Heliene Celebrates the Grand Opening of Rogers, MN Solar Manufacturing Facility
ROGERS, Minn., June 02, 2025 (GLOBE NEWSWIRE) -- Heliene, Inc., a customer-first provider of North American-made solar PV modules, celebrated the grand opening of a new solar PV module manufacturing facility in Rogers, MN on May 30. U.S. Senator Amy Klobuchar, MN Commissioner Matt Varilek, and Rogers' Major Shannon Klick together with other State elected officials were in attendance to mark this milestone achievement for domestic clean energy manufacturing, regional job creation, and economic development.
The Rogers facility houses Minnesota Line 3, Heliene's third U.S.-based manufacturing line. Minnesota Line 3 has been operational since April 29 and has an annual capacity of 500MW. Heliene also owns and operates 300MW-Minnesota Line 1 and 500MW-Minnesota Line 2 at its existing Mountain Iron, MN facility. The opening of Line 3 brings Heliene's total U.S.-made module manufacturing output per year to 1.3GW.
'Heliene is experiencing continued demand for our high-quality, high-domestic content solar PV modules,' said Martin Pochtaruk, CEO of Heliene. 'By nearly doubling our manufacturing capacity at our new Rogers, Minnesota facility, we can continue to provide best-in-class fully domestic content products and service to our customers, while we deliver on our broader goal of onshoring U.S. solar supply chains, by incorporating domestically-produced, cells, frames, polymers and other critical components.'
The completion of Minnesota Line 3 expands Heliene's commitment to offering U.S. solar developers high-quality PV modules made with an industry-leading percentage of domestic content. The Company is hiring more than 220 new employees in the greater Minneapolis-St. Paul metropolitan area to support operations, maintenance, and engineering at the new facility. Heliene received $2.3M in funding from the Minnesota Department of Employment and Economic Development (DEED), with specific funding from the Minnesota Investment Fund (MIF), Minnesota Job Creation Fund (JCF) and the Minnesota Job Skills Partnership (MJSP), to support the above mentioned job creation.
'The opening of this new manufacturing plant means high-quality solar panels will be produced in Rogers to meet increasing demand for energy across our state and throughout the country—and it will create hundreds of new jobs for the region,' said Senator Klobuchar. 'I'm committed to working together to strengthen our manufacturing economy, increase affordable clean energy, and bring the jobs of the future to Minnesota.'
Across all its U.S. manufacturing lines, Heliene is producing bifacial, high-efficiency crystalline solar PV modules with the highest possible percentage of domestic content available on the market. To support this effort, Heliene has secured a number of strategic partnerships with domestic solar module component manufacturers in recent years.
About HelieneHeliene is one of North America's fastest-growing, domestic PV manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America's clean energy transition. Founded in 2010, Heliene consistently ranks as a highly bankable module manufacturer. For more information, visit www.heliene.com.
For more information, please contact:HelieneMedia inquiries:heliene@fischtankpr.com646-699-1414
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Ardent Health Reports Second Quarter 2025 Results
BRENTWOOD, Tenn.--(BUSINESS WIRE)--Ardent Health, Inc. (NYSE: ARDT) ("Ardent Health" or the "Company"), a leading provider of healthcare in growing mid-sized urban communities across the U.S., today announced results for the quarter ended June 30, 2025. Second Quarter 2025 Operating and Financial Summary All comparisons are versus the same prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics below and a full list of key operating metrics. Total Revenue $1.65 billion 11.9% growth Y/Y Net Income Attributable to Ardent Health $73 million Adjusted EBITDA (1) $170 million 38.9% growth Y/Y Adjusted EBITDAR (1) $211 million Admissions 6.6% growth Y/Y Adjusted Admissions 1.6% growth Y/Y Net Patient Service Revenue per Adjusted Admission 10.2% growth Y/Y Reaffirming 2025 Guidance Total Revenue: $6,200 - $6,450 million Adjusted EBITDA (1): $575 - $615 million Expand (1) Adjusted EBITDA and Adjusted EBITDAR are financial measures that have not been prepared in a manner that complies with U.S. generally accepted accounting principles ("GAAP"). See "Supplemental Non-GAAP Financial Information" and reconciliations of non-GAAP measures to their most comparable GAAP financial measures contained later in this press release. Expand Solid Second Quarter 2025 Results; New Mexico DPP Approved; Reaffirming 2025 Guidance "Ardent reported strong financial results in the second quarter with revenue growth of 12%, Adjusted EBITDA growth of 39%, and further reduction in our lease-adjusted net leverage ratio to 2.7x from 3.0x in the first quarter," stated Marty Bonick, President and Chief Executive Officer of Ardent Health. "Importantly, the 2025 New Mexico state directed payment program (DPP) renewal was approved in late June 2025 for the full calendar year," added Bonick. "This positive development allows the program to continue supporting providers in caring for Medicaid patients. The New Mexico DPP financial contribution in the second quarter is fully consistent with assumptions embedded in our 2025 guidance that we previously outlined." "Despite ongoing payor denial headwinds, we delivered solid second quarter financial results consistent with our 2025 plan," continued Bonick. "As part of our commitment to operational excellence, we advanced several strategic initiatives, including deployment of virtual