Community Health Systems, Inc. CYH reported second-quarter 2021 adjusted net income of 23 cents per share, which compares favorably with the Zacks Consensus Estimate of a breakeven. The bottom line declined to nearly four-fold on a year-over-year basis.The company’s results gained momentum on the back of improved revenues and uptick in patient volumes. It benefited from the robust bounce back of non-COVID-19 patient volume as lesser number of COVID-19 cases were reported in the quarter under review. However, the quarterly result was partly offset by escalating operating costs.Quarterly Operational UpdateNet operating revenues of $3 billion climbed 19.4% year over year in the quarter under review attributable to increased admissions. The top line surpassed the consensus mark by 1.1%.In the second quarter, admissions and adjusted admissions rose 4.8% and 15.7%, respectively, from the prior-year quarter.As of Jun 30, 2021, number of licensed beds totaled 13,320, which dropped 14.4% year over year.The company’s adjusted EBITDA of $453 million almost came in line with the prior-year quarter’s figure.Total operating costs and expenses of $2.7 billion climbed 21.1% year over year mainly due to rise in supplies.In the quarter under review, interest expense, net fell 15.8% year over year to $219 million.Community Health Systems, Inc. Price, Consensus and EPS Surprise Community Health Systems, Inc. price-consensus-eps-surprise-chart | Community Health Systems, Inc. QuoteFinancial UpdateCommunity Health exited the second quarter with cash and cash equivalents of $1.3 billion, which slumped 25.4% from the level at 2020 end.Total assets as of Jun 30, 2021, were $15.5 billion, reflecting 3% fall from 2020-end level.As of Jun 30, 2021, the company’s long-term debt totaled $11.9 billion, which declined 1.4% from 2020-end level.For the six months ended Jun 30, 2021, net cash provided by operating activities of $280 million plunged to more than six-fold from the year-ago comparable period.2021 Outlook RevisedThis year, the company’s net operating revenues are now projected in the range of $11.9 billion to $12.3 billion compared with the prior guidance of $11.7-$12.5 billion.Adjusted EBITDA is estimated to lie within $1.7-$1.8 billion compared with the previous forecast of $1.65-$1.80 billion.Diluted net income per share is anticipated to be 60-80 cents in 2021, up from the prior outlook of 25-60 cents.Net interest expense is expected to lie in the range of $880 million to $900 million, lower than the previous guidance of $895-$905 million.Net cash provided by operating activities are forecast between $300 million and $400 million, up from the prior projection of $200-$300 million.The guidance for this year’s capex remained unchanged with the prior outlook.Zacks RankCommunity Health currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Medical Sector ReleasesOf the medical sector players that reported second-quarter results so far, the bottom line of Humana Inc. HUM, UnitedHealth Group Incorporated UNH and Universal Health Services, Inc. UHS beat the Zacks Consensus Estimate. 5 Stocks Set to Double Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UnitedHealth Group Incorporated (UNH): Free Stock Analysis Report Universal Health Services, Inc. (UHS): Free Stock Analysis Report Humana Inc. (HUM): Free Stock Analysis Report Community Health Systems, Inc. (CYH): Free Stock Analysis Report To read this article on Zacks.com click here.