Community Health Systems (CYH)

Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 85 affiliated hospitals in 16 states with an aggregate of approximately 14,000 licensed beds. The Company's headquarters are located in Franklin, Tennessee, a suburb south of Nashville.

Company profile

Wayne T. Smith
Fiscal year end
Former names
Abilene Clinic Asset Holding Company, LLC • Abilene Hospital, LLC • Abilene Merger, LLC • Access Center Services, LLC • Affinity Cardio-Thoracic Specialists, LLC • Affinity Cardiovascular Specialists, LLC • Affinity Gastroenterology ASC, LLC • Affinity Health Systems, LLC • Affinity Hospital, LLC • Affinity Orthopedic Specialists, LLC ...
IRS number

CYH stock data


28 Jul 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 346M 346M 346M 346M 346M 346M
Cash burn (monthly) 38M 75.33M (no burn) (no burn) (no burn) 21.42M
Cash used (since last report) 62.61M 124.11M n/a n/a n/a 35.28M
Cash remaining 283.39M 221.89M n/a n/a n/a 310.72M
Runway (months of cash) 7.5 2.9 n/a n/a n/a 14.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Aug 22 Wayne T Smith Common Stock Buy Acquire P No No 2.94 800,000 2.35M 4,059,196
1 Aug 22 Wayne T Smith Common Stock Buy Acquire P No No 3 200,000 600K 3,259,196
30 Jun 22 K Ranga Krishnan Common Stock Option exercise Acquire M No No 0 37,957 0 109,143
30 Jun 22 K Ranga Krishnan Stock Units (SU) Common Stock Grant Acquire A No No 3.75 8,666.667 32.5K 11,404.662
30 Jun 22 K Ranga Krishnan Stock Units (SU) Common Stock Option exercise Dispose M No No 0 37,957.011 0 2,737.995
2 Jun 22 James S. Ely III Common Stock Buy Acquire P No No 5 10,000 50K 301,299
1 Jun 22 Susan W Brooks RSU Common Stock Grant Acquire A No No 5 17,682 88.41K 17,682
1 Jun 22 Mark B Medley Common Stock Payment of exercise Dispose F No No 5 1,574 7.87K 58,135
1 Jun 22 James S. Ely III Common Stock Buy Acquire P No No 5.087 30,000 152.61K 291,299
31 May 22 James S. Ely III Common Stock Buy Acquire P No No 5.12 10,000 51.2K 261,299
92.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 217 213 +1.9%
Opened positions 41 21 +95.2%
Closed positions 37 38 -2.6%
Increased positions 93 82 +13.4%
Reduced positions 48 79 -39.2%
13F shares Current Prev Q Change
Total value 519M 1.33B -61.1%
Total shares 124.43M 113.3M +9.8%
Total puts 2.14M 2.25M -4.7%
Total calls 600.6K 824.4K -27.1%
Total put/call ratio 3.6 2.7 +30.8%
Largest owners Shares Value Change
BLK Blackrock 19.95M $74.81M +2.8%
Vanguard 9.47M $35.53M -9.0%
BEN Franklin Resources 8.5M $31.89M -19.0%
Eversept Partners 8.06M $30.23M +13.1%
Shanda Media 6.44M $61.48M 0.0%
D. E. Shaw & Co. 4.63M $17.35M +23.4%
STT State Street 4.48M $16.8M +7.6%
IVZ Invesco 4.4M $16.48M +84.4%
DG Capital Management 3.69M $13.85M +13.5%
Dimensional Fund Advisors 2.58M $9.69M -13.0%
Largest transactions Shares Bought/sold Change
Point72 Asset Management 193.2K -2.58M -93.0%
IVZ Invesco 4.4M +2.01M +84.4%
BEN Franklin Resources 8.5M -2M -19.0%
Soviero Asset Management 0 -1.8M EXIT
CastleKnight Management 2.09M +1.6M +329.5%
Aqr Capital Management 1.75M +1.49M +558.7%
FHI Federated Hermes 2.3M +1.43M +165.8%
Clough Capital Partners L P 0 -1.37M EXIT
MS Morgan Stanley 1.91M +1.28M +204.7%
Assenagon Asset Management 1.35M +1.03M +321.0%