nursing and AI-enabled scribe technologies, that are improving outcomes, creating more efficient workflows, and reducing turnover." "Additionally, we continue to execute on our ambulatory growth strategy," added Bonick. "We expect to open five urgent care centers and two imaging care centers before year-end. This will complement the 18 urgent care assets we acquired at the beginning of the year." "Last month marked the one-year anniversary of our IPO and I am proud of the disciplined execution of our strategic priorities and consistent financial growth during that time, all while delivering exceptional patient care and quality outcomes," said Bonick. "We look forward to sustaining momentum in the second half of the year and are reaffirming our 2025 guidance." Expand Financial Performance Summary For the second quarter of 2025: Total revenue grew 11.9% year-over-year to $1,645 million. This revenue growth primarily resulted from a 1.6% year-over-year increase in adjusted admissions and 10.2% year-over-year growth in net patient service revenue per adjusted admission. Net income attributable to Ardent Health was $73 million, or $0.52 per diluted share, compared to $43 million, or $0.34 per diluted share, in the second quarter of 2024. Adjusted EBITDA increased 38.9% year-over-year to $170 million. Operating Performance Summary The following table provides a summary of certain key operating metrics for the second quarter of 2025 compared to the same prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics below and a full list of key operating metrics. Admissions for the second quarter of 2025 increased 6.6% year-over-year, driven by strong inpatient surgery growth. Surgeries for the second quarter of 2025 decreased 0.2% year-over-year, a modest improvement from a comparable decline of 0.7% in the first quarter of 2025. The total surgery year-over-year decline of 0.2% in the second quarter of 2025 reflected inpatient surgery growth of 9.2% and outpatient surgery decline of 3.8%. Balance Sheet, Cash Flow & Liquidity Update As of June 30, 2025, the Company had total cash and cash equivalents of $541 million and total debt of $1.1 billion. The Company's net leverage ratio as of June 30, 2025 was 1.2x, as calculated under the Company's credit agreements, and its lease-adjusted net leverage ratio 1 was 2.7x, an improvement from 3.0x as of March 31, 2025. At the end of the second quarter, the Company's available liquidity was $835 million. During the second quarter of 2025, net cash provided by operating activities was $117 million, compared to $120 million in the same prior year period. ________________________________ 1 Lease-adjusted net leverage ratio is defined as the Company's net debt as of June 30, 2025, plus 8x trailing twelve-month real estate investment trust ("REIT") rent expense as of the end of the second quarter of 2025, divided by trailing twelve-month Adjusted EBITDAR as of June 30, 2025. Expand 2025 Financial Guidance The Company is reaffirming its full-year 2025 financial guidance. All guidance is current as of the time provided and is subject to change. 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, including those set forth below under the heading "Forward-Looking Statements." 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. The Company does not believe that it can forecast these items with sufficient accuracy because of the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. Second Quarter 2025 Results Conference Call The Company will host a conference call to discuss its second quarter financial results on August 6, 2025, at 10:00 a.m. Eastern Time. A webcast of the conference call will be available in the Investor Relations section of the Company's corporate website at To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software. About Ardent Health Ardent Health (NYSE: ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S. With a focus on people and investments in innovative services and technologies, Ardent is passionate about making healthcare better and easier to access. Through its subsidiaries, the Company delivers care through a system of 30 acute care hospitals and approximately 280 sites of care with over 1,800 employed and affiliated providers across six states. For more information, please visit Supplemental Non-GAAP Financial Information We have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EBITDAR. We define these terms as follows: Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is defined as net income plus (i) provision for income taxes, (ii) interest expense and (iii) depreciation and amortization expense (or EBITDA), as adjusted to deduct noncontrolling interest earnings, and excludes the effects of loss on extinguishment and modification of debt; other non-operating losses (gains); recoveries from the cybersecurity incident in November 2023 (the "Cybersecurity Incident"), net of incremental information technology and litigation costs; restructuring, exit and acquisition-related costs; expenses incurred in connection with the implementation of Epic Systems, our integrated health information technology system; equity-based compensation expense; and loss from disposed operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP performance measures used by our management and external users of our financial statements, such as investors, analysts, lenders, rating agencies and other interested parties, to evaluate companies in our industry. Adjusted EBITDA and Adjusted EBITDA margin are performance measures that are not prepared in accordance with GAAP and are presented in this press release because our management considers them important analytical indicators commonly used within the healthcare industry