Ardent Health reclassifies Martin J. Bonick's departure as termination for cause

Ardent Health is acquiring Boone Health, a Missouri nonprofit, for $47M in cash, with a $200M capital commitment. The deal, expected to close in Q1 2027, expands Ardent's market and is projected to generate $5M-$10M in additional EBITDA in the first year, with $30M in annual synergies after three years. Boone Health has about 30% market share and $500M in annual revenue.

Boone Health, a Missouri-based hospital system, has been acquired by Ardent Health, a Tennessee-based health care network. The deal includes a $200M capital commitment over 10 years. Boone Health had operated independently since 2021. Ardent Health is a publicly-traded company that went public in 2024.

BofA Securities raised its price target on Ardent Health Partners (ARDT) to $14 from $12, citing the company's acquisition of Boone Health. The stock trades at $17.68, near its 52-week high. BofA expects the deal to add $5M-$10M in EBITDA in the first year, growing to $30M-$40M by the third year. Ardent reported Q3 2026 earnings of $0.31 per share, beating estimates. Mizuho also raised its target to $21, maintaining an Outperform rating.

Ardent Health, Inc. (ARDT) filed an SEC Form 8-K — Regulation FD Disclosure. EXHIBIT 99 Ardent Health announces definitive agreement to acquire Boone Health • Expands Ardent’s footprint into an attractive mid-sized Missouri market with a scaled health system that generates ~$480 million of annual revenue 1 • Provides $200 million capital commitment over 1

Ardent Health (ARDT) reported Q3 earnings, highlighting a 9% increase in urgent care visits and a 400 basis point decline in physician referral leakage. Labor costs fell 4.3% YoY, and the company plans to sell a Kansas hospital for 11x EBITDA. Ardent generated $122M in Q3 operating cash flow and lowered its 2026 capital expenditure guidance. The company remains 85% contracted for 2027 and 75% for 2028, with negotiations described as contentious.

Ardent Health (ARDT) reported Q3 2026 adjusted EBITDA of $138M, up 1.5% from prior guidance. Revenue was $1.62B, with adjusted admissions up 2.9%. The company plans to divest a Kansas hospital at 11x EBITDA, enhancing margins by 40bps. Ardent's IMPACT program aims for $70M in savings this year, and it raised its EBITDA guidance midpoint by 1.5%.