HCA to return $6 billion COVID-19 relief funding; sees third-quarter revenue ahead of estimates

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Shares of the company jumped 8% to $142.50 in extended trade, after HCA said returning taxpayers’ dollars was “the socially responsible thing to do” as the initial immediacy of the emergency had passed.

HCA said it expects to repay the relief fund from available cash and future cash flows from operations. The hospital operator had $4.64 billion in cash and cash equivalents as of the second quarter.

The company expects third-quarter revenue to grow to $13.30 billion from $12.69 billion a year earlier. Analysts expect revenue of $12.67 billion in the quarter, according to IBES estimates from Refinitiv.

The company expects to report its third-quarter results on or after Oct. 26.