0001108109false00011081092024-04-242024-04-24

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2024

 

 

COMMUNITY HEALTH SYSTEMS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-15925	13-3893191
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
4000 Meridian Boulevard
Franklin, Tennessee				37067
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 615 465-7000

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 par value		CYH		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

 

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The information contained in this Current Report on Form 8-K (including the exhibits hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 2.02 Results of Operations and Financial Condition.

On April 24, 2024, Community Health Systems, Inc. (the “Company”) announced operating results for the first quarter ended March 31, 2024. A copy of the press release making this announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

Item 7.01 Regulation FD Disclosure.

On April 24, 2024, the Company announced operating results for the first quarter ended March 31, 2024 in a press release attached as Exhibit 99.1 to this Current Report on Form 8-K which is incorporated by reference into this Item 7.01.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith:

Exhibit Number		Description
99.1		Community Health Systems, Inc. Press Release, dated April 24, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			COMMUNITY HEALTH SYSTEMS, INC.
Date:	April 24, 2024	By:	/s/ Tim L. Hingtgen
			Tim L. Hingtgen Chief Executive Officer and Director (principal executive officer)

 

		By:	/s/ Kevin J. Hammons
			Kevin J. Hammons President and Chief Financial Officer (principal financial officer)

 

		By:	/s/ Jason K. Johnson
			Jason K. Johnson Senior Vice President and Chief Accounting Officer (principal accounting officer)

 

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	Exhibit Number
	99.1

 

Investor Contact:	Kevin Hammons
	President and
	Chief Financial Officer
	(615) 465-7000

 

COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES FIRST QUARTER

ENDED MARCH 31, 2024 RESULTS

 

 

FRANKLIN, Tenn. (April 24, 2024) – Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months ended March 31, 2024.

 

Commenting on the results, Tim L. Hingtgen, chief executive officer of Community Health Systems, Inc., said, “We were pleased with our first quarter performance compared to both prior year and prior quarter. Progress was demonstrated on key operational and strategic priorities, and we remain focused on building further momentum as we pursue the opportunities available to us this year.”

 

The following highlights the financial and operating results for the three months ended March 31, 2024.

 

 

Three Months Ended March 31, 2024

 

Net operating revenues for the three months ended March 31, 2024, totaled $3.140 billion, a 1.0 percent increase compared to $3.108 billion for the same period in 2023. On a same-store basis, net operating revenues increased 5.7 percent for the three months ended March 31, 2024, compared to the same period in 2023. Net operating revenues for the three months ended March 31, 2024, reflect a 2.3 percent decrease in admissions and a 4.0 percent decrease in adjusted admissions, compared to the same period in 2023. On a same-store basis, admissions increased 3.8 percent and adjusted admissions increased 1.9 percent for the three months ended March 31, 2024, compared to the same period in 2023.

 

 

 

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Net loss attributable to Community Health Systems, Inc. stockholders was $(41) million, or $(0.32) per share (diluted), for the three months ended March 31, 2024, compared to $(51) million, or $(0.40) per share (diluted), for the same period in 2023. Excluding the adjusting items as presented in the table in footnote (e) on page 12, net loss attributable to Community Health Systems, Inc. stockholders was $(0.14) per share (diluted) for the three months ended March 31, 2024, compared to $(0.43) per share (diluted) for the same period in 2023.

 

Adjusted EBITDA for the three months ended March 31, 2024, was $378 million compared to $335 million for the same period in 2023.

 

The decrease in net loss attributable to Community Health Systems, Inc. stockholders and the increase in Adjusted EBITDA for the three months ended March 31, 2024, compared to the same period in 2023, are primarily due to increased reimbursement rates, a higher net benefit from supplemental reimbursement programs, reduced expense for contract labor and reductions in supplies expense.

 

Other

 

During 2024, through the date of this press release, the Company has not completed any hospital divestitures.

 

Financial and statistical data presented in this press release includes the operating results of divested or closed businesses for the periods prior to the consummation of the respective divestiture or closure. Same-store operating results and statistical information include operating results of businesses operated in the comparable current year and prior year periods and exclude businesses divested or closed in 2023.

