Universal Health reports Q4 adjusted EPS $3.02, consensus $2.96

Reports Q4 revenue $3.45B, consensus $3.4B. "Our financial statements for the three and twelve-month periods ended December 31, 2022, include a pre-tax provision for asset impairment of $57.6M, which is included in other operating expenses on the accompanying consolidated statements of income, to write-down the asset value of Desert Springs Hospital Medical Center, a 282-bed acute care hospital located in Las Vegas, Nevada. In early 2023, as a result of various competitive pressures and operational challenges experienced in the market, which had a significant unfavorable impact on the hospital’s results of operations during the past year, as well as physical plant constraints and limitations resulting from the advanced age of the facility, which opened in 1971, we announced plans to discontinue all inpatient operations by March of 2023. During the next two years, we plan to continue providing emergency department services within a portion of the existing facility while we construct a new free-standing emergency department on the hospital’s campus. The provision for asset impairment reduced the asset values of the facility’s real estate and equipment to their estimated fair values," the company stated.