to evaluate financial performance and allocate resources. Further, our management believes that Adjusted EBITDA and Adjusted EBITDA margin are useful financial metrics to assess our operating performance from period to period by excluding certain material non-cash items and unusual or non-recurring items that we do not expect to continue in the future and certain other adjustments we believe are not reflective of our ongoing operations and our performance. Because not all companies use identical calculations, our presentation of Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to other similarly titled measures of other companies. While we believe these are useful supplemental performance measures for investors and other users of our financial information, you should not consider Adjusted EBITDA and Adjusted EBITDA margin in isolation or as a substitute for net income or any other items calculated in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin have inherent material limitations as performance measures, because they add back certain expenses to net income, resulting in those expenses not being taken into account in the performance measures. We have borrowed money, so interest expense is a necessary element of our costs. Because we have material capital and intangible assets, depreciation and amortization expense are necessary elements of our costs. Likewise, the payment of taxes is a necessary element of our operations. Because Adjusted EBITDA and Adjusted EBITDA margin exclude these and other items, they have material limitations as measures of our performance. Adjusted EBITDAR. Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable to REITs, which consists of rent expense pursuant to the master lease agreement (the "Ventas Master Lease") with Ventas, Inc. ("Ventas"), lease agreements associated with the MOB Transactions (defined below) and a lease arrangement with Medical Properties Trust, Inc. ("MPT") for the Hackensack Meridian Mountainside Medical Center. Adjusted EBITDAR is a commonly used non-GAAP valuation measure used by our management, research analysts, investors and other interested parties to evaluate and compare the enterprise value of different companies in our industry. Adjusted EBITDAR excludes: (1) certain material noncash items and unusual or non-recurring items that we do not expect to continue in the future; (2) certain other adjustments that do not impact our enterprise value; and (3) rent expense payable to our REITs. We operate 30 acute care hospitals, 12 of which we lease from two REITs, Ventas and MPT, pursuant to long-term lease agreements. Additionally, during 2022, we completed the sale of 18 medical office buildings to Ventas in exchange for $204.0 million and concurrently entered into agreements to lease the real estate back from Ventas over a 12-year initial term with eight options to renew for additional five-year terms (the "MOB Transactions"). Our management views the long-term lease agreements with Ventas and MPT, as well as the MOB Transactions, as more like financing arrangements than true operating leases, with the rent payable to such REITs being similar to interest expense. As a result, our capital structure is different than many of our competitors, especially those whose real estate portfolio is predominately owned and not leased. Excluding the rent payable to such REITs allows investors to compare our enterprise value to those of other healthcare companies without regard to differences in capital structures, leasing arrangements and geographic markets, which can vary significantly among companies. Our management also uses Adjusted EBITDAR as one measure in determining the value of prospective acquisitions or divestitures. Finally, financial covenants in certain of our lease agreements, including the Ventas Master Lease, use Adjusted EBITDAR as a measure of compliance. Adjusted EBITDAR does not reflect our cash requirements for leasing commitments. As such, our presentation of Adjusted EBITDAR should not be construed as a performance or liquidity measure. Because not all companies use identical calculations, our presentation of Adjusted EBITDAR may not be comparable to other similarly titled measures of other companies. While we believe this is a useful supplemental valuation measure for investors and other users of our financial information, you should not consider Adjusted EBITDAR in isolation or as a substitute for net income or any other items calculated in accordance with GAAP. Adjusted EBITDAR has inherent material limitations as a valuation measure, because it adds back certain expenses to net income, resulting in those expenses not being taken into account in the valuation measure. The payment of taxes and rent is a necessary element of our valuation. Because Adjusted EBITDAR excludes these and other items, it has material limitations as a measure of our valuation. Forward-Looking Statements This press release contains "forward-looking statements" as that term is defined in the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, including, among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs, the industry in which we operate and other similar matters. Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "could," "would," "will," "may," "can," "continue," "potential," "should" and the negative of these terms or other comparable terminology often identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those contemplated include, among others: (1) general economic and business conditions, both nationally and in the regions in which we operate, including the impact of challenging macroeconomic conditions and inflationary pressures, current geopolitical instability, and impacts from the imposition of, or changes in, tariffs, as well as the potential impact on us of uncertain political, financial, credit and capital conditions; (2) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state directed payments, that could have an adverse effect on our revenues and business; (3) reduction in the reimbursement rates paid by commercial payors, increased reimbursement denials or payment delays by commercial payors, our inability to retain and negotiate favorable contracts with private third party payors, or an increasing volume of uninsured or underinsured patients; (4) effects of changes in healthcare policy or legislation, including the One Big Beautiful Bill Act (the "OBBBA") and any other reforms that have or may be undertaken by the current presidential administration, and legal and regulatory restrictions on our hospitals that have physician owners; (5) the ability to achieve operating and financial targets, develop and execute mitigation plans to offset to the extent possible impacts from the OBBBA, the scheduled expiration of temporary enhanced subsidies for individuals eligible to purchase insurance coverage through health insurance marketplaces and imposition of tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services; (6) security threats, catastrophic events and other disruptions affecting our, our service providers' or our joint venture ('JV') partners' information technology and related systems, which have adversely affected, and could in the future adversely affect, our relationships with patients and business partners and subject us to legal claims and liabilities, reputational harm and business disruption and adversely affect our financial condition; (7) the highly competitive nature of the healthcare industry and continued industry trends towards clinical transparency and value-based purchasing may impact our competitive position; (8) inability to recruit and retain quality physicians, as well as increasing cost to contract with hospital-based physicians; (9) changes to physician utilization practices and treatment methodologies and other factors outside our control that impact demand for medical services and may reduce our revenues and ability to grow profitability; (10) the effects related to the sequestration spending reductions pursuant to both the Budget Control Act of 2011 and the Pay-As-You-Go Act of 2010 and the potential for future deficit reduction legislation; (11) continued industry trends toward value-based purchasing, third party payor consolidation and care coordination among healthcare providers; (12) inability to successfully complete acquisitions or strategic JVs or inability to realize all of the anticipated benefits; (13) liabilities because of professional liability and other claims brought against our hospitals, physician practices, outpatient facilities or other business operations; (14) exposure to certain risks and uncertainties by the JVs through which we conduct a significant portion of our operations, including anticipated synergies, of past acquisitions and the risk that transactions may not receive necessary government clearances; (15) failure to obtain drugs and medical supplies at favorable prices or sufficient volumes; (16) operational, legal and financial risks associated with outsourcing functions to third parties; (17) our facilities are heavily concentrated in Texas and Oklahoma, which makes us sensitive to regulatory, economic and competitive conditions and changes in those states; (18) negative impact of severe weather, climate change, and other factors beyond our control, which could restrict patient access to care or cause one or more facilities to close temporarily or permanently; (19) risks related to the Ventas Master Lease and its restrictions and limitations on our business; (20) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms; (21) our failure to comply with complex laws and regulations applicable to the healthcare industry or to adjust our operations in response to changing laws and regulations; (22) the impact of governmental claims or governmental investigations, payor audits and litigation brought against our hospitals, physician practices, outpatient facilities or other business operations; (23) actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements; (24) the impact of a deterioration of public health conditions associated with a future pandemic, epidemic or outbreak of infectious disease; (25) inability to or delay in building, acquiring, selling, renovating or expanding our healthcare facilities; (26) failure to comply with federal and state laws relating to Medicare and Medicaid enrollment, permit, licensing and accreditation requirements; (27) the results of our efforts to use technology, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience; (28) our status as a controlled company; (29) conflicts of interest between our controlling stockholder and other holders of our common stock; and (30) other risk factors described in our filings with the Securities and Exchange Commission. Many of the important factors that will determine these results are beyond our ability to control or predict. You are cautioned not to put undue reliance on any forward-looking statements, which speak only as of the date of this press release. Except as otherwise required by law, we do not assume any obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events. All references to "Company," "Ardent Health," "Ardent," "we," "our" and "us" as used throughout this release refer to Ardent Health, Inc. and its affiliates, unless stated otherwise or indicated by context. Ardent Health, Inc. Condensed Consolidated Income Statements (Unaudited; dollars in thousands, except per share