Total revenue at Nashville, Tenn.-based Vanguard Health Systems hit $1.47 billion in the second quarter of its 2012 fiscal year, an increase of 61 percent from last year that was largely due to patient revenue from its acquisition of Detroit Medical Center, according to a Vanguard news release.
Vanguard also recorded net income of $12.9 million in the quarter ended Dec. 31, 2011, compared with a net loss of $4.2 million in the second quarter of last year. For the first six months of Vanguard's FY 2012, total revenue was $2.9 billion, an increase of 64 percent from FY 2011. The hospital operator still has a net loss of $8.6 million this year, compared with a net loss of $2 million last year, due to expenses incurred from Vanguard's "significant acquisitions" made during FY 2011.
Vanguard primarily attributed the increase in revenue during the second quarter and first six months of FY 2012 due to the acquisitions of DMC in January 2011 and Harlingen, Texas-based Valley Baptist Health System in September 2011. Vanguard said it will also place $42 million of cash into a restricted escrow account to fund some unspent DMC capital commitments for 2011, which was required by the purchase agreement. Currently, Vanguard has 28 hospitals, 10 more than it had at the same point last year.
Vanguard's adjusted EBITDA was $133.7 million for the second quarter of FY 2012, and adjusted EBITDA on the year is $256.5 million.
Same hospital discharges fell 2 percent this past quarter compared with last year, and same hospital outpatient surgeries fell 1.6 percent. Same hospital inpatient surgeries increased 0.2 percent, while emergency room visits increased 4.2 percent.
Vanguard also recorded net income of $12.9 million in the quarter ended Dec. 31, 2011, compared with a net loss of $4.2 million in the second quarter of last year. For the first six months of Vanguard's FY 2012, total revenue was $2.9 billion, an increase of 64 percent from FY 2011. The hospital operator still has a net loss of $8.6 million this year, compared with a net loss of $2 million last year, due to expenses incurred from Vanguard's "significant acquisitions" made during FY 2011.
Vanguard primarily attributed the increase in revenue during the second quarter and first six months of FY 2012 due to the acquisitions of DMC in January 2011 and Harlingen, Texas-based Valley Baptist Health System in September 2011. Vanguard said it will also place $42 million of cash into a restricted escrow account to fund some unspent DMC capital commitments for 2011, which was required by the purchase agreement. Currently, Vanguard has 28 hospitals, 10 more than it had at the same point last year.
Vanguard's adjusted EBITDA was $133.7 million for the second quarter of FY 2012, and adjusted EBITDA on the year is $256.5 million.
Same hospital discharges fell 2 percent this past quarter compared with last year, and same hospital outpatient surgeries fell 1.6 percent. Same hospital inpatient surgeries increased 0.2 percent, while emergency room visits increased 4.2 percent.
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