Universal Health Services Inc. UHS reported first-quarter 2018 adjusted earnings of $2.45 per share, missing the Zacks Consensus Estimate by 5.4%. However, the bottom line grew 17% year over year.Net revenues increased 2.9% year over year to $2.7 billion. However, the top line lagged the Zacks Consensus Estimate by 2%.Total operating expenses of $2.4 billion at the end of the first quarter also increased 4.2% year over year.Segment UpdateAcute Care Hospitals:Adjusted admissions and adjusted patient days increased 2.3% and 5.4%, respectively, from the prior-year quarter. Net revenues (on a same facility basis) climbed 3.7% in the first quarter.Behavioral hospitals:On a same facility basis, adjusted admissions increased 1.6% while adjusted patient days declined 0.4%, both on a year-over-year basis. Net revenues increased 3% during the quarter under review on a same facility basis.Universal Health Services, Inc. Price, Consensus and EPS Surprise Universal Health Services, Inc. Price, Consensus and EPS Surprise | Universal Health Services, Inc. Quote Financial UpdateAs of Mar 31, 2018, the company had cash and cash equivalents of nearly $73 million, down 1.3% from year-end 2017.Total assets were $11 billion as of Mar 31, 2018, up 2.4% from year-end 2017.The company managed to lower its debt burden, evident from its long-term debt of $3.4 billion as of Mar 31, 2018, which declined 4% from year-end 2017.For the first three months of2018, net cash provided by operating activities totaled $364 million, down 24.7% year over year. Buyback ProgramIn November 2017, the board of directors authorized a $400-million increase in Universal Health’s stock repurchase program, raising the aggregate authorization to $1.2 billion from the previous $800 million approved in 2016 and 2014. Concurrently, during the first quarter, the company repurchased 42,000 shares at an aggregate cost of $4.6 million.Zacks Rank & Performance of PeersUniversal Health currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Among other players in the Medical sector having reported first-quarter earnings so far, Novartis AG NVS, UnitedHealth Group Incorporated UNH and Abbott Laboratories ABT surpassed the respective Zacks Consensus Estimate.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.Click here for the 6 trades >>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 Novartis AG (NVS): Free Stock Analysis Report Abbott Laboratories (ABT): Free Stock Analysis Report UnitedHealth Group Incorporated (UNH): Free Stock Analysis Report Universal Health Services, Inc. (UHS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research