Tenet Healthcare Corporation (NYSE:THC) shares are down on Thursday as the company reported mixed first-quarter results.

Tenet Healthcare Q1 Results: Earnings Rise

The hospitals and healthcare facilities operator reported adjusted earnings of $4.82 per share, surpassing the consensus of $4.18. Sales reached $5.37 billion, missing the consensus of $5.39 billion.

Adjusted EBITDA was $1.162 billion compared to $1.163 billion a year ago, reflecting strong growth in same facility revenue and disciplined expense management offset by unfavorable payer mix due to lower exchange admissions.

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Ambulatory Care Segment net operating revenues increased 10.6% to $1.32 billion, driven by strong growth in consolidated same-facility net patient service revenues, acquisitions of facilities, and increased service lines.

Surgical business same-facility system-wide net patient service revenues increased 5.3%, with cases down 0.3% and net revenue per case up 5.6%. ...