 

Information About Non-GAAP Financial Measures

 

This press release presents Adjusted EBITDA, a non-GAAP financial measure, which is EBITDA adjusted to add back net income attributable to noncontrolling interests and to exclude loss (gain) from early extinguishment of debt, impairment and (gain) loss on sale of businesses, expense related to the Business Transformation Costs (as defined in footnote (c) to the Financial Highlights, Financial Statements and Selected Operating Data below), expense related to government and other legal matters and related costs, expense related to employee termination benefits and other restructuring charges, the impact of a change in estimate to increase the professional liability claims accrual recorded during the fourth quarter of 2022 with respect to claims incurred in prior years related to divested locations and the gain on sale by HealthTrust Purchasing Group, L.P. (“HealthTrust”) of a majority interest in CoreTrust Holdings, LLC (“CoreTrust”) completed during the fourth quarter of 2022. For information regarding why the Company believes Adjusted EBITDA provides useful information to investors, and for a reconciliation of Adjusted EBITDA to net loss attributable to Community Health Systems, Inc. stockholders, see footnote (c) to the Financial Highlights, Financial Statements and Selected Operating Data below.

 

Additionally, this press release presents adjusted net loss attributable to Community Health Systems, Inc. stockholders per share (diluted), a non-GAAP financial measure, to reflect the impact on net loss attributable to Community Health Systems, Inc. stockholders per share (diluted) from the selected items used in the calculation of Adjusted EBITDA. For information regarding why the Company believes this non-GAAP financial measure provides useful information to investors, and for a reconciliation of this non-GAAP financial measure to net loss attributable to Community Health Systems, Inc. stockholders per share (diluted), see footnote (e) to the Financial Highlights, Financial Statements and Selected Operating Data below.

 

 

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The non-GAAP financial measures set forth above are not measurements of financial performance under U.S. GAAP, and should not be considered in isolation or as a substitute for any financial measure calculated in accordance with U.S. GAAP. Additionally, the calculation of these non-GAAP financial measures may not be comparable to similarly titled measures disclosed by other companies.

 

The Company’s annual earnings guidance for 2024, as provided in our press release issued on February 20, 2024, is reaffirmed. The 2024 guidance is based on the Company’s historical operating performance, current trends and other assumptions the Company believes are reasonable. Assumptions underlying the annual earnings guidance as provided in our press release issued on February 20, 2024 are unchanged.

 

About Community Health Systems, Inc.

 

Community Health Systems, Inc. is one of the nation’s largest healthcare companies. The Company’s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of April 24, 2024, the Company’s subsidiaries own or lease 71 affiliated hospitals with approximately 12,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers.

 

The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.

 

Community Health Systems, Inc. will hold a conference call on Thursday, April 25, 2024 at 10:00 a.m. Central, 11:00 a.m. Eastern, to review financial and operating results for the first quarter ended March 31, 2024. Investors will have the opportunity to listen to a live internet broadcast of the conference call by clicking on the Investor Relations link of the Company’s website at www.chs.net. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available for approximately 30 days. Copies of this press release and conference call slide show, as well as the Company’s Current Report on Form 8-K (including this press release), will be available on the Company’s website at www.chs.net.

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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Financial Highlights (a)(b)

(In millions, except per share amounts)

(Unaudited)

 

	Three Months Ended
	March 31,
	2024					2023
Net operating revenues	$		3,140			$		3,108
Net loss (f)			(6	)				(20	)
Net loss attributable to Community Health    Systems, Inc. stockholders			(41	)				(51	)
Adjusted EBITDA (c)			378					335
Net cash provided by operating activities			96					5
Loss per share attributable to Community    Health Systems, Inc. stockholders:
Basic (f)	$		(0.32	)		$		(0.40	)
Diluted (e), (f)			(0.32	)				(0.40	)
Weighted-average number of shares outstanding (d):
Basic			131					130
Diluted			131					130

 

For footnotes, see pages 10, 11 and 12.

