Foundation Healthcare announced its first quarter 2014 financial results. Here are five key takeaways from the report.
1. Foundation Healthcare reported $22.1 million in first quarter net revenues, up 18 percent from $18.7 million in the first quarter of 2013. The company also demonstrated a leap in revenue in the fourth quarter of 2103; revenue rose 48 percent to $26.1 million.
2. Patient services revenue rose 23 percent to $19.5 million. The rise can be traced back to an increase in outpatient surgical cases and inpatient spine cases, according to the report. "In addition to growing volumes at our existing hospitals, we are actively pursuing opportunities to add ancillary services through hospital outpatient departments at our hospitals including outpatient surgery centers, imaging, oncology and pain management," said Foundation Healthcare CEO Stanton Nelson in the report.
3. Operating expenses increases 19 percent from $19.7 million to $23.4 million. The increase was due to stock compensation expenses and expenses associated with the legacy of Graymark Healthcare business that were not included in the first quarter of 2013. Graymark Healthcare acquired Foundation Surgical Hospital Affiliates and Foundation Surgery Affiliates in 2013. In December 2013, the company rebranded itself as Foundation Healthcare.
4. Foundation Healthcare reported a net loss attributable to common stock of $19.1 million, compared to $.03 million in the first quarter of 2013. Like many other ASC companies, Foundation Healthcare linked a difficult first quarter to the severe weather conditions.
5. The company reported adjusted EBITDA of $0.9 million, up from $0.2 million in the first quarter of 2013. The company had $4 million of cash on hand at the close of the fourth quarter.
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