Inspire Medical Systems's (NYSE:INSP) Q1: Strong Sales, Stock Soars
Is now the time to buy Inspire Medical Systems? Find out in our full research report.
Revenue: $201.3 million vs analyst estimates of $195.2 million (22.7% year-on-year growth, 3.1% beat)
EPS (GAAP): $0.10 vs analyst estimates of -$0.24 (beat)
Adjusted EBITDA: $33.19 million vs analyst estimates of $16.51 million (16.5% margin, significant beat)
The company reconfirmed its revenue guidance for the full year of $947.5 million at the midpoint
EPS (GAAP) guidance for the full year is $2.25 at the midpoint, beating analyst estimates by 4.1%
Operating Margin: -0.7%, up from -9.3% in the same quarter last year
Market Capitalization: $4.76 billion
'We are very proud of our performance in the first quarter which included strong revenue growth and continued progress on profitability. We achieved a tremendous milestone with over 100,000 patients receiving Inspire therapy and we are still just getting started in growing awareness and adoption,' said Tim Herbert, Chairman and CEO of Inspire Medical Systems.
Offering an alternative for the millions who struggle with traditional CPAP machines, Inspire Medical Systems (NYSE:INSP) develops and sells an implantable neurostimulation device that treats obstructive sleep apnea by stimulating nerves to keep airways open during sleep.
Reviewing a company's long-term sales performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Inspire Medical Systems grew its sales at an incredible 57.3% compounded annual growth rate. Its growth surpassed the average healthcare company and shows its offerings resonate with customers, a great starting point for our analysis.
Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Inspire Medical Systems's annualized revenue growth of 34.2% over the last two years is below its five-year trend, but we still think the results suggest healthy demand.
This quarter, Inspire Medical Systems reported robust year-on-year revenue growth of 22.7%, and its $201.3 million of revenue topped Wall Street estimates by 3.1%.
Looking ahead, sell-side analysts expect revenue to grow 18.2% over the next 12 months, a deceleration versus the last two years. Still, this projection is admirable and implies the market is forecasting success for its products and services.
Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
Although Inspire Medical Systems broke even this quarter from an operational perspective, it's generally struggled over a longer time period. Its expensive cost structure has contributed to an average operating margin of negative 5.6% over the last five years. Unprofitable healthcare companies require extra attention because they could get caught swimming naked when the tide goes out.
On the plus side, Inspire Medical Systems's operating margin rose by 47.2 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming in on its more recent performance, we can see the company's trajectory is intact as its margin has also increased by 16.9 percentage points on a two-year basis. These data points are very encouraging and shows momentum is on its side.
In Q1, Inspire Medical Systems generated a negative 0.7% operating margin.
Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Inspire Medical Systems's full-year EPS flipped from negative to positive over the last five years. This is a good sign and shows it's at an inflection point.
In Q1, Inspire Medical Systems reported EPS at $0.10, up from negative $0.34 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Inspire Medical Systems's full-year EPS of $2.17 to grow 26.7%.
We liked that Inspire Medical Systems beat across the board, exceeding analysts' revenue, adjusted EBITDA, and EPS expectations this quarter. Its full-year EPS guidance outperformed Wall Street's estimates, as the company maintained its outlook from the previously-provided one. Zooming out, we think this quarter featured some important positives. The stock traded up 6.8% to $170 immediately after reporting.
Indeed, Inspire Medical Systems had a rock-solid quarterly earnings result, but is this stock a good investment here? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free.
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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
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Which Companies Hold the Most Bitcoin, and Should You Invest in Them? Let's Dive Into the Motley Fool's Latest Crypto Research
Key Points Financial institutions, corporations, and Bitcoin treasury companies are rapidly amassing Bitcoins. Bitcoin treasury companies have shown the potential to outperform Bitcoin over long periods. While there are a variety of different ways to get exposure to Bitcoin, investing directly may make the most sense for long-term investors. 10 stocks we like better than Bitcoin › The global ownership of Bitcoin (CRYPTO: BTC) is a lot more concentrated than many people realize. According to a new Motley Fool research report ("Who Holds the Most Bitcoin?"), a relatively small number of financial institutions, corporations, governments, and super-rich individuals now hold a surprisingly large percentage of Bitcoin's total circulating supply of almost 20 million coins. This trend has only accelerated in 2025 as financial institutions hoover up the coins for their spot Bitcoin exchange-traded funds (ETF) offerings and deep-pocketed Bitcoin treasury companies buy as many Bitcoins as they can possibly get their hands on. But are any of these companies actually worth investing in? The rise of the Bitcoin treasury company Let's start with the corporations that are stockpiling Bitcoins on their balance sheets. These fall into roughly three categories: Bitcoin treasury companies; blockchain companies that need Bitcoins for their daily operations (think: Bitcoin miners); and S&P 500 companies such as Tesla (NASDAQ: TSLA) and Block (NYSE: XYZ). Of these, the most interesting are the Bitcoin treasury companies, simply because they are going all-in on Bitcoin in a way that the world has never seen before. The business model of a Bitcoin treasury company is surprisingly simple: Raise as much money from investors as cheaply as you can, and then go out and buy Bitcoin. The number of Bitcoins that these companies are buying is truly impressive. As of July 14, when the Motley Fool research report came out, Strategy (NASDAQ: MSTR) held 597,325 Bitcoins on its balance sheet. That makes Strategy (the company formerly known as MicroStrategy) the world's largest corporate holder of Bitcoins. Its ownership represents nearly 3% of all Bitcoins in circulation. Strategy now holds more Bitcoins than the U.S. government and the Chinese government combined. There are smaller Bitcoin treasury companies making their way up the list, too. For example, Metaplanet (OTC: MTPL.F), a Japanese company that's mimicking Strategy, holds 13,350 Bitcoins on its balance sheet. Galaxy Digital (NASDAQ: GLXY), the Canadian that's doing the same thing as Strategy, holds 12,830 Bitcoins on its balance