AmSurg reported its financial results for the third quarter this year.
Here are 17 points:
Full company Q3 results
1. The company's net revenue reached $822.2 million for the quarter, a 26 percent increase from Q3 FY 2015.
2. Net earnings attributable to AmSurg common stakeholders totaled $37.7 million, down 7 percent from the same period last year.
3. AmSurg's adjusted net earnings rallied 22 percent, hitting $64.9 million.
4. The company had adjusted net earnings per diluted share of $1.13.
5. Adjusted EBITDA for the quarter reached $153 million, jumping 15 percent.
6. As of Sept. 30, 2016, AmSurg had cash and cash equivalents of $106.1 million and availability of $100 million under its revolving credit facility.
7. The company's net cash flows from operations, less distributions to noncontrolling interests, were $109.7 million.
Ambulatory services
8. During Q3 FY 2016, AmSurg's net revenues climbed 1.8 percent, reaching $314.6 million.
9. AmSurg operated 260 ASCs and one surgical hospital at the end of Q3, slightly more than 253 ASCs during Q3 FY 2015. The company acquired three ASCs this quarter and disposed of one ASC. At the end of the quarter, AmSurg had two ASCs under letter of intent and one under development, which AmSurg expects to open at the end of next quarter.
10. The company's adjusted EBITDA rallied 10.4 percent, reaching $61.1 million. This figure is up from $55.4 million during Q3 FY 2015.
Physician services
11. For Q3, net revenues totaled $507.6 million, up 48.8 percent.
12. Adjusted EBTIDA reached $91.9 million, an 18.1 percent increase from $77.8 million during Qs FY 2015.
13. The company had an increase of 5.9 percent in same-contract revenues, 1 percent in net new contract revenues, 31.6 percent in acquisition revenues and 10.3 percent in revenues from joint venture consolidation.
FY 2016 Guidance
14. AmSurg expects revenues between $3.15 billion and $3.17 billion.
15. The company projects same-center ambulatory services revenues to increase between 4 percent and 5 percent.
16. AmSurg anticipates adjusted EBITDA to be between $592 million and $598 million.
17. For FY 2016, AmSurg expects adjusted earnings per share to be between $4.28 and $4.33.
"AmSurg produced strong revenue growth for Q3 of FY 2016, increasing more than 20 percent before the impact of consolidating a physician services joint venture," said Christopher A. Holden, AmSurg's president and CEO. "This revenue growth primarily resulted from the substantial success of our acquisition strategy, which, over the 12 months prior to the end of the third quarter, included the deployment of more than $1 billion of acquisition capital."