Ardent Health reported third‑quarter 2025 revenue of $1.58 billion, an 8.8 % increase from the $1.45 billion earned in the same period last year. The jump was driven by a 5.8 % rise in admissions and a 5.8 % lift in net patient service revenue per adjusted admission to $17,252, reflecting sustained demand in its core mid‑sized urban markets.
The company posted a net loss attributable to Ardent Health of $23 million, translating to a loss of $0.17 per share versus the consensus estimate of $0.40–$0.42 per share. The loss was largely driven by a $43 million accounts‑receivable adjustment related to a change in collectability assessment techniques, higher payor denials, and rising labor costs. These headwinds offset the revenue growth and the 46.3 % increase in adjusted EBITDA to $143 million.
Ardent reaffirmed its full‑year 2025 revenue guidance at $6.20–$6.45 billion but lowered its adjusted EBITDA guidance to $530–$555 million, a reduction from the prior $575–$615 million range. The company also cut its FY2025 GAAP earnings‑per‑share guidance, reflecting management’s concern about continued payer mix deterioration and labor‑cost inflation. The guidance cut signals caution despite the revenue beat.
The earnings miss and guidance reduction triggered a sharp market reaction, with the stock falling 33.1 % in after‑hours trading. Investors focused on the earnings surprise and the lower profitability outlook, which outweighed the positive revenue beat.
Compared with Q3 2024, when Ardent earned $26 million ($0.19 per share), the current quarter’s loss highlights a reversal in profitability momentum. The company’s adjusted EBITDA margin expanded to 9.1 % from 6.7 % in Q3 2024, indicating that operational efficiencies are improving even as net income turns negative.
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