AmSurg has announced its financial results from the third quarter of 2014. Here are six highlights to know from the report.
1. The company's net revenues were $503.2 million, up 91.3 percent from the third quarter of 2013. AmSurg also exhibited 110.4 percent growth in adjusted EBITDA to $95.9 million. The company's net loss from continuing operations was $12.1 million; adjusted net earnings were $34.6 million, up 92.4 percent.
2. "We are pleased with AmSurg's performance for the third quarter, which produced better than expected financial results. In addition, the work to integrate the acquisition of Sheridan, which was completed July 16, 2014, has gone very well," said AmSurg President and CEO Christopher Holden. "We believe AmSurg represents an innovative and differentiated platform of services and expertise that is highly aligned with the transformation of the healthcare delivery system, including the industry-wide drive to improve quality and lower the costs of care and the development of integrated care systems as the market shifts to value-based payment arrangements."
3. AmSurg's ambulatory services net revenues rose 5.4 percent to $277.3 million, up from $263 million in the prior year's period. Same-center revenue increased 1.7 percent. During the third quarter, AmSurg acquired four new ambulatory surgery centers. The company also closed the quarter with eight ASCs under letter of intent and one center under development.
4. The company's physician services division had net revenues of $225.9 million, up 15.8 percent. The physician services division figures include results from the date of the Sheridan acquisition.
5. At the end of the third quarter, AmSurg had cash and cash equivalents of $194.1 million and availability of $300 million under its revolving credit facility. Net cash flows from operations were $113.4 million.
6. AmSurg revised its financial and operating guidance for the fourth quarter. The company expects revenues from $1.6 billion to $1.61 billion, as well as 1 percent growth in ambulatory services and 6 percent to 8 percent revenue growth in physician services.