Shares of healthcare services provider Community Health Systems (NYSE:CYH) are soaring higher today on the back of a strong fourth-quarter showing.
Revenue declined by 2.8% year-over-year to $3.14 billion, missing the cut by $20 million. EPS at $1.50, on the other hand, outpaced expectations by a whopping $1.18. During the quarter, admissions increased by 4.4%, and adjusted admissions increased by 8.2% on a same-store basis.
Further, in Q4, CYH pared down its debt by about $378 million. Looking ahead, for 2023, the company now sees top-line landing between $12.2 billion and $12.6 billion. Net loss per share is expected to hover between $0.65 and $0.05.
Overall, Wall Street has a consensus price target of $4.98 on CYH, implying shares may be fairly priced at the current level. That’s after a nearly 46% surge in the share price over the past six months.
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