CARES Act money puts Beaumont in better financial position entering 2021

CARES Act money puts Beaumont in better financial position entering 2021

Beaumont on Monday said its operating revenue fell 2.6% year-over-year in 2020 to $4.58 billion Business News explorer – Search Regulatory news, RNS Search, via Company or code, Index, Industry Sector, Headline type, Release date and Source

Although surgeries, diagnostic services and emergency center visits are recovering at Beaumont Health, they have not returned to pre-pandemic levels whose revenue declines were offset last year because of federal assistance.

The Southfield-based health system and the largest in Michigan, however, is sitting better than in 2019: It ended the year with $3.49 billion in cash and investments, a 54% increase, and with more than 307 days of unrestricted cash, up 58%, because of $505 million in Medicare Advanced Payments, CARES Act payments and deferred payroll taxes in the year.

Beaumont on Monday said its operating revenue fell 2.6% year-over-year in 2020 to $4.58 billion as the eight-hospital organization had year-over-year volume decreases in inpatient discharges, observations, births, emergency visits, surgeries and physician encounters. The nonprofit’s net income fell almost 16% to $329.6 million. 

“The effects of the pandemic are expected to continue into 2021 as Beaumont has cared for more COVID-19 patients than any other health care system in Michigan,” John Kerndl, chief financial officer, said in a statement. “The Beaumont team remains focused on leading through the COVID-19 pandemic and providing low-cost, high-quality care as demonstrated by our designation of 19 national rankings by U.S. News and World Report.”

Cases of the novel coronavirus overwhelmed emergency rooms and intensive care units last spring. Meanwhile, hospitals hemorrhaged cash, laid off thousands of health professionals and eliminated hundreds of jobs as governments paused elective procedures, patients decreased their visits and personal protective equipment costs increased.

Beaumont’s net operating margins fell to 3.9% last year from 4.2% in 2019. It reported a $176.6 million net operating income, a 10% decrease. In November, the health system announced $140 million in compensation enhancements, including increasing its minimum wage to $15 per hour.

Congress last year passed the Coronavirus Aid, Relief, and Economic Security Act, a $2.2 trillion economic stimulus that provided $178 billion to hospitals and health-care providers on the front lines. The Biden administration currently is negotiating with Congress for another major relief package.

Beaumont received $387 million in CARES Act funding last year. Its non-operating income for 2020 totaled $162.7 million, a 21% decrease compared to 2019. Its total debt declined 3.3% to $1.47 billion.

This year, Beaumont continues to be a leader in COVID-19 vaccination efforts, having administered 100,000 doses to date. It also is handling testing for 60 Michigan employers and has stored up additional personal protective equipment for its employees.

bnoble@detroitnews.com

Twitter: @BreanaCNoble

Source: www.detroitnews.com


Highlights from the Ratings and Financial Report for COMSovereign Holding Corp. (COMS)

Highlights from the Ratings and Financial Report for COMSovereign Holding Corp. (COMS)

COMSovereign Holding Corp. (NASDAQ:COMS) went down by -5.10% from its latest closing price compared to the recent 1-year high of $11.07. The company’s stock price has collected 5.91% of gains in the last five trading sessions. Press Release reported on 02/12/21 that COMSovereign Holding Corp. Announces Closing of $27.6 Million Underwritten Offering of Common Stock Including Full Exercise of the Underwriter’s Over-Allotment Option

Plus, the 36-month beta value for COMS is at 2.09. Opinions of the stock are interesting as 0 analysts out of 1 who provided ratings for COMSovereign Holding Corp. declared the stock was a “buy,” while 0 rated the stock as “overweight,” 1 rated it as “hold,” and 0 as “sell.”

Sponsored

COMS currently public float of 22.70M and currently shorts hold a 0.32% ratio of that float. Today, the average trading volume of COMS was 1.17M shares.

COMS stocks went up by 5.91% for the week, with a monthly drop of -22.53% and a quarterly performance of -27.25%, while its annual performance rate touched 34.95%. The volatility ratio for the week stands at 18.06% while the volatility levels for the past 30 days are set at 14.55% for COMSovereign Holding Corp.. The simple moving average for the period of the last 20 days is 2.00% for COMS stocks with a simple moving average of -6.33% for the last 200 days.

After a stumble in the market that brought COMS to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -54.65% of loss for the given period.

During the last 5 trading sessions, COMS rose by +5.91%. In addition, COMSovereign Holding Corp. saw -16.33% in overturn over a single year, with a tendency to cut further losses.

Equity return is now at value -53.10, with -42.70 for asset returns.

Source: newsheater.com

Author: By Denise Gardner


News by ABERDEEN JAPAN INVESTMENT TRUST PLC Company or code - between 16 November 2020 and 16 February 2021 Time period News explorer

News by ABERDEEN JAPAN INVESTMENT TRUST PLC Company or code – between 16 November 2020 and 16 February 2021 Time period News explorer

15 February 2021

12:31:52

765.00

-2.55%

11 February 2021

16:18:28

765.00

-2.55%

08 February 2021

12:52:47

765.00

-2.55%

04 February 2021

17:13:32

765.00

-2.55%

02 February 2021

17:15:14

765.00

-2.55%

01 February 2021

14:41:14

765.00

-2.55%

01 February 2021

10:22:58

765.00

-2.55%

25 January 2021

14:33:39

765.00

-2.55%

25 January 2021

10:09:50

765.00

-2.55%

22 January 2021

17:00:05

765.00

-2.55%

18 January 2021

12:57:25

765.00

-2.55%

14 January 2021

10:45:07

765.00

-2.55%

13 January 2021

11:10:23

765.00

-2.55%

11 January 2021

11:50:16

765.00

-2.55%

05 January 2021

16:53:31

765.00

-2.55%

04 January 2021

15:09:20

765.00

-2.55%

04 January 2021

14:38:53

765.00

-2.55%

04 January 2021

10:40:54

765.00

-2.55%

30 December 2020

17:02:27

765.00

-2.55%

29 December 2020

16:55:01

765.00

-2.55%

Source: www.londonstockexchange.com


CARES Act money puts Beaumont in better financial position entering 2021

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