In addition to exceeding its financial forecast, a national search will seek to replace its longtime CEO, who is retiring this year.
January 20, 2023 – Jeff Lagasse, Associate Editor –
Tenet Healthcare, a 61-hospital health system based in Dallas, said it expects to exceed the midpoint of its latest FY22 Adjusted EBITDA outlook range included in its third quarter 2022 earnings release. The system also announced key leadership updates meant to support long-term business performance.
Although Tenet’s financial statement close process is not yet fully completed, the company anticipates its adjusted EBITDA, excluding any fourth quarter stimulus grant income related to the pandemic, will be slightly above the midpoint of its Adjusted EBITDA guidance of $3.425 billion for the year ended December 31, 2022.
“Our business units continued to demonstrate effective management capabilities and delivered strong results in the fourth quarter,” said Tenet CEO Dr. Saum Sutaria by statement. “All three of our business units are expected to produce Adjusted EBITDA excluding grant income that was at or slightly above the midpoint of our guidance. We look forward to providing more details in a few weeks along with sharing plans to support a successful 2023.”
WHAT’S THE IMPACT
Tenet also announced a number of leadership updates.
They include the retirement of executive vice president and chief financial officer Daniel Cancelmi at the end of this year. A national search is ongoing to identify a high-performing successor, said Tenet. The successor will be directly mentored and on-boarded by Cancelmi as part of the transition process.
