Brentwood, Tenn.-based LifePoint Hospitals recorded $32.8 million of profit in the third quarter of this year, a 71 percent jump from the third quarter of 2012 and the best quarter of the company's 2013 fiscal year.
LifePoint's revenue and EBITDA in the third quarter both increased significantly as well. Revenue soared 9.7 percent to $899.7 million, and adjusted EBITDA increased 25.1 percent to $134.3 million.
Outpatient volumes drove much of the positive movement for LifePoint in the third quarter, while the inpatient side remained soft. Same-hospital outpatient surgeries increased 3.5 percent, while inpatient surgeries dropped 5.2 percent. Admissions fell 4.3 percent.
For the nine months ended Sept. 30, LifePoint's profit is still lagging due to poor first and second quarters. Net income totaled $92.6 million, down almost 20 percent from the first nine months of 2012. Revenue, however, increased 9.1 percent to $2.73 billion.
Bill Carpenter, chairman and CEO of LifePoint, said the company was "pleased" with the third-quarter results. He thinks LifePoint is poised to enter 2014 with a strong financial profile, and more hospital acquisitions are expected in the near future.
"While the overall volume environment remains challenging, our strategic initiatives drove growth in outpatient volumes. Our M&A program remains active, with all pending acquisitions on track to close within the next six months," Mr. Carpenter said. "Our recently acquired hospitals are performing well, and we have a strong pipeline of potential opportunities. We have the processes and people in place to maximize enrollment on healthcare exchanges and in government programs, and we believe we are well positioned to benefit from the new healthcare environment."
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