Nobilis Health reported revenue increase in the first quarter, although the company still feels the impact of legal and accounting expenses dating back to October 2015.
Here are 10 key notes from the company's financial report:
1. Nobilis reported a 35 percent revenue increase in the first quarter to $51.3 million. Increased case flow and higher average revenue per case drove the increase.
2. Net loss reached $5 million in the first quarter, up from $4.5 million over the same period last year.
3. Nobilis invested heavily in new technology and infrastructure during the first quarter to support forecasted 2016 growth.
4. During the first quarter, Nobilis introduced shareholders to Concertis, which focuses on developing strategic payment relationships with major payers to improve the patient experience, clinical outcomes and efficiencies.
5. Total case volume during the first quarter increased 13 percent to 3,974 cases at Nobilis facilities.
6. The revenue per case jumped to $12,036 due to surgeons performing higher acuity cases. Nobilis purchased three new hospitals in 2015, making those higher acuity cases possible.
7. Nobilis reported total assets at $228.2 million for the first quarter, consisting primarily of cash at $16.2 million and accounts receivable at $74.2 million. The company reported $44.8 million of Goodwill and $34.5 million of PP&E.
8. Nobilis reported $21.2 million in long term debt, $17.9 million in accounts payable and $14.4 million of accrued liabilities. Total shareholder equity as of March 31 was $129.2 million.
9. Nobilis has collected 72 percent of its Dec. 31, 2015 receivables and reports being on track in collections.
10. CEO Harry Fleming reiterated the 2016 guidance for revenue at $320 million and expects acquisitions will account for around $45 million in revenue guidance and $14 million in adjusted EBITDA.