AmSurg has been busy, from the Sheridan acquisition last year to a radiology group acquisition this year. AmSurg reported its fourth quarter and year-end financial results, and it appears that its move toward diversification has borne fruit. Here are nine things to know from the report.
1. AmSurg reported net revenues of $581.8 million for the fourth quarter, up 108 percent from the fourth quarter of 2013. The company's net earnings from continuing operations attributable to common shareholders was $25.3 million, adjusted net earnings of $39.6 million, up 95 percent from the same period in 2013.
2. The company's adjusted EBITDA for the fourth quarter was $111 million, up 123 percent from the fourth quarter of 2013.
3. Net revenues for 2014 were $1.62 billion, up 53 percent from 2013. Adjusted net earnings increased 53 percent to $114.2 million.
4. "AmSurg generated strong financial performance for the fourth quarter of 2014. We are pleased with our 22% growth in adjusted net earnings per diluted share from the fourth quarter of 2013. Sheridan made a significant contribution in its first full quarter as a part of the Company. Operational integration with Sheridan is essentially completed. A strong cultural affinity between the two organizations has been a key factor to our smooth transition. At our core, we share a vision and commitment to build physician-centric organizations to ensure delivery of the highest quality care," said AmSurg President and CEO Christopher Holden.
5. AmSurg's ambulatory surgery revenues rose 6 percent in the fourth quarter to $295.7 million. During the quarter, the company acquired four ambulatory surgery centers, including one acquired in conjunction with the Sheridan transaction.
6. Over the course of 2014, the company acquired 10 centers in total. AmSurg closed out the year with 246 centers. Five centers were under letter of intent, one that has since been required. Two additional centers are under development.
7. At the end of 2014, the company had cash and equivalents of $208.1 million. For the full-year 2014, AmSurg had net cash flow from operations, less distributions to non-controlling interests and excluding transaction-related costs, of $267.3 million.
8. Physician services net revenues were $286.1 million for the fourth quarter of 2014. Revenue growth compared to the fourth quarter of 2013 was 7.2 percent.
9. For the first quarter of 2015, AmSurg expects revenues for the same-center revenue to grow 1 percent to 3 percent for ambulatory services. The company also expects 5 percent to 7 percent organic revenue growth in physician services.