amounts) Six Months Ended June 30, 2025 2024 Amount % Amount % Total revenue $ 3,142,514 100.0 % $ 2,909,966 100.0 % Expenses: Salaries and benefits 1,329,349 42.3 % 1,245,567 42.8 % Professional fees 577,869 18.4 % 536,597 18.4 % Supplies 529,494 16.8 % 517,172 17.8 % Rents and leases 55,586 1.8 % 49,841 1.7 % Rents and leases, related party 75,869 2.4 % 74,164 2.5 % Other operating expenses 294,465 9.5 % 237,151 8.1 % Interest expense 28,905 0.9 % 37,421 1.3 % Depreciation and amortization 75,510 2.4 % 71,663 2.5 % Loss on extinguishment and modification of debt — 0.0 % 1,898 0.1 % Other non-operating gains (20,723 ) (0.7 )% (255 ) 0.0 % Total operating expenses 2,946,324 93.8 % 2,771,219 95.2 % Income before income taxes 196,190 6.2 % 138,747 4.8 % Income tax expense 41,524 1.3 % 25,935 0.9 % Net income 154,666 4.9 % 112,812 3.9 % Net income attributable to noncontrolling interests 40,333 1.3 % 42,995 1.5 % Net income attributable to Ardent Health, Inc. $ 114,333 3.6 % $ 69,817 2.4 % Net income per share: Diluted $ 0.81 $ 0.55 Weighted-average common shares outstanding: Basic 140,219,452 126,115,301 Diluted 141,111,732 126,115,301 Expand Ardent Health, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited; in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 154,666 $ 112,812 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 75,510 71,663 Other non-operating losses 777 — Loss on extinguishment and modification of debt — 1,898 Amortization of deferred financing costs and debt discounts 2,474 2,857 Deferred income taxes (2,733 ) (923 ) Equity-based compensation 20,509 738 (Income) loss from non-consolidated affiliates (2,956 ) 2,139 Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: Accounts receivable (14,251 ) 62,021 Inventories (3,118 ) 540 Prepaid expenses and other current assets (51,449 ) (42,791 ) Accounts payable and other accrued expenses and liabilities (50,590 ) (85,810 ) Accrued salaries and benefits (36,136 ) (19,395 ) Net cash provided by operating activities 92,703 105,749 Cash flows from investing activities: Investment in acquisitions, net of cash acquired — (7,800 ) Purchases of property and equipment (69,105 ) (62,765 ) Other (264 ) 58 Net cash used in investing activities (69,369 ) (70,507 ) Cash flows from financing activities: Proceeds from insurance financing arrangements 10,959 6,026 Proceeds from long-term debt — 1,798 Payments of principal on insurance financing arrangements (6,529 ) (4,337 ) Payments of principal on long-term debt (2,896 ) (104,843 ) Debt issuance costs — (2,444 ) Payments of initial public offering costs — (2,824 ) Distributions to noncontrolling interests (39,525 ) (31,657 ) Other (1,499 ) — Net cash used in financing activities (39,490 ) (138,281 ) Net decrease in cash and cash equivalents (16,156 ) (103,039 ) Cash and cash equivalents at beginning of period 556,785 437,577 Cash and cash equivalents at end of period $ 540,629 $ 334,538 Expand Supplemental Cash Flow Information: Non-cash purchases of property and equipment $ 13,272 $ 4,929 Offering costs not yet paid $ — $ 4,825 Expand Ardent Health, Inc. Condensed Consolidated Balance Sheets (Unaudited; dollars in thousands, except per share amounts) June 30, 2025 (1) (1) Assets Current assets: Cash and cash equivalents $ 540,629 $ 556,785 Accounts receivable 758,641 743,031 Inventories 118,403 115,093 Prepaid expenses 127,883 113,749 Other current assets 331,558 304,093 Total current assets 1,877,114 1,832,751 Property and equipment, net 870,377 861,899 Operating lease right of use assets 274,338 248,040 Operating lease right of use assets, related party 922,548 929,106 Goodwill 877,681 852,084 Other intangible assets 76,930 76,930 Deferred income taxes 17,072 12,321 Other assets 111,194 142,969 Total assets $ 5,027,254 $ 4,956,100 Liabilities and Equity Current liabilities: Current installments of long-term debt $ 19,333 $ 9,234 Accounts payable 364,450 401,249 Accrued salaries and benefits 259,160 295,117 Other accrued expenses and liabilities 237,930 239,824 Total current liabilities 880,873 945,424 Long-term debt, less current installments 1,090,390 1,085,818 Long-term operating lease liability 244,741 221,443 Long-term operating lease liability, related party 912,216 919,313 Self-insured liabilities 220,839 227,048 Other long-term liabilities 31,820 34,697 Total liabilities 3,380,879 3,433,743 Redeemable noncontrolling interests (1,751 ) 1,158 Equity: Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding — — Common stock, par value $0.01 per share; 750,000,000 shares authorized; 143,098,506 shares issued and outstanding as of June 30, 2025 and 142,747,818 shares issued and outstanding as of December 31, 2024 1,431 1,428 Additional paid-in capital 773,422 754,415 Accumulated other comprehensive income (loss) (396 ) 9,737 Retained earnings 480,129 365,796 Equity attributable to Ardent Health, Inc. 1,254,586 1,131,376 Noncontrolling interests 393,540 389,823 Total equity 1,648,126 1,521,199 Total liabilities and equity $ 5,027,254 $ 4,956,100 Expand (1) As of June 30, 2025 and December 31, 2024, the unaudited condensed consolidated balance sheet included total liabilities of consolidated variable interest entities of $315.7 million and $306.4 million, respectively. Refer to Note 2 of the Company's unaudited condensed consolidated financial statements included in its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2025 for further discussion. Expand Ardent Health, Inc. Operating Statistics (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 % Change 2024 2025 % Change 2024 Total revenue (in thousands) $ 1,645,280 11.9 % $ 1,470,920 $ 3,142,514 8.0 % $ 2,909,966 Hospitals operated (at period end) (1) 30 0.0 % 30 30 0.0 % 30 Licensed