Surgical Care Affiliates reported increased net revenue for the first quarter of 2016 as the company continues to add centers.
Here are 10 updates from SCA's first quarter financial report:
1. Net revenue hit $279.7 million, up 19.5 percent over the same period last year. The net income attributable to SCA was up 126.3 percent to $2.4 million.
2. The same site net patient revenue jumped 10.1 percent over the same period last year.
3. Total net operating revenue increased 19.5 percent in the first quarter to $279.7 million, driven organically through primarily high acuity case mix and increased volume. The company also added new facilities.
4. Systemwide net operating revenues from all SCA facilities, including SCA-owned facilities and managed-only facilities, increased 22.3 percent in the first quarter. Systemwide net patient revenue on a same site basis was up 10.1 percent over the previous year and case volume increased 8.3 percent.
5. In the first quarter, SCA acquired three new facilities, all of which are consolidated. The company exited two managed-only facilities. Additionally, since the first quarter ended, SCA added five new facilities with two consolidated and three managed-only, while only exiting one managed-only facility.
6. As of May 3, 2016, SCA's total facility count is 198. The company added its 12th facility in a growing network of Dallas-Fort Worth facilities with Texas Health Resources during the quarter.
7. Beyond surgical facility affiliates, SCA continues health plan partnerships and signed a letter of intent with a Blue Cross plan during the first quarter to acquire and build a high-value surgical network in collaboration with the health plan.
8. Net income attributable to SCA in the first quarter was $2.4 million, up from negative $9.2 million in the first quarter of last year. However, adjusted net income was down in the first quarter primarily due to increased interest expense related to SCA's March 2015 debt refinancing.
9. Net cash provided by operating activities was $61.15 million. The adjusted operating cash flow less distributions to non-controlling interests was up over the first quarter last year due to improved cash flows from operating activities. It was partially offset by increased distributions to non-controlling interests.
10. SCA reiterated the 2016 adjusted EBITDA less NCI growth guidance range of 13 percent to 16 percent.