IASIS Healthcare Announces First Quarter 2014 Results
:W. Carl WhitmerPresident and Chief Executive OfficerorJohn M. DoyleChief Financial Officer615-844-2747or:Michele M. Simpson, 615-467-1255VP, Corporate Communications
IASIS Healthcare® LLC (“IASIS”) today announced financial and operating results for the fiscal first quarter ended December 31, 2013. Effective October 1, 2013, IASIS completed the sale of its Florida operations. Accordingly, the results of the Company’s Florida operations are classified as discontinued operations in the accompanying consolidated financial statements and have been excluded from segment information, consolidated financial and operating data and supplemental consolidated statements of operations information for the fiscal first quarters ended December 31, 2013 and 2012.
Net revenue for the first quarter totaled $614.6 million, an increase of 4.0% compared to $590.9 million in the prior year quarter. Adjusted EBITDAR, which excludes the impact of the rent expense associated with the sale-leaseback transaction of certain hospital real estate, for the first quarter totaled $65.8 million, compared to $64.1 million in the prior year quarter.
In the first quarter, admissions decreased 4.1% and adjusted admissions decreased 0.1%, each compared to the prior year quarter. Net patient revenue per adjusted admission in the first quarter increased 2.9% compared to the prior year quarter.
“We are pleased with our first quarter results,” said IASIS Healthcare President and Chief Executive Officer Carl Whitmer. “Despite the industry challenges of continued softness in inpatient volume and ongoing increases in uncompensated care, we believe our positive results are a testament to our company’s ability to effectively operate as we focus on providing high quality, lower-cost care to the communities we serve.”
Cash flows used in continuing operations for the first quarter ended December 31, 2013, totaled $64.0 million, compared to cash flows used in continuing operations of $2.8 million in the prior year. Cash flows used in operations in fiscal 2014 were impacted by the payment of income taxes, transaction fees and other costs, including additional rent expense, associated with the Company’s recent sale-leaseback of certain hospital real estate. In addition, cash flows used in continuing operations in the current period were impacted by the timing of payments related to Texas Medicaid supplemental reimbursement, Medicare and Medicaid EHR incentives, and the timing of cash flows related to accounts payable and other accrued liabilities.
A listen-only simulcast and 30-day replay of IASIS’ first quarter 2014 conference call will be available by clicking the “For Investors” link on the Company’s Web site at beginning at 11:00 a.m. Eastern Time on February 10, 2014. A copy of this press release will also be available on the Company’s Web site.
IASIS Healthcare, located in Franklin, Tennessee, is a leading provider and manager of high-quality, affordable healthcare services in urban and suburban markets. With total annual net revenue of approximately $2.4 billion, IASIS owns and operates 16 acute care hospitals, one behavioral health hospital, several outpatient service facilities, more than 143 physician clinics, and Health Choice, a provider-owned, managed care organization and insurer delivering healthcare services to more than 178,000 members through multiple health plans, integrated delivery systems and managed care solutions. IASIS offers a variety of access points for convenient patient care in numerous regions across the U.S., including: Salt Lake City, Utah; Phoenix, Arizona; five cities in Texas, including Houston and San Antonio; Las Vegas, Nevada; and West Monroe, Louisiana. For more information on IASIS, please visit the Company’s Web site at .