Bank of America's "Traffic Signals" report analyzed April foot traffic data for hospital companies. Results were positive for Tenet Healthcare and neutral for HCA Healthcare.
The report uses Placer.ai foot traffic data as a real-time proxy for hospital volumes, showing a 90% correlation over 27 quarters.
Second-quarter foot traffic year-over-year growth is above consensus for THC, but below consensus for HCA, Universal Health Services (UHS), and Acadia Healthcare (ACHC). April saw acceleration for THC (up 290 bps) and HCA (up 80 bps).
Implied Q2 volume growth: THC 3.5% (consensus 1.3%), HCA 2.1% (consensus 2.1%), ACHC 1.1% (consensus 4.6%), UHS 0.0% (consensus 2.1%). Average implied growth is 1.7% vs 2.5% consensus.
April year-over-year foot traffic: HCA +1.3%, THC +3.8%, UHS -7.3%, ACHC -0.2%.
This article was AI-generated and reviewed by an editor. See our T&C for more info.