sheet. A newly launched company, Twenty One Capital (NASDAQ: CEP), now holds 37,230 Bitcoins on its balance sheet, with plans to buy many more. Financial institutions At the same time, financial institutions such as BlackRock (NYSE: BLK), Fidelity, and Grayscale are amassing huge numbers of Bitcoins for their spot Bitcoin ETFs. Right now, BlackRock is the clear leader, thanks to the phenomenal success of its iShares Bitcoin Trust (NASDAQ: IBIT) ETF. BlackRock now holds more bitcoins (700,000) than even Strategy. As long as net inflows into this ETF remain positive, BlackRock will be buying Bitcoin. But here's the key point to understand -- BlackRock is not buying for its own use; it is buying for the use of its clients. Clients buy shares in the ETF, and then BlackRock must go out on the spot crypto market and buy enough Bitcoins to back the ETF. But are any of these companies worth buying? There are now several different ways for investors to get exposure to Bitcoin. One way, of course, is to buy Bitcoins directly, via a cryptocurrency exchange. But you can also buy Bitcoins indirectly, by investing in Bitcoin treasury companies. Or you could purchase a spot Bitcoin ETF. But why settle for tracking Bitcoin's performance via an ETF? Strategy has proven that it can outperform Bitcoin, and that has led to a mad rush to embrace the Bitcoin treasury company model. During the past five years, for example, Strategy is up an astounding 3,500%. As you can see from the chart below, the divergence between the performance of Bitcoin and the price of Strategy started to become very noticeable in early 2024, which is when the new spot Bitcoin ETFs launched. Bitcoin / U.S. dollar chart by TradingView The caveat here, of course, is that the flip side of reward is risk. And Strategy may be taking on more risk than many investors are willing to accept. Essentially, Strategy is using debt and other forms of leverage. That works when the price of Bitcoin is rising, the cost of capital is relatively low, and market sentiment is positive. But all it takes is for the price of Bitcoin to drop, or for one of the new Strategy clones to blow up, and the business model could implode. The irrational, emotional side of my brain loves what the newfangled Bitcoin treasury companies are attempting to pull off. However, the rational, logical side of my brain feels different. The warning signs are everywhere for those willing to look. From my perspective, the best strategy is still to buy and hold Bitcoin for the long haul. Should you buy stock in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $634,627!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,046,799!* Now, it's worth noting Stock Advisor's total average return is 1,037% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin, Block, and Tesla. The Motley Fool has a disclosure policy. Which Companies Hold the Most Bitcoin, and Should You Invest in Them? Let's Dive Into the Motley Fool's Latest Crypto Research was originally published by The Motley Fool 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
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Customers Bancorp Announces Executive Leadership Transition
Sam Sidhu to succeed Jay Sidhu as CEO WEST READING, Pa., July 25, 2025--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI) announced today that Jay Sidhu, Chairman and CEO, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed Jay Sidhu as CEO. Jay Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its Board of Directors. Jay Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, Pa.-based institution with a vision to build a forward-thinking, client-focused bank. Under Jay's leadership of Customers Bancorp, Customers Bank has become a top-performing national organization growing from a distressed bank with approximately $200 million in assets to over $22 billion in assets, without any material acquisitions. Today, the market cap of Customers Bancorp has grown to approximately $2 billion from the original $17 million investment to acquire a bank charter. This was driven by a belief that a forward thinking, innovative and client-focused approach executed by a high quality team can produce hundreds of millions of dollars in market value even in the banking sector. Jay and the team's entrepreneurial spirit and resulting successes have solidified Customers' culture and reputation as an innovative and forward-thinking bank. Prior to founding Customers, Jay was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp Inc. During his 20-year career at Sovereign, he grew the organization from an IPO value of $12 million to the 17th largest banking institution in the U.S., with a market cap approaching $12 billion and achieving about 20% average annual returns for long-term shareholders. "As I look toward the future and consider retirement, the time has come for me to scale back my day-to-day involvement at Customers Bancorp. I know I can do so with immense pride in what we built and deep gratitude for the team, clients and communities who place their trust in us," said Jay Sidhu. "I look forward to continuing to work with the Board to provide strategic guidance while we continue to grow Customers as an innovative and sound bank that is built to last." "I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years," said Customers Bancorp Lead Independent Director, Dan Rothermel, who was also the Lead Independent Director of Sovereign Bank. "Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam's leadership style and couldn't be more pleased to have a thoughtful, strategic and dynamic leader step into Jay's shoes. Our best years are still ahead of us." Sam Sidhu, 41, will retain his titles as president of Customers Bancorp and president and chief executive officer of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. Sam was then promoted to President and Chief Executive Officer of Customers Bank in July 2021. Under his leadership, the Bank has embraced technological advances and expanded the company's product offerings, services and markets; and doubled its assets while transforming its deposit franchise. These efforts have created significant value for shareholders, with the stock price increasing nearly 500% over the past five years. Prior to joining Customers Bank, Sam founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. Sam holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School. "It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders," said Sam Sidhu. "As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one." Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets No. 72 out of the 100 largest publicly traded banks in 2025 Forbes Best Banks list 2024 Inc. Magazine Best in Business List in Financial Services Category Net Promoter Score of 73 compared to industry average of 41 A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: View source version on Contacts Jordan BaucumHead of Corporate Communications(951) 608-8314jbaucum@ 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
