USPI operating income grows 18%: 5 2Q financial result key notes
1. Operating income, $60.6 million in the second quarter of 2013, rose 18 percent to $71.7 million. Net revenues increased to $161.1 million, up 4 percent from $155.2 million in the prior year.
2. EBITDA less noncontrolling interest grew to $58.1 million, up 5 percent from $55.2 million in the second quarter of 2013. USPI's cash flows for the second quarter were $44.9 million compared to $38.9 million in the same period last year.
3. System-wide revenues for the company's facilities increased 5 percent year-over-year and rose 3 percent on a same-store basis.
4. "The second quarter represented a welcome improvement in our operations and financial performance compared with the first quarter. While some volume weakness remains, the sequential trend is encouraging. In additional, we have had a very successful year so far from a development perspective, and we remain optimistic that this success will continue in the second half of the year," said CEO William H. Wilcox.
5. USPI acquired three facilities during the second quarter and two additional centers after the quarter's close. The company intends to add five to 10 more facilities before year's end. The company had ownership interest in and operates 219 facilities, 152 of which are joint ventured with non-profit health systems.
More articles on transactions and valuation issues:
Surgery Center Cedar Rapids completes expansion
Physicians Realty Trust acquires Surgical Institute of Monroe ASC
Symbion revenue leaps 7%: 5 2Q financial result highlights
© Copyright ASC COMMUNICATIONS 2017. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
- BioSpine Institute adds Dr. M. Nicholas Perenich: 4 takeaways
- Anthem threatens to leave exchanges, implement double-digit premiums if subsidies end
- Opioid abuse drops when providers check patients' past prescriptions: 4 things to know
- AMA implores Congress to reject amended Republican healthcare bill: 4 notes
- GI leader to know: Dr. James Schnell of Palmetto Digestive Health Specialists