HOUSTON: Nobilis Health Corp. today announced its financial results for the first quarter ended March 31, 2016. All dollar amounts are in United States currency unless otherwise stated; percentage calculations are based on the numbers in the financial statements and may not correspond to rounded figures presented in this release. See the final page of this release for a reconciliation of all GAAP and non-GAAP financial results.
“In the first quarter of 2016, we increased revenue by $13.4 million, or 35%, to a record $51.3 million, driven by increased case flow and a higher average revenue per case. Similar to the first quarter of 2015, we recorded a negative bottom line, specifically a net loss of $5.0 million as compared to $4.5 million in the prior corresponding period,” said Harry Fleming, CEO of Nobilis. “In the first quarter, we invested heavily in new technology and infrastructure to support our forecasted growth in 2016, which impacted our bottom line. Additionally, we were still feeling the impact of significant legal and accounting expenses related to the October short attack,” said Fleming.
“We have reached another major milestone in the first quarter by introducing to our shareholders an entirely new initiative in Concertis. Concertis is led by Marissa Arreola, a former health law partner at Baker Donelson, and is focused on developing strategic payment relationships with major payers in efforts to constantly improve the patient experience, clinical outcomes and efficiency at each of our facilities.
I’d also like to take this opportunity to reiterate our original 2016 guidance of $320 million of revenue and $65 million of Adjusted EBITDA. As a reminder, this guidance includes organic growth on revenue and Adjusted EBITDA of 20% and 21%, respectively, from 2015. We expect that acquisitions will account for approximately $45 million and $14 million of guidance revenue and Adjusted EBITDA, respectively.”
Detailed information relating to the three months ended March 31, 2016 is available in our Management’s Discussion and Analysis (MD&A) which may be accessed on our website www.NobilisHealth.com, www.SEC.gov, and www.Sedar.com. This information is not intended to provide a comprehensive comparison of financial results.
Total revenue for the three months ended March 31, 2016 increased $13.4 million, or 35%, to $51.3 million from $37.9 million in the prior corresponding period. Total case volume increased 458 cases, or 13%, to 3,974 cases from 3,516 cases in the prior corresponding period. Revenue per case increased to $12,036 in the first quarter of 2016 as a result of Nobilis’ ability to perform an increased number of higher acuity cases made possible by the Company’s purchase of 3 new hospitals in 2015.
The Company recorded a net loss of $5.0 million in the first quarter of 2016, as compared to a net loss of $4.5 million in the prior corresponding period, while net loss per basic common share remained at $0.07.
For the first quarter of 2016, the Company recorded Adjusted EBITDA of $0.4 million as compared to $4.4 million in the prior corresponding period. Add-backs consisted of $1.8 million of non-cash compensation, $0.4 million of deal costs, $1.8 million of non-recurring expenses and ($42,000) related to the change in fair value of warrant and stock option liabilities.
Total assets as of March 31, 2016 were $228.2 million, consisting primarily of $16.2 million of Cash, $74.2 million of Accounts Receivable, $44.8 million of Goodwill, $34.5 million of PP&E, $27.2 million of Deferred Tax Asset and $18.9 million of Intangibles.
Total liabilities as of March 31, 2016 were $88.7 million, consisting primarily of $21.2 million of Long Term Debt, $17.9 million of Accounts Payable and $14.4 million of Accrued Liabilities. Total Shareholders’ Equity was $129.2 million as of March 31, 2016.
To date, Nobilis has collected approximately 72% of its December 31, 2015 receivables and is on track in its collections.
