Medical Facilities Corp., a surgical facilities owner, reported second quarter revenue dropped amid the pandemic but government stimulus offset some of the losses.
Six things to know:
1. All of the company's four surgical hospitals and ASC were affected by elective surgery bans during the pandemic. The company also has interest in six ASCs in its partnership with NueHealth, which were also affected by the drop in elective surgeries in the second quarter.
2. Second quarter revenue hit $88.8 million, a 5.8 percent decrease over the same period last year. Facility service revenue was down 28.2 percent to $67.7 million while operations income increased 37 percent to $17.6 million year over year. In the first half of 2020, MFC's net income grew 8.6 percent to nearly $22 million.
3. EBITDA jumped nearly 20 percent in the second quarter year over year to $24.6 million.
4. MFC sold the real estate assets underlying Unity Medical and Surgical Hospital for $24.7 million in net proceeds on June 30.
5. In June, surgical volumes at MFC facilities nearly returned to normal. The company expects to open St. Luke's Surgery Center of Chesterfield (Mo.) in August.
6. MFC facilities received $21.1 million in government stimulus income during the second quarter, partially offsetting losses due to elective surgery restrictions.
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