beds (at period end) (2) 4,281 (0.1 )% 4,287 4,281 (0.1 )% 4,287 Utilization of licensed beds (3) 50 % 8.7 % 46 % 50 % 8.7 % 46 % Admissions (4) 41,535 6.6 % 38,958 82,924 7.1 % 77,427 Adjusted admissions (5) 87,167 1.6 % 85,763 171,703 2.2 % 168,076 Inpatient surgeries (6) 9,840 9.2 % 9,012 19,090 6.3 % 17,958 Outpatient surgeries (7) 22,860 (3.8 )% 23,758 44,572 (3.1 )% 45,981 Total surgeries 32,700 (0.2 )% 32,770 63,662 (0.4 )% 63,939 Emergency room visits (8) 156,622 0.2 % 156,287 317,871 1.3 % 313,869 Patient days (9) 194,738 8.8 % 179,047 390,952 9.2 % 358,173 Total encounters (10) 1,491,905 5.9 % 1,408,970 2,942,534 4.3 % 2,821,442 Average length of stay (11) 4.68 1.7 % 4.60 4.71 1.7 % 4.63 Net patient service revenue per adjusted admission (12) $ 18,581 10.2 % $ 16,859 $ 18,001 5.7 % $ 17,028 Expand (1) Hospitals operated (at period end). This metric represents the total number of hospitals operated by us at the end of the applicable period, irrespective of whether the hospital real estate is (i) owned by us, (ii) leased by us or (iii) held through a controlling interest in a JV. This metric includes the managed clinical operations of the hospital at UT Health North Campus in Tyler, Texas ("UT Health North Campus Tyler"), a hospital owned by The University of Texas Health Science Center at Tyler ("UTHSCT"), an affiliate of The University of Texas System. Since we only manage the clinical operations of UT Health North Campus Tyler, the financial results of such entity are not consolidated under Ardent Health, Inc. On April 30, 2024, we closed UT Health East Texas Specialty Hospital, a long-term acute care hospital with 36 licensed patient beds (the 'LTAC Hospital') in Tyler, Texas. The LTAC Hospital's inventory and fixed assets were transferred or repurposed to be used by our other hospitals. (2) Licensed beds (at period end). This metric represents the total number of beds for which the appropriate state agency licenses a facility, regardless of whether the beds are actually available for patient use. (3) Utilization of licensed beds. This metric represents a measure of the actual utilization of our inpatient facilities, computed by (i) dividing patient days by the number of days in each period, and (ii) further dividing that number by average licensed beds, which is calculated by dividing total licensed beds (at period end) by the number of days in the period, multiplied by the number of days in the period the licensed beds were in existence. (4) Admissions. This metric represents the number of patients admitted for inpatient treatment during the applicable period. (5) Adjusted admissions. This metric is used by management as a general measure of combined inpatient and outpatient volume. Adjusted admissions provides management with a key performance indicator that considers both inpatient and outpatient volumes by applying an inpatient volume measure (admissions) to a ratio of gross inpatient and outpatient revenue to gross inpatient revenue. Gross inpatient and outpatient revenue reflect gross inpatient and outpatient charges prior to estimated contractual adjustments, uninsured discounts, implicit price concessions, and other discounts. The calculation of adjusted admissions is summarized as follows: Expand (6) Inpatient surgeries. This metric represents the number of surgeries performed on patients who have been admitted to our hospitals. Pain management, c-sections, and certain diagnostic procedures are excluded from inpatient surgeries. (7) Outpatient surgeries. This metric represents the number of surgeries performed on patients who have not been admitted to our hospitals. Pain management, c-sections, and certain diagnostic procedures are excluded from outpatient surgeries. (8) Emergency room visits. This metric represents the total number of patients provided with emergency room treatment during the applicable period. (9) Patient days. This metric represents the total number of days of care provided to patients admitted to our hospitals during the applicable period. (10) Total encounters. This metric represents the total number of events where healthcare services are rendered resulting in a billable event during the applicable period. This includes both hospital and ambulatory patient interactions. (11) Average length of stay. This metric represents the average number of days admitted patients stay in our hospitals. (12) Net patient service revenue per adjusted admission. This metric represents net patient service revenue divided by adjusted admissions for the applicable period. Net patient service revenue reflects gross inpatient and outpatient charges less estimated contractual adjustments, uninsured discounts, implicit price concessions, and other discounts. Expand Ardent Health, Inc. Supplemental Non-GAAP Disclosures (Unaudited; in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 95,701 $ 66,961 $ 154,666 $ 112,812 Adjusted EBITDA Addbacks: Income tax expense 26,291 15,222 41,524 25,935 Interest expense 14,729 18,160 28,905 37,421 Depreciation and amortization 39,309 36,312 75,510 71,663 Noncontrolling interest earnings (22,751 ) (24,191 ) (40,333 ) (42,995 ) Loss on extinguishment and modification of debt — 1,898 — 1,898 Other non-operating losses (gains) (1) 560 (255 ) 777 (255 ) Cybersecurity Incident recoveries, net (2) — — (19,705 ) — Restructuring, exit and acquisition-related costs (3) 3,985 5,561 4,904 7,898 Epic expenses (4) 796 426 1,284 1,015 Equity-based compensation 11,246 226 20,509 738 Loss from disposed operations 7 1,982 33 1,986 Adjusted EBITDA $ 169,873 $ 122,302 $ 268,074 $ 218,116 Total revenue $ 1,645,280 $ 1,470,920 $ 3,142,514 $ 2,909,966 Adjusted EBITDA margin 10.3 % 8.3 % 8.5 % 7.5 % Expand (1) Other non-operating