SCA revenue climbs 10%: 5 2Q financial report insights
1. Total net operating revenues, excluding revenues from centers in which SCA does not hold a controlling interest, rose 8 percent from $196.7 million in the second quarter of 2013 to $212.4 million. System-wide revenue, including all centers in which the company has an interest or manages, rose 10.2 percent.
2. The company's cash flow from operating activities was $42.3 million, up 7.3 percent from the second quarter of last year. Operating cash flow less distributions to non-controlling interests increased 34.5 percent from $12.9 million in the prior year to $17.3 million.
3. SCA's net income, including certain non-cash and non-recurring expenses, was $6 million, compared to $9.8 million in net loss attributable to the company in the second quarter of 2013.
4. "Our acquisition pipeline remains robust and the acquisition activity is accelerating as we enter the back half of the year. We remain pleased with our development program and our outlook remains positive as we continue to optimize our existing portfolio while we deploy capital in attractive opportunities in current markets and with new health system partners," said president and CEO Andrew Hayek.
5. System-wide net patient revenue per case increased 4.9 percent from the second quarter of 2013. The growth in system-wide revenue was driven by acquisitions, changes in case volume and changes in certain payer contract rates. SCA reiterates its previous guidance, which sets adjusted EBITDA less NCI in the rage of $154 million to $158 million.
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