Average Surgery Center Leverage Ratios by Total Annual Revenue

Here are the average debts and leverage ratios for surgery centers by total annual revenue, according to VMG Health's 2009 Intellimarker.

1. Total debt (all interest-bearing debt outstanding)

• All facilities — $945,000
• Less than $4.5 million — $571,000
• $4.5 million-$7.0 million — $1.1 million
• More than $7.0 million — $1.4 million

2. Net debt (total debt less cash on balance sheet)

• All facilities — $1.0 million
• Less than $4.5 million — $659,000
• $4.5 million-$7.0 million — $956,000
• More than $7.0 million — $1.3 million

3. Total debt/assets*

• All facilities — 32.3 percent
• Less than $4.5 million — 35.4 percent
• $4.5 million-$7.0 million — 35.1 percent
• More than $7.0 million — 30.3 percent

4. Total debt/equity

• All facilities — 65.2 percent
• Less than $4.5 million — 64.8 percent
• $4.5 million-$7.0 million — 78.1 percent
• More than $7.0 million — 55.8 percent

5. Total debt/EBIDTA

• All facilities — 0.53x
• Less than $4.5 million — 0.85x
• $4.5 million-$7.0 million — 0.54x
• More than $7.0 million — 0.44x

6. Net debt/assets*

• All facilities — 27.7 percent
• Less than $4.5 million — 36.1 percent
• $4.5 million-$7.0 million — 32.8 percent
• More than $7.0 million — 21.6 percent

7. Net debt/equity

• All facilities — 62.2 percent
• Less than $4.5 million — 75.4 percent
• $4.5 million-$7.0 million — 85.9 percent
• More than $7.0 million — 45.6 percent

8. Net debt/EBIDTA

• All facilities — 0.49x
• Less than $4.5 million — 1.24x
• $4.5 million-$7.0 million — 0.56x
• More than $7.0 million — 0.45x

*Ratios and percentages are calculated as total/net debt divided by total assets, equity or EBIDTA.

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