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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Loss (a)(b)

(In millions, except per share amounts)

(Unaudited)

 

	Three Months Ended March 31,
	2024										2023
						% of Net										% of Net
						Operating										Operating
	Amount					Revenues					Amount					Revenues
Net operating revenues	$		3,140				100.0		%		$		3,108				100.0		%
Operating costs and expenses:
Salaries and benefits			1,368				43.5		%				1,365				43.9		%
Supplies			487				15.5		%				507				16.3		%
Other operating expenses			845				26.9		%				835				26.9		%
Lease cost and rent			77				2.5		%				81				2.6		%
Depreciation and amortization			115				3.7		%				132				4.2		%
Impairment and (gain) loss on sale of businesses, net (f)			17				0.5		%				(22	)			(0.7	)	%
Total operating costs and expenses			2,909				92.6		%				2,898				93.2		%
Income from operations (f)			231				7.4		%				210				6.8		%
Interest expense, net			211				6.8		%				207				6.7		%
Equity in earnings of unconsolidated affiliates			(2	)			(0.1	)	%				(3	)			(0.1	)	%
Income before income taxes			22				0.7		%				6				0.2		%
Provision for income taxes			28				0.9		%				26				0.8		%
Net loss (f)			(6	)			(0.2	)	%				(20	)			(0.6	)	%
Less: Net income attributable to noncontrolling interests			35				1.1		%				31				1.0		%
Net loss attributable to Community Health    Systems, Inc. stockholders	$		(41	)			(1.3	)	%		$		(51	)			(1.6	)	%
Loss per share attributable to Community Health    Systems, Inc. stockholders:
Basic (f)	$		(0.32	)							$		(0.40	)
Diluted (e), (f)	$		(0.32	)							$		(0.40	)
Weighted-average number of shares outstanding (d):
Basic			131										130
Diluted			131										130

 

For footnotes, see pages 10, 11 and 12.

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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

(In millions)

(Unaudited)

 

	Three Months Ended
	March 31,
	2024					2023
Net loss	$		(6	)		$		(20	)
Other comprehensive (loss) income, net of income taxes:
Net change in fair value of available-for-sale debt    securities, net of tax			(2	)				3
Other comprehensive (loss) income			(2	)				3
Comprehensive loss			(8	)				(17	)
Less: Comprehensive income attributable to    noncontrolling interests			35					31
Comprehensive loss attributable to Community    Health Systems, Inc. stockholders	$		(43	)		$		(48	)

 

For footnotes, see pages 10, 11 and 12.

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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Selected Operating Data (a)

(Dollars in millions)

(Unaudited)

 

		Three Months Ended March 31,
		Consolidated												Same-Store
		2024				2023				% Change				2024				2023				% Change
Number of hospitals (at end of period)			71				79								71				71
Licensed beds (at end of period)			11,866				12,750								11,866				11,924
Beds in service (at end of period)			10,066				10,858								10,066				10,125
Admissions			107,055				109,624				-2.3	%			107,055				103,172				3.8	%
Adjusted admissions			236,109				245,883				-4.0	%			236,113				231,625				1.9	%
Patient days			493,824				507,925								493,824				479,168
Average length of stay (days)			4.6				4.6								4.6				4.6
Occupancy rate (average beds in service)			53.9	%			51.9	%							53.9	%			52.6	%
Net operating revenues		$	3,140			$	3,108				1.0	%		$	3,140			$	2,970				5.7	%
Net inpatient revenues as a % of net operating
revenues			48.4	%			47.1	%							48.4	%			47.0	%
Net outpatient revenues as a % of net operating
revenues			51.6	%			52.9	%							51.6	%			53.0	%
Income from operations (f)		$	231			$	210				10.0	%
Income from operations as a % of net    operating revenues			7.4	%			6.8	%
Depreciation and amortization		$	115			$	132
Equity in earnings of unconsolidated affiliates		$	(2	)		$	(3	)
Net loss attributable to Community
Health Systems, Inc. stockholders		$	(41	)		$	(51	)			19.6	%
Net loss attributable to Community
Health Systems, Inc. stockholders as a %
of net operating revenues			-1.3	%			-1.6	%
Adjusted EBITDA (c)		$	378			$	335				12.8	%
Adjusted EBITDA as a % of net    operating revenues			12.0	%			10.8	%
Net cash provided by operating activities		$	96			$	5				1820.0	%

 

For footnotes, see pages 10, 11 and 12.

