HCA Holdings (NYSE:HCA) reported its Q4 results on Friday, with EPS of $4.64 coming in worse than the Street estimate of $4.78. Revenue was $15.5 billion, missing the Street estimate of $15.61 billion.

The company provided initial 2023 EBITDA guidance of $11.8-$12.4 billion, with the midpoint of $12.1 billion vs the Street estimate of $12.272 billion.

After the press release, and before the conference call, the focus was primarily on Q4 EBITDA and the question if the bridge to 2023 made sense, or left any obvious upside and downside. Bears focused on the weak surgical trends whereas bulls simply appreciated the lack of drama in Q4 results and 2023 guidance.

On the conference call, management did an excellent job, giving just enough information to make investors feel comfortable that the outlook was positive, without giving too much information to find new concerns.