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1、2March2020EquityResearchAmericas
2、UnitedStatesHospitalManagementQ4Recap:HospitalsFinish2019onaStrongNote;Politics/CoronavirusCloudYearAheadHealthcareFacilities
3、Quarterly■SolidResultsforHospitalsinQ4:AllfourhospitalcompaniesinourcoveragereportedResearchAnalystsEBITDAaheadofconsestsf
4、or4Q19.ThepercentageEBITDAbeatwas3.7%forCYH,2.9%forHCA,1.0%forTHC,and0.4%forUHS.THChadthestrongestEBITDAA.J.RicegrowthY/Yof17.7%,followedbyHCAat9.2%,CYHat6.7%,andUHSat2.2%.2123258134aj.rice@credit-suisse.com■VolsDecelerate,PricingAccelerates:InQ4,hospitalsreptdSSinpatientadmitgrow
5、thof2.2%,onavg(vs.4.0%in3Q19and0.4%in4Q18).HCAhadthestrongestgrowthinCalebHarris,CPASSadmissionsat4.7%,followedbyTHCat2.6%.HospitalsreportedSSadjadmitgrowth2123257458caleb.harris@credit-suisse.comof2.7%Y/Y,onavg,in4Q19(vs.4.5%in3Q19and0.9%in4Q18).HCAhadthestrongestSSadjadmitgrowth
6、at5.0%,followedbyUHSat2.1%,THCat1.9%,andEduardoRonCYHat1.8%.FluhadminimalimpactoninpatientactivityinQ4,withsomebenefitto2123257491outpatientvols.HospitalsreportedaY/Yincreaseinnetrevperadjadmissionof2.9%,oneduardo.ron@credit-suisse.comavg,in4Q19(vs.1.8%in3Q19and2.5%in4Q18).UHShadt
7、hestrongestpricingAlexanderKhangrowthat5.3%,followedbyTHCat3.2%,CYHat1.9%,andHCAat1.1%.2123257714■HospitalStockPerformance:YTDin2020,individualhospitalstockperformancehasalexander.khan@credit-suisse.comdiverged.CYHisupthemostYTD(+70%).ThestockralliedasCYHwasabletopushoffitsdebtmat
8、urities($231mlnduein2022and$5.445blnin2023).Theotherthreehospitalswithinourcoverage(HCA,UHS,&THC)aredownYTD(-19.6%,onavg).WhileQ4and2020guidanceplayedoutlargelyasexpectedforthesenames,thestockshavebeenrelativelyweakgivenpoliticaluncertainty(electionandMedicare-for-Allconcerns),asw
9、ellasconcernsrelatedtothecoronavirusanditspotentialimpactonthehealthcaresystemandthemarketoverall.THChasdeclinedbymore(down30.9%YTD)givenitshighfinancialleverage.HCAandUHSaretheleast-leveredhospitalnamesandaredown14.1%and13.7%,respectively.■Thoughtson2020:Guidancefromthehospitalco
10、mpanieswasgenerallyinlinewithcons
