Toronto, Canada-based Medical Facilities Corp. reported higher same-facility surgical case volume for the fourth-quarter of 2018 and achieved record revenue for the year, according to results posted March 14.
Fourth-quarter results
1. The company's revenue increased 10.8 percent compared to the fourth-quarter of 2017, reaching $123.3 million.
2. Medical Facilities' surgical cases increased by 37.5 percent from the previous fourth quarter, and income from operations increased 50.3 percent to $24.9 million
3. Adjusted EBITDA increased 1 percent year over year to $32.4 million.
4. Payout ratio was down at 46.2 percent, compared to 52.3 percent in the fourth quarter of 2017
Full-year results
5. Medical Facilities' revenue grew 12 percent year over year, reaching $431.6 million.
6. The company's surgical cases increased by 38.1 percent compared to 2017, and income from operations grew 25.4 percent to $73.4 million.
7. Adjusted EBITDA increased 4.6 percent year over year to $99.0 million.
8. Payout ratio was up 71.4 percent, compared to 67.5 percent in 2017.
"The strongest contributor to our growth was the seven [ASCs] acquired through our MFC Nueterra partnership in early 2018. We continue to invest in our business, including adding new services such as our urgent care centers, and are actively seeking future acquisitions," said Medical Facilities President and CEO Robert Horrar. "Continuing to build scale and diversifying our revenue base better positions us for capitalizing on the growth drivers in the U.S. healthcare market."
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