Greenwood Village, Colo.-based Envision Healthcare reported its financial results for the third quarter of 2017 and noted the company's operations were disrupted by hurricanes Harvey and Irma.
"During the third quarter of 2017, our organization responded to a number of challenges, ranging from hurricanes that impacted two of our key markets to continued deceleration of health sector utilization following two years of heightened demand driven by coverage expansion," said Christopher A. Holden, president and CEO of Envision. "We are addressing these challenges. I'm proud of all of our clinical professionals and particularly those who were on the front line of providing care before, during and after the hurricanes, including our AMR emergency medical service."
Here are 14 things to know:
1. The company had net revenue from continuing operations of $1.99 billion; Envision said these results include a negative impact of $22 million in revenue and $22 million of adjusted EBITDA.
2. Envision's net earnings from continuing operations attributable to common stockholders were $40.7 million.
3. Adjusted net earnings from continuing operations reached $89.4 million.
4. Envision had adjusted EBITDA from continuing operations of $233.5 million.
5. Net cash flow from operations, less distributions to non-controlling interests and excluding transaction costs, hit $152.3 million.
Ambulatory services
6. Envision's net revenues in this sector totaled $309.4 million, less than the $314.6 million generated in the same period of 2016. The company estimates the hurricanes reduced ambulatory services revenue by $3 million.
7. Day-adjusted same-center revenue jumped 0.8 percent as a result of an increase in net revenue per procedure. When excluding the storm-related disruption's impact, Envision's day-adjusted same-center revenue increased 2 percent.
8. Adjusted EBITDA was $54.5 million.
9. As of Sept. 30, the company operated 263 ASCs and one surgical hospital. Envision acquired two centers and disposed of two during the quarter.
Physician services
10. Net revenues were $1.68 billion, up 7.6 percent from the same period of 2016.
11. In the third quarter, same-contract net revenue growth was 0.6 percent.
12. Adjusted EBITDA was $179 million.
Guidance
13. For the fourth quarter, Envision anticipates revenue between $1.88 billion and $2.02 billion.
14. The company expects adjusted EBITDA between $182 million and $202 million for the fourth quarter.