Franklin, Tenn.-based IASIS Healthcare announced its first quarter 2011 (ended Dec. 21, 2010) earnings, reporting net revenue of $673.3 million, which represents an increase of 7.1 percent over the same quarter a year prior, according to an IASIS news release.
Net earnings from continuing operations, however, decreased roughly 13.5 percent. Net earnings from continuing operations for the first quarter totaled $16.7 million, down from $19.3 million in the prior year same quarter.
Adjusted EBITDA for quarter totaled $68.2 million, compared to $71.8 million in the prior year quarter. Impacting adjusted EBITDA in the first quarter was $1.4 million in severance-related costs associated with the transition of the company's executive management team and $1.7 million in one-time settlement costs related to a terminated contract.
Excluding the closure of an obstetrics unit at one of the company's hospitals, same-facility admissions decreased 3.0 percent from the quarter to the same quarter year prior, while same-facility adjusted admissions were flat, compared to the prior year quarter. When including new facilities, admissions and adjusted admissions increased 3.8 percent and 7.7 percent, respectively, compared to the prior year quarter. Net patient revenue per adjusted admission increased 3.0 percent, and on a same-facility basis, admissions and adjusted admissions decreased 4.4 percent and 1.5 percent, respectively.
"While we continue to operate in a challenging economic and state budgetary environment, we are excited about the future of our company," said W. Carl Whitmer, president and chief executive officer of IASIS Healthcare. "Our operational and developmental initiatives are designed to capitalize on a changing healthcare marketplace. During the previous quarter, we welcomed our new chief operating officer and continued our focus on physician alignment and other business development opportunities. We believe that our strategic initiatives and commitment to providing healthcare services of the highest quality will result in continued growth and financial strength."
Read the release on IASIS Healthcare.
Read more coverage on IASIS Healthcare:
- IASIS Revenue Up 7% for 2010
- Tennessee's IASIS Healthcare Names COO
- Tennessee's IASIS Healthcare Acquires Brim Holdings
Net earnings from continuing operations, however, decreased roughly 13.5 percent. Net earnings from continuing operations for the first quarter totaled $16.7 million, down from $19.3 million in the prior year same quarter.
Adjusted EBITDA for quarter totaled $68.2 million, compared to $71.8 million in the prior year quarter. Impacting adjusted EBITDA in the first quarter was $1.4 million in severance-related costs associated with the transition of the company's executive management team and $1.7 million in one-time settlement costs related to a terminated contract.
Excluding the closure of an obstetrics unit at one of the company's hospitals, same-facility admissions decreased 3.0 percent from the quarter to the same quarter year prior, while same-facility adjusted admissions were flat, compared to the prior year quarter. When including new facilities, admissions and adjusted admissions increased 3.8 percent and 7.7 percent, respectively, compared to the prior year quarter. Net patient revenue per adjusted admission increased 3.0 percent, and on a same-facility basis, admissions and adjusted admissions decreased 4.4 percent and 1.5 percent, respectively.
"While we continue to operate in a challenging economic and state budgetary environment, we are excited about the future of our company," said W. Carl Whitmer, president and chief executive officer of IASIS Healthcare. "Our operational and developmental initiatives are designed to capitalize on a changing healthcare marketplace. During the previous quarter, we welcomed our new chief operating officer and continued our focus on physician alignment and other business development opportunities. We believe that our strategic initiatives and commitment to providing healthcare services of the highest quality will result in continued growth and financial strength."
Read the release on IASIS Healthcare.
Read more coverage on IASIS Healthcare:
- IASIS Revenue Up 7% for 2010
- Tennessee's IASIS Healthcare Names COO
- Tennessee's IASIS Healthcare Acquires Brim Holdings