Third-quarter net earnings attributable to common shareholders decreased to $13.12 million from $13.80 million during the same period last year. Earnings per diluted share was 43 cents per share, which beat the analyst estimates of 42 cents, according to analysts polled by Thomson Reuters.
The company lowered its 2010 guidance for revenues to $710 million-$720 million (from $715 million-$735 million) and expects same-center revenues to decline 2 percent for 2010 compared to previous range of a decline of 1-2 percent.
“During the quarter, we continued to be affected by a sluggish economy and the ongoing impact of revisions to the Medicare payment system, which contributed to negative same-center revenues of 2 percent,” said Christopher A. Holden, president and CEO of AmSurg Corp., according to the company’s news release. “In spite of the increased margin pressure inherent in this decline, we maintained our third-quarter EBITDA margin at 17.9 percent, the same as for the third quarter last year, through our continued focus on expense control.”
AmSurg acquired two ASCs during the third quarter, which gave the company 206 in operation at the quarter’s end. It has acquired four ASCs year-to-date. The company expects to add 13-16 ASCs total during 2010. It ended the third quarter with seven centers under letter of intent, one of which was acquired Oct. 1, and another center under development, which is scheduled to open in early 2011.
Read the company news release about the third quarter earnings for AmSurg.
