Northstar Healthcare announced its first quarter financial results. Here are five highlights.
1. Northstar reported net patient service revenue of $12.1 million, up 194.1 percent from $4.1 million in the first quarter of 2013. The company reported a total of 1,499 cases performed in the first quarter, up 43.6 percent from the 1,044 cases performed in the first quarter of 2013. "We have exceeded our internal revenue estimated by 8 percent in the first quarter," said Northstar Healthcare CFO Harry Fleming in the report.
2. The company reported $0.4 million in EBITDA, due to the increase in net patient service revenue. Comparatively, the company reported $.05 million in EBITDA in the first quarter of 2013. "With the first quarter being the weakest in our industry due to seasonality, we are extremely satisfied with these results as we have almost tripled revenues over the corresponding first quarter of 2013," said Mr. Fleming in the report.
3. The increase in patient service revenue was offset by a rise in operating and administrative expenses. Northstar invested revenue in growth and diversification, according to the report. In its first quarter, the company launched two new marketing campaigns that are expected to begin yielding results in the second and third quarters of this year.
3. Northstar reported $2.3 million in cash flow provided by operating activities in its first quarter. Cash flow increased $2.2 million from the first quarter of 2013.
5. Northstar reported $7.6 million, including $5.9 million in cash, of consolidated net working capital. In the first quarter of 2013, the company reported $8.7 million, including $5.6 million in cash, of consolidated net working capital. As of March 31, the company owned interest in and managed four ASCs, two imaging centers and one urgent care clinic.
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