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13:00
Jul 28 ◎

UHS FY2026 Q2 Watch

Universal Health Services, Inc. (UHS) FY2026 Q2 Earnings Call

ACHC CNC HUM TALK UHS ▾

Steve Filton

UHS's investment in Talkspace to capture step-down volume could put competitive pressure on other behavioral health providers, though not explicitly named.

"what we've talked about, I think, in previous calls, Craig, is that one of the things that, or maybe a couple of things that limit our ability to capture, particularly the step-down business"

ACHC WATCH

Steve Filton

UHS saw a one-for-one shift from exchange volumes to self-pay volumes, indicating that most patients losing exchange coverage are becoming uninsured. — This suggests the effective subsidy cliff is creating pure self-pay churn rather than conversion to other commercial products, a worse outcome for insurers exposed to the exchange market.

"the decline in exchange volumes was offset almost on a direct one-for-one basis to an increase in self-pay volumes. So it felt like virtually everyone who lost their exchange coverage became an uninsured patient."

CNC WATCH HUM WATCH

Marc Miller

UHS sees Talkspace as the key to expanding its outpatient behavioral health footprint and driving volume growth, creating an end-to-end continuum of care.

"Talkspace represents not only a unique opportunity for us to accelerate our presence in the outpatient market, but also creates the nation's first end-to-end continuum of behavioral healthcare services"

TALK WATCH

Steve Filton

Guidance was lowered by $50 million at the midpoint due to several one-off and ongoing headwinds (liability reserves, the San Antonio facility, slower de novo ramp), but these are partially offset by a larger supplemental payment benefit. The tone is cautious and mixed, with management highlighting both strengths and ongoing challenges.

"At a high level, we include approximately $150 million of additional Medicaid supplemental net benefit for the full year that is offset by approximately $200 million of adverse items not originally contemplated in our outlook."

UHS WATCH

HIGH

13:00
Apr 28 ◎

UHS FY2026 Q1 Watch

Universal Health Services, Inc. (UHS) FY2026 Q1 Earnings Call

TALK UHS ▾

Mark Miller

UHS is acquiring Talkspace to create an end-to-end behavioral continuum, accelerating its outpatient strategy.

"Talkspace is an established market leader in virtual outpatient behavioral health care with a network of 6,000 licensed professionals serving all 50 states."

TALK WATCH

Steve Filton

Guidance is reaffirmed. Core growth is expected to ramp as volumes recover from weather/flu and new capacity comes online.

"Turning to our outlook for 2026, we are reiterating the financial and operating forecast that we established on February 25th in conjunction with fourth quarter earnings."

UHS WATCH

HIGH

14:00
Feb 26 ◎

UHS FY2025 Q4 Watch

Universal Health Services, Inc. (UHS) FY2025 Q4 Earnings Call

UHS ▾

Steve Filton

Management's guidance for 2026 implies continued growth despite notable headwinds, with expectations for volume recovery in both segments and improving margins.

"We're pleased to share a positive growth outlook for 2026, which assumes core growth from our consolidated operations of approximately 5%."

UHS WATCH

HIGH

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