Ardent Health (ARDT) Faces Investor Scrutiny Amid Problems Estimating Collection of Accounts Receivable, Disclosure Drives Stock Down 33% -- Hagens Berman

SAN FRANCISCO, Nov. 19, 2025 /PRNewswire/ -- On November 13, 2025 investors in healthcare services provider Ardent Health (NYSE: ARDT) saw the price of their shares tumble $4.75 (-33%) after the company announced its Q3 2025 financial results, widely missing consensus EPS estimates and revealing two adverse items characterized as non-recurring.

The developments and significant market reaction has prompted shareholder rights law firm Hagens Berman to open an investigation into whether Ardent Health may have violated the federal securities laws.

The firm urges investors who suffered significant losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.

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Ardent Health (ARDT) Investigation:

The investigation is focused on the propriety of Ardent Health's statements about its financial condition and results of operations, including the collectability of its accounts receivable, the sufficiency of its professional liability reserves, and the sufficiency of its internal disclosure controls and procedures.

On November 13, 2025, investor disappointment set in when Ardent Health reported its Q3 2025 financial results. The company reported EPS of -$0.17, a whopping decrease of 189% from the prior year period and widely missing consensus estimates.

The company also revealed a $43 million adjustment that reduced revenue for the quarter. The company said it modified "the technique used to estimate the collectability of accounts receivable" that resulted in the revenue decrease.   

In addition, Ardent Health recorded a $54 million increase to its professional and general liability reserves, which it said was "attributable to the emergence of adverse prior period claim developments with respect to recent settlements and ongoing litigation[.]"

The company also significantly reduced its 2025 adjusted EBITDA guidance to $530-$550 million from $575-$615 million, a 9% decrease at the midpoint, and blamed the downward adjustment in part on durable payor denials. One analyst reportedly wrote that the revision reflects "'a sharp divergence from peers that have seen 5%-10% positive revisions.'"

In response, the price of Ardent Health shares sharply declined on November 13, 2025.

"We're investigating the extent to which company leadership was aware of the apparent problems with Ardent Health's revenue accounting system, particularly with respect to payor denials, and whether the reserve increase may not have been timely under the circumstances," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Ardent Health and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the Ardent Health investigation, read more »

Whistleblowers: Persons with non-public information regarding Ardent Health should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

SOURCE Hagens Berman Sobol Shapiro LLP