The ASC industry is consolidating, but a number of publicly traded companies remain active in the market.
Here are 20 updates on the second quarter financial performance of four of the largest ASC companies.
AmSurg (Nashville, Tenn.)
1. AmSurg reported net revenues of $642 million, up 131 percent from the second quarter of 2014. The company's ambulatory services revenues were $311 million, up 12 percent from the prior year's quarter.
2. The company's net earnings from continuing operations attributable to common shareholders were $31.4 million. Adjusted net earnings rose 131 percent from the second quarter of 2014.
3. AmSurg's adjusted EBITDA was $128 million, up 148 percent from the prior year period.
4. Same-center revenue increased 5.1 percent for the second quarter, compared to the second quarter of 2014. AmSurg acquired two ASCs in the quarter, ending the quarter with 250 centers. At the end of the quarter, AmSurg had six centers under letter of intent. Additionally, the company has two centers under development.
5. The company's physician services revenue increased 24.3 percent. The physician services division completed the acquisition of one anesthesiology practice and acquired two additional anesthesia practices following the close of the quarter.
Hospital Corporation of America (Nashville, Tenn.)
6. HCA reported $507 million in second quarter profits, surpassing expectations.
7. Profits were up 5 percent from the second quarter of 2014.
8. For the six months ended June 30, HCA reported an 8.4 percent increase in revenues to $19.57 billion, and a 32 percent increase in net income to nearly $1.1 billion.
9. Same-facility outpatient surgeries increased 1 percent compared to the same period last year.
10. As of June 30, the company operated 168 hospitals and 112 freestanding surgery centers.
Surgical Care Affiliates (Deerfield, Ill.)
11. SCA reported $253.7 million in net operating revenue, a 21.5 percent increase from the second quarter of 2014.
12. The company's operating income was $60.9 million, up 29.8 percent from the previous year’s quarter. SCA's net income was $4.6 million.
13. Same-site net patient revenue rose 7.1 percent, compared to the second quarter in the prior year.
14. "From a strategic standpoint, SCA continues to partner with health systems and physician groups, and our development pipeline remains strong. From a financial standpoint, we are on track with our original guidance, and we are on track to achieve a seventh consecutive year of approximately 10 percent growth in adjusted EBITDA less NCI," said President and CEO Andrew Hayek.
15. During the quarter, SCA acquired seven new facilities, five of which were consolidated and two of which were nonconsolidated. Since the end of the quarter, SCA has added two new facilities. As of Aug. 4, SCA has a total facility count of 193.
Tenet Healthcare (Dallas)
16. Tenet reported adjusted EBITDA of $568 million for the second quarter, up 23.5 percent from $460 million in the second quarter of 2014.
17. Results for the quarter included $16 million of adjusted EBITDA generated by the Aspen and USPI acquisitions.
18. The company's ambulatory segment had a 6.9 percent increase in revenue on a pro forma, same-facility systemwide basis. Cases increased 6.8 percent, while revenue per case increased 0.1 percent
19. The USPI and Aspen acquisitions were completed in the second quarter on June 16.
20. Tenet's adjusted net income from continuing operations was $76 million for the quarter. The company reported a net loss attributable to common shareholders of $61 million after-tax, compared to a net loss of $26 million after-tax in the prior year's quarter.