Envision reports Q2 sales drop 39%, estimates pandemic losses at $166M: 5 details

Envision Healthcare, the parent company of AmSurg, reported second-quarter losses amid the pandemic, according to a Bloomberg report.

Five things to know:

1. Envision Healthcare reported a 39 percent year-over-year drop in second-quarter sales before adding in the $106 million it received in Coronavirus Aid, Relief and Economic Security Act funds. When including the federal grants, the company reported a 34 percent decline in sales.

2. Physician services volumes dropped 33.1 percent and physician service sales were down 29.6 percent year over year in the second quarter. Same contracts were down 23 percent and new contracts rose 2.9 percent.

3. Envision ended the quarter with $992.5 million in cash on its balance sheet and $310.7 million in free cash flow.

4. Envision, owned by private equity firm KKR, reported $227 in adjusted earnings for the quarter but estimated it lost $166 million of earnings during the pandemic.

5. On July 29, Envision released a new policy white paper outlining its rapid expansion of virtual health during the pandemic and commitment to furthering telehealth in the future. The company's statement called on lawmakers to make virtual health reforms enacted during the crisis permanent and a commitment to treat every patient regardless of the ability to pay.

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