losses (gains) include losses and gains realized on certain non-recurring events or events that are non-operational in nature. (2) Cybersecurity Incident recoveries, net represent insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. (3) Restructuring, exit and acquisition-related costs represent (i) enterprise restructuring costs, including severance costs related to work force reductions of $3.3 million and $5.0 million for the three months ended June 30, 2025 and 2024, respectively, and $3.3 million and $6.9 million for the six months ended June 30, 2025 and 2024, respectively, (ii) penalties and costs incurred for terminating pre-existing contracts at acquired facilities of $0.2 million for each of the three months ended June 30, 2025 and 2024, and $0.4 million for each of the six months ended June 30, 2025 and 2024, and (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and completed acquisitions of $0.5 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively. (4) Epic expenses consist of various costs incurred in connection with the implementation of Epic, our health information technology system. These costs included professional fees of $0.8 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $1.3 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively. Epic expenses do not include ongoing operating costs of the Epic system. Expand Ardent Health, Inc. Supplemental Non-GAAP Disclosures (Unaudited; in thousands) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Net income $ 95,701 $ 154,666 Adjusted EBITDAR Addbacks: Income tax expense 26,291 41,524 Interest expense 14,729 28,905 Depreciation and amortization 39,309 75,510 Noncontrolling interest earnings (22,751 ) (40,333 ) Other non-operating losses (1) 560 777 Cybersecurity Incident recoveries, net (2) — (19,705 ) Restructuring, exit and acquisition-related costs (3) 3,985 4,904 Epic expenses (4) 796 1,284 Equity-based compensation 11,246 20,509 Loss from disposed operations 7 33 Rent expense payable to REITs (5) 40,674 81,561 Adjusted EBITDAR $ 210,547 $ 349,635 Expand (1) Other non-operating losses include losses realized on certain non-recurring events or events that are non-operational in nature. (2) Cybersecurity Incident recoveries, net represent insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. (3) Restructuring, exit and acquisition-related costs for the three and six months ended June 30, 2025 represent (i) enterprise restructuring costs, including severance costs related to work force reductions of $3.3 million and $3.3 million, respectively, (ii) penalties and costs incurred for terminating pre-existing contracts at acquired facilities of $0.2 million and $0.4 million, respectively, and (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and completed acquisitions of $0.5 million and $1.2 million, respectively. (4) Epic expenses consist of various costs incurred in connection with the implementation of Epic, our health information technology system. These costs included professional fees of $0.8 million and $1.3 million for the three and six months ended June 30, 2025, respectively. Epic expenses do not include ongoing operating costs of the Epic system. (5) Rent expense payable to REITs for the three and six months ended June 30, 2025 consists of rent expense of $37.8 million and $75.9 million, respectively, related to the Ventas Master Lease and other lease agreements with Ventas for medical office buildings and rent expense of $2.9 million and $5.7 million, respectively, related to a lease arrangement with MPT for the lease of Hackensack Meridian Mountainside Medical Center. Expand Ardent Health, Inc. Supplemental Non-GAAP Disclosures (Unaudited; in millions) Guidance for the Full Year Ending December 31, 2025 Low High Net income $ 342 $ 386 Adjusted EBITDA Addbacks: Income tax expense 91 101 Interest expense 63 59 Depreciation and amortization 146 143 Noncontrolling interest earnings (97 ) (101 ) Cybersecurity Incident recoveries, net (1) (21 ) (21 ) Restructuring, exit and acquisition-related costs 5 4 Epic expenses 6 4 Enterprise system conversion costs 2 2 Equity-based compensation 38 38 Adjusted EBITDA $ 575 $ 615 Expand (1) Other non-operating losses include losses realized on certain non-recurring events or events that are non-operational in nature. Expand
Business Wire
4 minutes ago
- Business Wire
Douglas Emmett Releases Second Quarter 2025 Earnings Results
SANTA MONICA, Calif.--(BUSINESS WIRE)--Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), has released its Second Quarter 2025 Earnings Results and Operating Information package by posting it to the investor relations section of its website at As previously announced, Jordan Kaplan, CEO, Peter Seymour, CFO, Kevin Crummy, CIO, and Stuart McElhinney, Vice President Investor Relations will host a live conference call to discuss Douglas Emmett's financial results at 2:00 pm Eastern Time (11:00 am Pacific Time) on Wednesday, August 6, 2025. Interested parties can listen to the call via the following: INTERNET: Go to at least fifteen minutes prior to the start time of the call in order to register, download and install any necessary audio software. PHONE: 888-349-0488 (U.S.) or 412-542-4156 (International). Please ask to join the Douglas Emmett call. About Douglas Emmett, Inc. Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. Please visit our website at for more information about Douglas Emmett. Safe Harbor Statement Except for the historical facts, the statements in this press release regarding Douglas Emmett's business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see 'Risk Factors' in our Annual Report on Form 10-K for 2024, filed with the U.S. Securities and Exchange Commission.
