Two large healthcare firms yesterday sent notices to investors that results were either delayed or not up to expectations.

Hospital owner and operator Health Management Associates warned investors yesterday that fourth quarter earnings may fall short of expectations. The Naples, Fla.-based company said it expects to report earnings between 7 to 8 cents per share from continuing operations for the period ended December 31, when it provides complete fourth quarter and full year results on February 20. At that time it expects to report $1.1 billion in net revenue for the quarter.

Analysts polled by Thomson Financial are expecting fourth-quarter earnings of 8 cents per share on revenue of $1.1 billion.

According to reports in the TheStreet.com financial news service, HMA sold $16 million in bad debt receivables last quarter, helping it to post earnings that beat expectations. HMA executives said they would continue to sell the receivables.

HMA indicated it will report a quarterly bad-debt ratio of roughly 12% in the fourth quarter.

For the full year ended December 31, HMA said it expects to report $4.4 billion in net revenue from continuing operations and provisions. It’s expecting full year earnings from continuing operations to be between 47 to 48 cents per share.

HMA owns and operates 58 hospitals in non-urban communities located throughout the United States.

Centene Corp. announced it would delay release of its fourth quarter and 2007 results until it resolved questions on revenues derived from retroactive rate increases from the state of Georgia. Centene provides services in seven states to individuals receiving benefits under Medicaid, including the SCHIP and SSI programs.