ASCs help boost Medical Facilities Corp.'s revenue by over 10% — 7 highlights

Toronto, Canada-based Medical Facilities Corp.'s acquisition of seven ASCs in the first quarter drove strong growth in revenue and surgical cases during the second quarter.

The company reported its financial results Aug. 9, and announced it added Prettybrook Partners Managing Member Erin S. Enright to its board of directors.

Here's what you should know:

1. Revenue increased 10.8 percent year over year, reaching $106.5 million. The seven ASCs MFC acquired through MFC Nueterra in the first quarter drove most of the quarter's revenue growth.

2. The transaction also helped boost surgical cases by 39.5 percent compared to the same quarter in 2017.

3. As of June 30, MFC consolidated net working capital of negative $9.1 million, compared to $33.8 million at the end of 2017. The company attributed this change to the ASC acquisition.

4. MFC reported a 10.3 percent year-over-year increase in income from operations, hitting $17.9 million in the second quarter.

5. EBITDA increased 3.4 percent from the second quarter of 2017 to $23.9 million.

6. MFC saw a 2.9 percent year-over-year decrease in cash available for distributions.

7. The payout ratio for the quarter was 74.3 percent, up slightly compared to 72.4 percent in the second quarter of 2017.

"Our second quarter results underline the significance of our acquisition of seven ASCs through MFC Nueterra in the first quarter," said MFC President and CEO Robert O. Horrar. "Expanding our footprint to 11 states from five, MFC Nueterra's strong contributions to date further validates our strategy to diversify our portfolio."

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