IASIS Healthcare fourth quarter net revenue increases 1.6% to $629.9 million

IASIS HealthcareDec 7 2010

IASIS Healthcare® LLC ("IASIS") today announced financial and operating results for the fiscal fourth quarter and year ended September 30, 2010.

Net revenue for the fourth quarter totaled $629.9 million, an increase of 1.6%, compared to $620.1 million in the prior year quarter. Adjusted EBITDA for the fourth quarter totaled $62.8 million, compared to $68.1 million in the prior year quarter. Net earnings from continuing operations for the fourth quarter totaled $12.6 million, compared to a net loss from continuing operations of $27.3 million in the prior year quarter, which included a $64.6 million non-cash charge for the impairment of goodwill.

In the fourth quarter, admissions decreased 1.3% and adjusted admissions increased 0.1%, compared to the prior year quarter. Net patient revenue per adjusted admission increased 1.3% in the fourth quarter, compared to the prior year quarter.

Net revenue for the year ended September 30, 2010, totaled $2.5 billion, an increase of 6.8%, compared to $2.4 billion in the prior year. Adjusted EBITDA for the year ended September 30, 2010, totaled $290.8 million, compared to $299.9 million in the prior year. Net earnings from continuing operations for the year ended September 30, 2010, totaled $75.8 million, compared to $38.3 million in the prior year, which includes the impact of the Company's non-cash charge related to the impairment of its goodwill.

For the year ended September 30, 2010, admissions and adjusted admissions increased 0.7% and 0.6%, respectively, compared to the prior year. Net patient revenue per adjusted admission increased 3.8% for the year ended September 30, 2010, compared to the prior year.

In commenting on results, W. Carl Whitmer, president and chief executive officer of IASIS Healthcare, said, "The effect of industry-wide pressures, including volume softness, payor mix shifts and Medicaid reimbursement cuts, created a challenging 2010 year. Despite these obstacles, our ability to generate significant cash flows, expand in new and existing markets, and maintain a strong financial position highlights the strength of our company. Our new executive management team is now in place, and we are very excited about the future of our company. As we move into 2011, we are committed to executing a strategy that continues to expand our footprint, build an infrastructure that supports growth, provide high-quality patient care and focus on operational excellence."