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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In millions, except share data)

(Unaudited)

 

		March 31, 2024					December 31, 2023
ASSETS
Current assets
Cash and cash equivalents		$		48			$		38
Patient accounts receivable				2,194					2,231
Supplies				329					328
Prepaid income taxes				34					76
Prepaid expenses and taxes				263					260
Other current assets				307					275
Total current assets				3,175					3,208
Property and equipment				9,607					9,511
Less accumulated depreciation and amortization				(4,388	)				(4,304	)
Property and equipment, net				5,219					5,207
Goodwill				3,957					3,958
Deferred income taxes				29					29
Other assets, net				2,037					2,053
Total assets		$		14,417			$		14,455
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Current maturities of long-term debt		$		34			$		21
Current operating lease liabilities				115					124
Accounts payable				941					912
Accrued liabilities:
Employee compensation				504					571
Accrued interest				207					160
Other				335					354
Total current liabilities				2,136					2,142
Long-term debt (g)				11,533					11,466
Deferred income taxes				354					369
Long-term operating lease liabilities				546					563
Other long-term liabilities				726					739
Total liabilities				15,295					15,279
Redeemable noncontrolling interests in equity of consolidated subsidiaries				329					323
STOCKHOLDERS’ DEFICIT
Community Health Systems, Inc. stockholders’ deficit:
Preferred stock, $.01 par value per share, 100,000,000 shares authorized; none issued				-					-
Common stock, $.01 par value per share, 300,000,000 shares authorized; 138,966,388    shares issued and outstanding at March 31, 2024, and 136,774,911    shares issued and outstanding at December 31, 2023				1					1
Additional paid-in capital				2,192					2,185
Accumulated other comprehensive loss				(16	)				(14	)
Accumulated deficit				(3,605	)				(3,564	)
Total Community Health Systems, Inc. stockholders’ deficit				(1,428	)				(1,392	)
Noncontrolling interests in equity of consolidated subsidiaries				221					245
Total stockholders’ deficit				(1,207	)				(1,147	)
Total liabilities and stockholders’ deficit		$		14,417			$		14,455

 

For footnotes, see pages 10, 11 and 12.

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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

 

	Three Months Ended March 31,
	2024					2023
Cash flows from operating activities
Net loss	$		(6	)		$		(20	)
Adjustments to reconcile net loss to net cash provided by    operating activities:
Depreciation and amortization			115					132
Deferred income taxes			(14	)				7
Stock-based compensation expense			6					6
Impairment and (gain) loss on sale of businesses, net (f)			17					(22	)
Other non-cash expenses, net			33					42
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures:
Patient accounts receivable			39					(2	)
Supplies, prepaid expenses and other current assets			(40	)				(50	)
Accounts payable, accrued liabilities and income taxes			(13	)				(32	)
Other			(41	)				(56	)
Net cash provided by operating activities			96					5
Cash flows from investing activities
Acquisitions of facilities and other related businesses			(1	)				(8	)
Purchases of property and equipment			(93	)				(122	)
Proceeds from disposition of hospitals and other ancillary operations			-					92
Proceeds from sale of property and equipment			1					5
Purchases of available-for-sale debt securities and equity securities			(4	)				(26	)
Proceeds from sales of available-for-sale debt securities and equity securities			12					61
Purchases of investments in unconsolidated affiliates			(4	)				(5	)
Increase in other investments			(10	)				(16	)
Net cash used in investing activities			(99	)				(19	)
Cash flows from financing activities
Repurchase of restricted stock shares for payroll tax withholding requirements			(2	)				(4	)
Proceeds from noncontrolling investors in joint ventures			-					2
Redemption of noncontrolling investments in joint ventures			-					(1	)
Distributions to noncontrolling investors in joint ventures			(50	)				(44	)
Other borrowings			17					29
Proceeds from ABL Facility			933					815
Repayments of long-term indebtedness			(885	)				(757	)
Net cash provided by financing activities			13					40
Net change in cash and cash equivalents			10					26
Cash and cash equivalents at beginning of period			38					118
Cash and cash equivalents at end of period	$		48			$		144

 

For footnotes, see pages 10, 11 and 12.

