Universal Health Services falls after cut in FY profit forecast
BUZZ-Universal Health Services falls after cut in FY profit forecast ** Shares of hospital operator Universal Health Services UHS.N fall 7.1% to $154 in extended trading
** The company cut its full-year adjusted earnings forecast to a range of $22.28 and $23.65 per share, down from its previous projection of $22.64 to $24.52 per share
** Co says the revised forecast reflects the changes in Medicaid supplemental payment programs, which provide hospitals with reimbursements above standard Medicaid payment rates and help fund care for low-income patients
** UHS reported an adjusted profit of $5.98 per share for the second quarter, beating analysts' estimates of $5.96 per share, according to data compiled by LSEG
** During the quarter, net revenue rose 8.3% to $4.64 billion, from $4.25 billion in the same quarter last year, beating estimates of $4.58 billion
** UHS stock down 26% YTD
(Reporting by Padmanabhan Ananthan)