Financial report summary

  • Risks Related to Our Business
  • Risks Related to Legal Proceedings
  • Risks Related to Government Regulation
  • Risks Related to Impairment
  • Risks Related to Cybersecurity and Technology
  • We may not be able to generate sufficient cash to service all of our indebtedness, and we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • We have a substantial amount of indebtedness under certain series of our outstanding notes and other debt scheduled to mature in close proximity to each other.
  • Restrictive covenants in the agreements governing our indebtedness may adversely affect us.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • If we default on our obligations to pay our indebtedness, or if we otherwise fail to comply with the various covenants in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing our indebtedness.
  • If we are unable to complete divestitures as we may deem advisable, our results of operations and financial condition could be adversely affected.
  • The impact of past acquisitions, as well as potential future acquisitions, could have a negative effect on our operations.
  • If we are unable to effectively compete, patients could use other hospitals and healthcare providers, and our business may otherwise be adversely impacted.
  • The failure to obtain our medical supplies at favorable prices could cause our operating results to decline.
  • If reimbursement rates paid by federal or state healthcare programs or commercial payors are reduced, if we are unable to maintain favorable contract terms with payors or comply with our payor contract obligations, if insured individuals move to insurance plans with greater coverage exclusions or narrower networks, or if insurance coverage is otherwise restricted or reduced, our net operating revenues may decline.
  • If we experience continued growth in self-pay volume and revenues or if we experience continued deterioration in the collectability of patient responsibility accounts, our financial condition or results of operations could be adversely affected.
  • The demand for services provided by our hospitals and affiliated providers can be impacted by factors beyond our control.
  • A future pandemic, epidemic or outbreak of an infectious disease in the markets in which we operate or that otherwise impacts our facilities could adversely impact our business.
  • Our performance depends on our ability to recruit and retain quality physicians.
  • Our performance and labor costs have been, and may continue to be, adversely affected by competitive labor market conditions and the shortage of qualified nurses.
  • The industry trend towards value-based purchasing may negatively impact our business.
  • Our revenues are somewhat concentrated in a small number of states which will make us particularly sensitive to regulatory and economic changes in those states.
  • We are the subject of various legal, regulatory and governmental proceedings that, if resolved unfavorably, could have an adverse effect on us, and we may be subject to other loss contingencies, both known and unknown.
  • In connection with the final auditing and reporting requirements to which we are subject under the terms of the CIA, we could become subject to further action by the OIG, which could include the imposition of civil monetary penalties and/or the extension of the term of the CIA.
  • If we fail to comply with extensive laws and government regulations, including fraud and abuse laws, we could suffer penalties or be required to make significant changes to our operations.
  • If there are delays in regulatory updates by governmental entities to federal and state healthcare programs, we may experience increased volatility in our operating results as such delays may result in a timing difference between when such program revenues are earned and when they become known or estimable for purposes of accounting recognition.
  • Security breaches, loss of data, and actual or perceived failures to comply with legal requirements regarding the privacy and security of health information or other regulated, sensitive or confidential information, or legal requirements regarding data privacy or data protection, and other cybersecurity incidents, could adversely affect our business, results of operations and financial condition.
  • If our adoption and utilization of electronic health record systems fails to satisfy HHS standards, our consolidated results of operations could be adversely affected, and we may be adversely affected by changing and more burdensome interoperability requirements.
  • State efforts to regulate the construction, acquisition or expansion of healthcare facilities could limit our ability to build or acquire additional healthcare facilities, renovate our facilities or expand the breadth of services we offer.
  • State efforts to regulate the sale of hospitals operated by municipal or not-for-profit entities could prevent us from acquiring these types of hospitals.
  • We may incur additional tax liabilities.
  • If the fair value of our reporting unit declines, a material non-cash charge to earnings from impairment of our goodwill could result.
  • A significant decline in operating results or other indicators of impairment at one or more of our facilities could result in a material, non-cash charge to earnings to impair the value of long-lived assets.
  • Our operations could be significantly impacted by interruptions or restrictions in access to our information systems.
  • If we fail to comply with our obligations under license or technology agreements with third parties, we may be required to pay damages and we could lose license rights that are critical to our business.
Management Discussion
  • Our hospitals offer a broad variety of inpatient and outpatient medical and surgical services. These include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic services, psychiatric and rehabilitation services. Historically, the strongest demand for hospital services generally occurs during January through April and the weakest demand for these services generally occurs during the summer months. Accordingly, eliminating the effects of new acquisitions and/or divestitures, our net operating revenues and earnings have generally been the highest during the first quarter and lowest during the third quarter.
  • Items (b) – (e) are metrics used to manage our performance. These metrics provide useful insight to investors about the volume and acuity of services we provide, which aid in evaluating our financial results.

Content analysis

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