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Footnotes to Financial Highlights, Financial Statements and Selected Operating Data

 

	Three Months Ended
	March 31,
	2024					2023
Net loss attributable to Community Health Systems, Inc. stockholders:
Net loss	$		(6	)		$		(20	)
Less: Income attributable to noncontrolling interests, net of taxes			35					31
Net loss attributable to Community Health Systems, Inc.    stockholders — basic and diluted	$		(41	)		$		(51	)

 

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Footnotes to Financial Highlights, Financial Statements and Selected Operating Data (Continued)

The Company believes it is useful to provide investors and other users of the Company’s financial statements this performance measure to align with how management assesses the Company’s results of operations. Adjusted EBITDA also is comparable to a similar metric called Consolidated EBITDA, as defined in the Company’s asset-based loan facility (the “ABL Facility”) and the Company’s existing note indentures, which is a key component in the determination of the Company’s compliance with certain covenants under the ABL Facility and such note indentures (including the Company’s ability to service debt and incur capital expenditures), and is used to determine the interest rate and commitment fee payable under the ABL Facility (although Adjusted EBITDA does not include all of the adjustments described in the ABL Facility). Adjusted EBITDA includes the Adjusted EBITDA attributable to hospitals that were divested during the course of such year, but in each case solely to the extent relating to the period prior to the consummation of the applicable divestiture.

Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP. It should not be considered in isolation or as a substitute for net income, operating income, or any other performance measure calculated in accordance with U.S. GAAP. The items excluded from Adjusted EBITDA are significant components in understanding and evaluating financial performance. The Company believes such adjustments are appropriate as the magnitude and frequency of such items can vary significantly and are not related to the assessment of normal operating performance. Additionally, this calculation of Adjusted EBITDA may not be comparable to similarly titled measures disclosed by other companies.

The following table reflects the reconciliation of Adjusted EBITDA, as defined, to net loss attributable to Community Health Systems, Inc. stockholders as derived directly from the condensed consolidated financial statements (in millions):

 

		Three Months Ended
		March 31,
		2024					2023
Net loss attributable to Community Health
Systems, Inc. stockholders		$		(41	)		$		(51	)
Adjustments:
Provision for income taxes				28					26
Depreciation and amortization				115					132
Net income attributable to noncontrolling interests				35					31
Interest expense, net				211					207
Impairment and (gain) loss on sale of businesses, net				17					(22	)
Expense from government and other legal matters    and related costs				-					10
Expense from business transformation costs				13					-
Expense related to employee termination benefits    and other restructuring charges				-					2
Adjusted EBITDA		$		378			$		335

 

 

		Three Months Ended
		March 31,
		2024				2023
Weighted-average number of shares outstanding - basic			131				130
Add effect of dilutive securities:
Stock awards and options			-				-
Weighted-average number of shares outstanding - diluted			131				130

 

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Footnotes to Financial Highlights, Financial Statements and Selected Operating Data (Continued)

 

The Company generated a net loss attributable to Community Health Systems, Inc. stockholders for the three months ended March 31, 2024 and 2023, so the effect of dilutive securities is not considered because their effect would be antidilutive. If the Company had generated net income, the effect of stock awards and options on the diluted shares calculation would have been an increase of 443,799 shares and 468,193 shares during the three months ended March 31, 2024 and 2023, respectively.

 

	Three Months Ended
	March 31,
	2024				2023
Net loss per share (diluted), as reported	$	(0.32	)		$	(0.40	)
Adjustments:
Impairment and (gain) loss on sale of businesses, net		0.10				(0.11	)
Expense from government and other legal matters and related costs		-				0.06
Expense from business transformation costs		0.08				-
Expense related to employee termination benefits and other    restructuring charges		-				0.01
Net loss per share (diluted), excluding adjustments	$	(0.14	)		$	(0.43	)

 

 

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this press release other than statements of historical fact, including statements regarding projections, expected operating results, and other events that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” and similar expressions, are forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond the control of the Company. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. A number of factors could affect the future results of the Company or the healthcare industry generally and could cause the Company’s expected results to differ materially from those expressed in this press release.

These factors include, among other things:

 

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The consolidated operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be experienced for any future periods. The Company cautions that the reaffirmation of our guidance for calendar year 2024 (which guidance was originally included in our February 20, 2024 press release) as set forth herein is based on currently available information. The Company undertakes no obligation to revise or update any forward-looking statements (including such guidance), or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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