Community Health Systems (NYSE:CYH) issued operating and financial report for the quarter and nine-months closed September 30, 2017. Net operating revenues for quarter closed September 30, 2017 came at $3.666 billion, a 16.3% drop, as against with $4.380 billion for the comparable period in 2016.
Commenting on the third quarter performance, Wayne T. Smith, the CEO and Chairman of Community Health Systems, expressed that several factors affected financial and operating results in Q3, including divestiture activity, extreme weather events and lower volumes. Irma and Hurricanes Harvey directly impacted operations at a considerable number of their hospitals, forcing evacuations at certain facilities and necessitating others to take remarkable measures to continue operational during these storms.
Smith stated that they are proud of the compassionate response and incredible effort of their hospital teams who associated to keep patients safe, assisted allow initial responders in their rescue goals, and offered immediate relief in the outcome of the hurricanes. The company and hospitals continue to offer recovery backing for their communities and for those staffs who witnessed personal losses as an outcome of the storms.
In times like these, they are reminded of the resilience and courage of their caregivers and how vital all hospitals are to the groups they serve. The CEO of Community Health Systems added that looking forward, they remain focused on strategic plans that they consider will yield positive outcome in the future. They have made remarkable progress in their portfolio rationalization measure with 30 hospital divestitures now done. The objective is to emerge from this procedure with a viable group of hospitals that are set for long-term growth and success.
In unrelated news, Community Health reported that its management participated in the Credit Suisse 26th Annual Healthcare Event held from November 6 to November 8, 2017 in Arizona.