Yahoo
24 minutes ago
- Yahoo
INSP Stock Plunges Despite Q2 Earnings Beat, Gross Margin Contracts
Inspire Medical Systems, Inc. INSP delivered an earnings per share (EPS) of 45 cents in second-quarter 2025, up 40.6% year over year. The figure topped the Zacks Consensus Estimate by 104.6%. INSP's Revenues in Detail Inspire Medical registered revenues of $217.1 million in the second quarter, up 10.8% year over year. The figure beat the Zacks Consensus Estimate by 0.9%. Per management, the overall revenue growth was primarily driven by increased market penetration and increased physician and patient awareness of the Inspire system. However, this was partially offset by ENT surgeon capacity constraints and some U.S. patients and physicians delaying Inspire therapy until Inspire V is available at their location or while they trial GLP-1 medications. Shares of this company lost nearly 24.9% in today's pre-market trading. Inspire Medical's Segment Details Inspire Medical's operations consist of two geographic regions — the United States and All other countries. In the quarter under review, U.S. revenues of $207.2 million reflected an increase of 10.3% from the year-ago quarter on a reported basis. As of June 30, 2025, Inspire Medical had 348 U.S. sales territories and 259 field clinical representatives compared with 335 and 230, respectively, as of Dec. 31, 2024. Revenues from All other countries totaled $9.9 million, up 23% year over year on a reported basis. Inspire Medical Systems, Inc. Price, Consensus and EPS Surprise Inspire Medical Systems, Inc. price-consensus-eps-surprise-chart | Inspire Medical Systems, Inc. Quote INSP's Margin Analysis In the second quarter, Inspire Medical's gross profit increased 9.9% year over year to $182.4 million. However, the gross margin contracted 74 basis points (bps) to 84%. Selling, general and administrative expenses jumped 20.8% year over year to $159.5 million. Research and development expenses decreased 9.2% year over year to $26.2 million. Operating expenses of $185.7 million increased 15.4% year over year. Operating loss totaled $3.3 million against the prior-year quarter's operating profit of $5.1 million. Inspire Medical's Financial Position Inspire Medical exited second-quarter 2025 with cash and cash equivalents and short-term investments of $300.9 million compared with $369.2 million at the first-quarter end. Cumulative net cash used in operating activities at the end of second-quarter 2025 was $4 million, against net cash provided by operating activities of $8.8 million a year ago. INSP's Outlook Inspire Medical has lowered its revenue and EPS outlook for 2025. The company now projects revenues in the range of $900 million-$910 million (representing growth of 12-13% from 2024 levels), lowered from the prior outlook of $940 million-$955 million (representing growth of 17-19% from 2024 levels). The Zacks Consensus Estimate is pegged at $949.1 million. The company now expects its EPS for 2025 to be between 40 cents and 50 cents, lowered from the prior outlook of $2.20-$2.30. The Zacks Consensus Estimate is pegged at $2.26. Our Take on Inspire Medical Inspire Medical exited the second quarter of 2025 with better-than-expected results. The robust improvement of the top and bottom lines was impressive. Strength in year-over-year geographical revenues was promising. The increased market penetration and increased physician and patient awareness of the Inspire system during the reported quarter were encouraging. However, the gross margin contracted due to rising product costs. This does not bode well for the stock. Also, management's confirmation about the slower-than-expected progress of the U.S. commercial launch of Inspire V is worrying. Per management, this has resulted in the pushing forward of the timeline to complete the full transition to Inspire V, which will impact financial results for the year. INSP's Zacks Rank and Key Picks Inspire Medical currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space that have announced quarterly results are GE HealthCare Technologies Inc. GEHC, West Pharmaceutical Services, Inc. WST and Boston Scientific Corporation BSX. GE HealthCare, sporting a Zacks Rank #1 (Strong Buy), reported second-quarter 2025 adjusted EPS of $1.06, beating the Zacks Consensus Estimate by 16.5%. Revenues of $5.01 billion outpaced the consensus mark by 0.7%. You can see the complete list of today's Zacks #1 Rank stocks here. GE HealthCare has a long-term estimated growth rate of 5.8%. GEHC's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 12.5%. West Pharmaceutical reported second-quarter 2025 adjusted EPS of $1.84, beating the Zacks Consensus Estimate by 21.9%. Revenues of $766.5 million surpassed the Zacks Consensus Estimate by 5.4%. It currently flaunts a Zacks Rank #1. West Pharmaceutical has a long-term estimated growth rate of 8.4%. WST's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%. Boston Scientific reported second-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 4.2%. Revenues of $5.06 billion surpassed the Zacks Consensus Estimate by 3.5%. It currently carries a Zacks Rank #2 (Buy). Boston Scientific has a long-term estimated growth rate of 14%. BSX's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.1%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Boston Scientific Corporation (BSX) : Free Stock Analysis Report West Pharmaceutical Services, Inc. (WST) : Free Stock Analysis Report Inspire Medical Systems, Inc. (INSP) : Free Stock Analysis Report GE HealthCare Technologies Inc. (GEHC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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
