Foundation HealthCare has reported its third quarter of 2014 financial results. Here are five key points to know.
1. Foundation HealthCare reported $27.4 million in revenue for the quarter, up 16 percent from the third quarter of 2013. The company's adjusted EBITDA was $3.5 million, up 26 percent from $2.8 million in the prior year's period.
2. "Looking forward, the fourth quarter is typically one of the best quarters of the year for Foundation, and given the third quarter results, we are optimistic about the continued growth in revenue and EBITDA for our majority-owned facilities," said CEO Stanton Nelson.
3. The company's patient services revenue increased 17 percent to $24.6 million. The increase was attributed to increased revenue from ancillary services and increased revenue at the company's El Paso, Texas hospital.
4. Foundation HealthCare's operating expenses for the third quarter of 2013 were $44.4 million, including a charge of $20.8 million resulting from the Graymark Healthcare transaction. The company's operating expenses for the third quarter of this year were $26.1 million.
5. As of Sept. 30, the company had cash and cash equivalents totaling $3.6 million, compared to $1.9 million as of June 30.