AmSurg reported its fourth quarter and 2015 financial results.
Here are 15 points:
Full company results
1. Net revenues increased 21 percent to $704.3 million, compared to $581.8 million during the fourth quarter of 2014. For the full year, net revenues were $2.57 billion, up 58 percent from $1.62 billion for 2014.
2. AmSurg's net earnings from continuing operations attributable to AmSurg common shareholders reached $64.3 million in the fourth quarter. AmSurg's full year net earnings from continuing operations attributable to AmSurg common shareholders were $154.9 million.
3. Adjusted net earnings were $56.7 million, a 43 percent increase compared with the fourth quarter of 2014. Full year adjusted net earnings rose 68 percent to $191.3 million from $114.2 million for 2014.
4. The company's fourth quarter net earnings per diluted share from continuing operations attributable to AmSurg common shareholders was $1.26, up 39 percent from $1.07 in the same period the year prior. AmSurg's full year continuing operations attributable to AmSurg common shareholders were $154.9 million.
5. Adjusted EBITDA reached $137.4 million, up 24 percent in the fourth quarter. AmSurg's adjusted EBITDA was $492.3 million for 2015.
6. The company's full year net earnings per diluted share from continuing operations attributable to AmSurg common shareholders were $3.18. The company had cash and cash equivalents of $106.7 million.
Ambulatory services
7. Net revenues reached $326.2 million, a 10 percent increase from $295.7 million for the fourth quarter of 2014.
8. Same-center revenue rose 6.9 percent for the fourth quarter of 2015, which comprised a 2.2 rise in procedures and 4.7 increase in net revenue per procedure.
9. The company's adjusted EBITDA reached $63.3 million for the quarter, up 22 percent from $51.9 million from the same period the year prior.
10. At the end of the fourth quarter, AmSurg operated 257 ASCs, one surgical hospital and had five ASCs under letter of intent. AmSurg also had one center under development, which the company expects to open in late 2016.
Physician services
11. Net revenue reached $378.1 million for the fourth quarter, up 32 percent.
12. Adjusted EBITDA rose 25 percent to $74.1 million for the quarter compared with $59.1 million for the fourth quarter of 2014.
2016 outlook
13. AmSurg predicts revenue between $3.09 billion and $3.13 billion.
14. The company expects a same-center revenue increase of 3 percent to 5 percent for ambulatory services, as well as same-contract revenue growth of 4 percent to 6 percent in physician services.
15. AmSurg expects adjusted EBITDA between $590 million to $600 million.
"AmSurg had an exceptional year for 2015, the first full year following our transformative acquisition of Sheridan Healthcare in July 2014," said Christopher A. Holden, president and CEO, AmSurg. "We exceeded every element of our 2015 financial guidance that was provided in our 2014 fourth-quarter news release."
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