Here are five things to know about Foundation and its most-recent financial results.
1. Foundation reported net revenue of $32.6 million in the third quarter, up 19 percent from the same period a year ago. The company’s revenue growth was in line with its forecast and was primarily attributable to increases in surgical revenue and ancillary services.
2. The company said it has cleaned up its balance sheet by selling stakes in two minority owned surgical hospitals. Foundation has also established a debt facility to make acquisitions, and the company said it hopes to make at least one acquisition by the end of the year.
3. The company ended the third quarter with net income of $3.1 million, up 93.8 percent from the same period of last year.
4. Foundation said its third-quarter adjusted EBITDA was $4.95 million, up 42.3 percent from the same period a year ago.
5. Under the direction of CEO Stanton M. Nelson, Foundation is poised for growth. Foundation believes it can expand its existing majority-owned hospitals, add new majority-owned hospitals and build out its presence in target markets by adding related services in partnership with physicians. The company said it is targeting markets that can add a minimum of $60 million of annualized revenue once they are fully developed.
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