After four straight quarters of year-over-year profit increases, Naples, Fla.-based Health Management Associates posted a 32 percent drop in net income in the first quarter ended March 31, 2012.
Health Management recorded $37.7 million in profit, down from $55.5 million in the first quarter of fiscal year 2011. The decrease resulted from higher expenses (salaries, supplies, rent, depreciation and other operating expenses were all up) and some investment losses.
Health Management's revenue jumped 18.4 percent, from $1.25 billion in the first quarter of 2011 to $1.49 billion this year. However, analysts estimated revenue would reach $1.64 billion. Health Management's adjusted EBITDA increased 12.7 percent from the first quarter of last year to $239.5 million.
In the three months ended March 31, 2012, same-hospital occupancy fell to 45.3 percent from 48.2 percent. Health Management also recorded a 5 percent drop in patient days and 0.2 percent decrease in adjusted admissions, but surgeries and emergency rooms rose 3.8 percent and 0.6 percent, respectively.
Health Management recorded $37.7 million in profit, down from $55.5 million in the first quarter of fiscal year 2011. The decrease resulted from higher expenses (salaries, supplies, rent, depreciation and other operating expenses were all up) and some investment losses.
Health Management's revenue jumped 18.4 percent, from $1.25 billion in the first quarter of 2011 to $1.49 billion this year. However, analysts estimated revenue would reach $1.64 billion. Health Management's adjusted EBITDA increased 12.7 percent from the first quarter of last year to $239.5 million.
In the three months ended March 31, 2012, same-hospital occupancy fell to 45.3 percent from 48.2 percent. Health Management also recorded a 5 percent drop in patient days and 0.2 percent decrease in adjusted admissions, but surgeries and emergency rooms rose 3.8 percent and 0.6 percent, respectively.
More Articles on Health Management Associates:
Health Management Associates CEO Gary Newsome's Pay Rises 11.3% in 2011
CFO Jamey Stoner: A Top Performer Within Health Management Associates
Health Management Associates Completes Joint Venture With Integris Health