Sheridan Deal, Development Activity, Q1 Financial Report & More – 10 Recent Key Notes on AmSurg
1. AmSurg will acquire Sheridan Healthcare in a cash and stock transaction of approximately $2.35 billion. Sheridan offers services in 25 states and employs more than 2,400 physicians and healthcare providers.
2. AmSurg revenues were $263.1 million, up 2 percent from $258.2 million for the first quarter of 2013. "The 2 percent growth in revenue we produced for the quarter primarily reflected the positive impact from the six centers acquired in 2013, as well as a 2.4 percent increase in revenue per procedures," said CEO Christopher Holden, according to a company news release.
3. In the first quarter, AmSurg acquired one center and divested another. As of March 31, AmSurg owned and operated 242 centers.
4. AmSurg completed the first quarter of 2014 with seven letters of intent and one de novo center under development.
5. Net earnings from continuing operations attributable to AmSurg common shareholders were $0.55 per diluted share, or $17.5 million, compared to $0.56 per diluted share, or $17.8 million, in the first quarter of 2013.
6. Raymond James analyst John Ransom set AmSurg's price target at $60 and upgraded his recommendation to "buy." The upgrade was made closely following AmSurg's announcement of intention to acquire Sheridan Healthcare for $2.35 billion.
7. David Manning, executive vice president of AmSurg, sold 23,500 shares of company stock. Mr. Manning's stock sold at an average price of $48.55 per share, for a total transaction of $1.14 million.
8. AmSurg CEO Christopher Holden sold 3,000 shares at an average price of $46.39 each for total transaction value of $139,170.
9. The company announced 10 of its centers are participating in the Agency for Healthcare Research and Quality 12-month Program for Ambulatory Surgery, which has a zero patient-harm goal.
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