Franklin, Tenn.-based IASIS Healthcare reported Thursday a $1.7 million net loss in the third quarter of fiscal year 2015, faring better than the same period year over year, when the for-profit operator recorded a $19.9 million net loss.
The 16-hospital system credited some of this loss to the $3.1 million pre-opening and startup costs related to a new hospital campus and an additional loss attributed to $5.9 million in legal settlements and other non-recurring costs. These costs were partially offset by $1.4 million in net earnings from continuing operations.
They system's total revenue in the third quarter of FY 2015 topped $686 million, up 8.5 percent from revenues of about $633 million in the same period of last year. Adjusted EBITDA for the third quarter increased 25.2 percent over the same period last year to $63 million from $50.3 million.
For the nine months ended June 30, IASIS posted a $1.7 million net loss, which is improved for the same period last year, when the company recorded a $20.8 million net loss. Revenues year-to-date also continue to improve over last year, showing a 10.6 percent increase over last year to $2.5 billion from $1.9 billion the year prior. Year-to-date the company has recorded $3.7 million in pre-opening and startup losses for its new hospital campus, as well as $8.5 million in legal settlement and other fees.
More articles on finance:
Medicare's voluntary bundled payment program grows by 2,100 participants
5 hospital CFOs in the headlines
11 recent hospital outlook and rating actions