Revenues for the first nine months of 2009 increased 12 percent to $500.1 million from $447.1 million for the first nine months in 2008, according to the release.
Christopher Holden, president and CEO, said in the release that the company was pleased with its third-quarter performance. He also noted the company’s acquisition of a small GI center in the third quarter. In the first nine months of 2009, AmSurg has acquired five centers and opened one de novo center, according to the release. At the end of the third quarter, the company has two centers under development, one of which is expected to open in the fourth quarter of 2009, and two centers under letter of intent.
After third-quarter capital expenditures of $5.4 million primarily for maintenance and a center under development, Mr. Holden said in the release the company applied the majority of available cash flow to reduce debt by $21.8 million, improving the company’s total debt capitalization to 32.6 percent at the end of the quarter from 37.2 percent at the end of 2008.
Mr. Holden said in the release that AmSurg expects to meet its guidance for center of the addition of 13-16 centers in 2009.
AmSurg’s financial guidance for 2009 and the fourth quarter of 2009, using forward-looking information, is as follows:
- Revenues in a range of $660 million-$680 million for 2009.
- Same-center revenue growth is expected to be flat for the full year, which includes a negative impact of one percentage point from the effect of the Medicare payment system revision.
- The addition of 13-16 new centers for the year.
Mr. Holden said in the release, “AmSurg has continued to produce consistent, profitable results in the most difficult operating environment the company has experienced. We believe the industry dynamics underlying these results combined with the strengths of our proven business model offer continuing potential for sustained long-term growth, despite the current limited visibility due to the economic environment.”
Read the release about AmSurg’s third quarter earnings.
