Naples-based hospital chain Health Management Associates Inc. said its third-quarter profit more than doubled as hospital admissions increased.
Net income rose to $25.4 million, or 10 cents per share, up from $10.8 million, or 4 cents per share, during the same period a year prior. Revenue rose 6 percent to $1.12 billion from $1.06 billion.
Analysts surveyed by Thomson Reuters expected profit of 9 cents per share on revenue of $1.13 billion.
Shares of Health Management closed Tuesday at $6.82, down 66 cents or 8.8 percent.
Among HMA’s national holdings are Physicians Regional Medical Center-Collier Boulevard and Physicians Regional Medical Center-Pine Ridge in Collier County and the Lehigh Regional Medical Center in Lee County.
In the second quarter, admissions adjusted for outpatient volume rose 7 percent. The company said late Monday that admissions rose as a result of its operating strategy focusing on emergency room operations, physician recruitment and service development.
Uninsured discounts, write-offs for charity or indigent care and money set aside to cover bad debts was 12.8 percent of revenue in the quarter, up from 11.3 percent in the year-ago quarter.