Symbion's Q1 Revenue Reaches $133.9M: 5 Financial Report Highlights
released its first quarter 2014 financial results. Here are five key highlights.
1. Symbion had a strong finish to 2013 with an 8.9 percent increase in fourth quarter revenue to $535.6 million. For the first quarter of 2014, the company reported $133.97 million in revenue compared to $130.38 million in the first quarter of 2013.
2. Operating income was $21.34 million, up 3.8 percent from $20.56 million in the first quarter of 2013. In the fourth quarter of 2013, the company reported $32.1 million in operating income.
3. At the end of the quarter, the company reported $49.03 million in cash and equivalents, in comparison to $76.27 million in cash and equivalents at the end of the first quarter of 2013.
4. Symbion facilities performed 51,970 cases during the first quarter of 2014, up from 51,906 in the same period in 2013. Revenue per case grew 4.3 percent from $2,602 to $2,713.
In its fourth quarter and year-end financial report, the company attributed growth in patient services revenue to surgical facilities acquired since Jan. 1, 2012 and the consolidation of its surgical hospital in Great Falls, Mont., effective Jan. 1, 2013.
5. Symbion acquired an additional 13.6 percent ownership stake in an Idaho Falls, Idaho surgical hospital for $24.4 million. As of March 31, the company has a 61.7 percent ownership stake in the facility. The company plans to sell two facilities, one in Lynbrook, N.Y., and one in Worcester, Mass.
Though Symbion will divest two facilities this year, the company partnered with Great Falls (Mont.) Clinic to build a new facility that will house a hospital, operating rooms, a procedure room and an emergency room.
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