AmSurg net revenue jumps 12%, growth exceeds expectations — 15 key notes

AmSurg reported a huge net revenue increase in the first quarter of 2015, with both ambulatory services same-center revenues and physician services contract organic growth exceeding expectations.

Here are 15 things to know about AmSurg's financial report:

1. Net revenue was up 12 percent to $570.4 million in the first quarter.

2. The company completed four acquisitions in the first quarter — two ambulatory surgery center, two radiology groups and an anesthesia practice servicing one of the ASCs.

3. Adjusted EBITDA was $93.8 million, a 104 percent increase over the same period last year.

4. The ambulatory services net revenue increased 9 percent to $283.9 million.

5. Same-center revenue grew 3.6 percent over the same quarter last year.

6. AmSurg ended the quarter with 248 centers with one new center acquired and a second center obtained through a new joint venture partnership.

7. There were seven centers under a letter of intent at the end of the first quarter, and two centers under development with one center expected to open this year.

8. The net revenue from physician services was $286.5 million for the first quarter, with the normal seasonal impact of higher salaries and benefits during the first quarter.

9. The comparable-quarter revenue growth for physician services was 14.2 percent, broken down to:

• Same contract revenues: 5.2 percent
• Net new contract revenues: 2.3 percent
• Acquisition revenues: 6.7 percent

10. Contract organic growth in net revenues was 9 percent for the first quarter, with a 6.6 percent increase in same contract revenues and 2.4 percent increase in new contract revenues.

11. The same contract revenue growth was comprised of a 3.3 percent increase in patient encounters and 3.3 percent increase in net revenue per patient encounter.

12. The company reported cash and cash equivalents at $116.2 million and has $300 million available under its revolving credit facility.

13. The company updated revenue guidance for the full year, now expecting revenue to reach $2.46 billion to $2.49 billion.

14. The 2015 same-center revenue is expected to increase 2 percent to 3 percent for ambulatory services and the contract organic revenue growth is expected at 6 percent to 8 percent in physician services.

15. The adjusted EBITDA is projected at $454 million to $460 million for the entire year.


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