HCA Healthcare Inc. shares HCA, -21.82% slid 10.6% in premarket trade Friday, after the operator of hospitals and walk-in centers missed revenue estimates for the first quarter and lowered its guidance, hurt by inflation and rising costs. The company posted net income of $1.273 billion, or $4.14 a share, for the quarter, compared with $1.423 billion, or $4.14 a share, in the year-earlier period, missing the $4.25 FactSet consensus. Revenue rose to $14.945 billion from $13.997 billion a year ago, ahead of the $14.720 billion FactSet consensus. “We had a number of positive volume and revenue indicators,” Chief Executive Sam Hazen said in a statement. “Unfortunately, they were offset by higher than expected inflationary pressures on labor costs.” Same-facility admissions rose 2.1% in the quarter and same facility equivalent admissions rose 5%. Same facility emergency room visits rose 14.6%, and same facility inpatient surgeries rose 0.8%, while same facility outpatient surgeries rose 6.8%. HCA lowered its full-year guidance and now sees revenue of $59.5 billion to $61.5 billion compared with guidance offered in January of $60.0 billion to $62.0 billion. It expects EPS to range from $16.40 to $17.60 compared with January guidance of $18.40 to $19.20. Shares have gained 34% in the last 12 months, while the S&P 500 SPX, -2.77% has gained 6%.
