Nobilis Health reported $69.2 million in second quarter revenue, a 13.5 percent decrease from the same period last year.
"The year-over-year change in top line revenues in the second quarter can be attributed to the discontinuation of our lab testing ancillary, representing $8.3 million of non-recurring revenue in the second quarter," said CEO Harry Fleming. The company also blamed the implementation of ASC 606 for the reduced revenue.
Here are eight things to know about the company's financial report:
1. The number of cases performed in Nobilis ASCs increased by 1,644 cases to 6,241 cases in the second quarter, representing a 35.8 percent increase.
2. During the second quarter, Nobilis added Elite entities and two new in-network ASCs, which contributed positively to second quarter revenue. However, the company continues to report "softness" in the Houston market.
3. Revenue per case dropped from $17,394 in the first quarter of 2018 to $11,086 in the most recent quarter, which can also be attributed to losing the lab testing revenues and a larger in-network case mix this year.
4. Adjusted EBITDA for the quarter reached $11.4 million, a 13.7 increase over the same period last year.
5. As of June 30, the company reported $15.6 million in total cash and $143.7 million in accounts receivable.
6. For the first half of the year, Nobilis reported a net loss of $30 million. Revenue per case for the six months end dropped to $11,595 from $16,423 last year.
7. Nobilis expects revenue to hit $315 million to $330 million for the full year, with adjusted EBITDA in the range of $56 million to $59 million.
8. Nobilis currently has more than 30 locations across Texas and Arizona, including hospitals and ASCs.