Medical Facilities Corp. started off the first quarter of fiscal year 2018 with a bang, when it announced its acquisition of seven ASCs through its partnership with NueHealth and the rest of the quarter followed suit.
Here's are seven takeaways from MFC's first quarter earnings report.
1. MFC revenues increased 9.7 percent year over year to $97.6 million
2. The company increased its surgical case volume by 29.1 percent year over year.
3. Operations-related income also increased year over year, reaching $14.1 million.
4. However EBITDA was flat, hovering at $20.1 million for the quarter.
5. MFC's distributable cash decreased 12.6 percent to $9.4 million Canadian. ($7.36 million USD)
6. The company will pay a monthly dividend of $0.09 Canadian per share or $1.13 annually Canadian per share.
7. MFC did not announce its yearly projections.
Medical Facilities Corp. President and CEO Robert Horrar said, "A key focus in the first quarter of 2018 was that of building out our diversified facility network to ensure the company continues to deliver reliable shareholder value. The addition of seven ambulatory surgical centers to our portfolio contributed strong case volume and revenue to our overall results based on two months of operations since the acquisition. Going forward, we expect the management of these seven ASCs by NueHealth will enhance their results and further complement our core portfolio."
Note: If not specified, all figures are in USD.