50,485 49,844 Weighted Average Beds in Service 42,858 42,624 42,860 42,594 Reported: Admissions 566,061 554,456 1,142,422 1,115,325 % Change 2.1 % 2.4 % Equivalent Admissions 1,017,994 994,835 2,030,084 1,976,356 % Change 2.3 % 2.7 % Revenue per Equivalent Admission $ 18,276 $ 17,583 $ 18,189 $ 17,624 % Change 3.9 % 3.2 % Inpatient Revenue per Admission $ 19,656 $ 18,814 $ 19,501 $ 18,869 % Change 4.5 % 3.3 % Patient Days 2,675,284 2,662,550 5,511,900 5,444,146 % Change 0.5 % 1.2 % Equivalent Patient Days 4,813,548 4,779,234 9,794,646 9,647,027 % Change 0.7 % 1.5 % Inpatient Surgery Cases 136,122 135,860 269,881 269,258 % Change 0.2 % 0.2 % Outpatient Surgery Cases 258,365 258,967 504,985 511,802 % Change -0.2 % -1.3 % Emergency Room Visits 2,439,763 2,414,960 4,958,479 4,843,874 % Change 1.0 % 2.4 % Outpatient Revenues as a Percentage of Patient Revenues 38.4 % 38.2 % 37.9 % 37.6 % Average Length of Stay (days) 4.726 4.802 4.825 4.881 Occupancy** 72.0 % 71.9 % 74.4 % 73.6 % Same Facility: Admissions 556,544 546,945 1,123,176 1,098,367 % Change 1.8 % 2.3 % Equivalent Admissions 990,092 973,562 1,974,543 1,930,929 % Change 1.7 % 2.3 % Revenue per Equivalent Admission $ 18,110 $ 17,408 $ 18,080 $ 17,456 % Change 4.0 % 3.6 % Inpatient Revenue per Admission $ 19,576 $ 18,741 $ 19,470 $ 18,800 % Change 4.5 % 3.6 % Inpatient Surgery Cases 134,307 134,662 266,330 266,321 % Change -0.3 % 0.0 % Outpatient Surgery Cases 253,006 254,599 495,316 502,037 % Change -0.6 % -1.3 % Emergency Room Visits 2,401,684 2,370,754 4,868,579 4,741,737 % Change 1.3 % 2.7 % * Excludes freestanding endoscopy centers (29 centers at June 30, 2025 and 23 centers at June 30, 2024). Expand __________________________ (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies. Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. Expand The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. __________________________ (a) The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy. (b) Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. Expand
