Leading ambulatory surgery center management companies reported net revenues in the millions during the first quarter of 2016.
Here are 27 things to know on how each company fared.
AmSurg
1. Net revenues reached $724.7 million, a 27 percent increase from $570.4 million for the same quarter of 2015.
2. Net earnings attributable to AmSurg common shareholders hit $28.6 million.
3. AmSurg had adjusted net earnings of $46.6 million, up 47 percent from the first quarter last year.
4. Net earnings per diluted share attributable to AmSurg common shareholders were $0.53.
5. AmSurg's adjusted EBITDA was $120.1 million, a 28 percent increase from the first period of 2015.
6. As of March 31, 2016, AmSurg had cash and cash equivalents of $85.9 million.
7. Net cash flows from operations were $25 million.
8. At the end of the quarter, AmSurg had six ASCs under letter of intent and one center under development. The center is expected to open later this year.
Nobilis Healthcare
9. Nobilis reported a 35 percent revenue increase to $51.3 million in the first quarter. Increased case flow and higher average revenue per case drove the increase.
10. Net loss reached $5 million in the first quarter, up from $4.5 million over the same period last year.
11. Total case volume during the first quarter increased 13 percent to 3,974 cases at Nobilis facilities.
12. 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.
13. 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.
14. 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.
Surgical Care Affiliates
15. 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.
16. The same site net patient revenue jumped 10.1 percent over the same period last year.
17. 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.
18. System-wide net operating revenues from all SCA facilities, including SCA-owned facilities and managed-only facilities, increased 22.3 percent in the first quarter. System-wide net patient revenue on a same site basis was up 10.1 percent over the previous year and case volume increased 8.3 percent.
19. 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.
20. As of May 3, 2016, SCA's total facility count was 198. The company added its 12th facility in a growing network of Dallas-Fort Worth facilities with Texas Health Resources during the quarter.
21. 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.
22. 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.
Tenet Healthcare
23. The company's generated adjusted EBITDA hit $613 million.
24. The company had adjusted net income from continuing operations of $45 million, or $0.45 per diluted share, for the first quarter.
25. Tenet's net cash provided by operating activities was $147 million, up from $57 million during the first quarter of 2015.
26. Tenet had a net loss of $59 million, or $0.60 per share, compared to a net income loss of $47 million, or $0.47 per share, in the first quarter last year.
27. As of March 31, 2016, Tenet had cash and cash equivalents of $728 million, up from $356 million at Dec. 31, 2015.
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