Surgical Care Affiliates has announced its first quarter financial results. Here are seven key insights from the financial report.
1. SCA announced a 21.5 percent growth in net operating revenues to from $192.7 million to $234.1 million. The company's operating income was $48.8 million, a growth of 32 percent.
2. SCA had a 10.8 percent growth in adjusted EBITDA less NCI for the first quarter of this year.
3. The company had a net loss of $9.2 million, attributable to a one-time, $15.6 million expense related to a secondary stock offering and debt refinancing.
4. During the first quarter, SCA added four new facilities, three of which were consolidated and one of which was nonconsolidated. Three of the company's existing facilities switched from nonconsolidated to consolidated. One existing facility switched from nonconsolidated to managed-only.
5. Since the end of the quarter, the company added six new centers and converted three existing managed-only facilities to nonconsolidated. As of May 11, SCA has 194 facilities.
6. In addition to adding new centers, SCA forged a number of new strategic partnerships in the first quarter. The company partnered with Henry Ford Health System, based in Detroit. SCA also added two facilities, which were previously managed-only, in an equity joint venture with UnityPoint Health, based in Des Moines.
7. SCA reiterates its 2015 guidance, which sets adjusted EBITDA less NCI growth in the 8 percent to 11 percent range. "From a financial standpoint, we are on track with our original guidance, and we are on track to achieve a seventh consecutive year of approximately ten percent growth in adjusted EBITDA less NCI, reflecting the outstanding work of our teammates across the country," said President and CEO Andrew Hayek.