Tenet Healthcare Corporation THC delivered second-quarter 2020 adjusted net earnings of $1.26 per share. The Zacks Consensus Estimate was of a loss of 99 cents per share. Further, the bottom line soared 125% year over year, mainly owing to operational performance in its business segments and lower expenses.The company faces substantial declines in elective procedures during April followed by an improvement in May and June.Quarterly Operational UpdateNet operating revenues of $3.6 billion decreased 20% year over year due to weak contribution from Hospital operations, Ambulatory and Conifer segments. Moreover, the top line missed the Zacks Consensus Estimate by 4.8% due to volatility in monthly volumes.The company reported net income from continuing operations of $88 million, comparing favorably with the year-ago quarter’s net income of $24 million. In the quarter under review, adjusted EBITDA was $732 million, up 9.4% year over year.Operating expenses fell 12.1% year over year to $3.4 billion.Tenet Healthcare Corporation Price, Consensus and EPS Surprise Tenet Healthcare Corporation price-consensus-eps-surprise-chart | Tenet Healthcare Corporation QuoteQuarterly Segmental DetailsHospital & OtherNet operating revenues of the Hospital Operations and Other segment totaled $3.08 billion, down 19.3% year over year. This was due to the impact of coronavirus, which shrank patient volumes.On a same-hospital basis, net patient revenues were $2.83 billion, down 20.2% year over year.Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $492 million surged 37% year over year.AmbulatoryThe Ambulatory segment generated net operating revenues of $368 million in the second quarter, down 29.8% year over year.Additionally, the segment reported adjusted EBITDA of $167 million, down 19.3% year over year.ConiferConifer’s revenues dropped 14.1% from the prior-year quarter to $305 million. This was primarily due to client attrition as a result of hospital divestitures by both Tenet and other customers along with the COVID-19 adversity on volumes.The segment reported $73 million of adjusted EBITDA in the quarter under review, down 29.1% year over year.2020 OutlookThe company withdrew its full-year guidance in April due to the COVID-19 impact on the economy.Financial PositionAs of Jun 30, 2020, Tenet Healthcare had cash and cash equivalents of $3.3 billion, up from $262 million at 2019 end.The company exited the second quarter with $15.7 billion of long-term debt, up 7.9% from the level at 2019 end.At the end of the second quarter, net cash provided by operating activities was $2.4 billion compared with $294 million in the year-ago period.Zacks RankTenet Healthcare currently has 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 already reported second-quarter results, earnings of UnitedHealth Group Inc. UNH, HCA Healthcare, Inc. HCA and Universal Health Services, Inc. UHS beat the respective Zacks Consensus Estimate.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>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 Tenet Healthcare Corporation (THC): Free Stock Analysis Report HCA Healthcare, Inc. (HCA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research