IASIS Healthcare second quarter net revenue increases 8.6% to $678.4 million

IASIS Healthcare® LLC ("IASIS") today announced financial and operating results for the fiscal second quarter and six months ended March 31, 2011.

“We are excited about the future of our company”

Net revenue for the second quarter totaled $678.4 million, an increase of 8.6%, compared to $624.5 million in the prior year quarter. Adjusted EBITDA for the second quarter totaled $78.1 million, compared to $79.6 million in the prior year quarter. Impacting adjusted EBITDA in the second quarter is $1.4 million in costs related to a one-time contract settlement and $600,000 in costs associated with the start-up of our physician professional liability captive insurance program. Net earnings from continuing operations for the second quarter totaled $22.3 million, compared to $22.1 million in the prior year quarter.

In the second quarter, admissions and adjusted admissions increased 7.0% and 10.8%, respectively, compared to the prior year quarter, while net patient revenue per adjusted admission increased 0.5%, compared to the prior year quarter. On a same-facility basis, excluding the impact of the Brim Holdings acquisition, admissions declined 0.9% and adjusted admissions increased 2.0%, each compared to the prior year quarter.

Net revenue for the six months ended March 31, 2011, totaled $1.35 billion, an increase of 7.8%, compared to $1.25 billion in the prior year period. Adjusted EBITDA for the six months ended March 31, 2011, totaled $146.4 million, compared to $151.4 million in the prior year period. Net earnings from continuing operations for the six months ended March 31, 2011, totaled $39.0 million, compared to $41.5 million in the prior year period.

For the six months ended March 31, 2011, admissions and adjusted admissions increased 5.4% and 9.3%, respectively, compared to the prior year period, while net patient revenue per adjusted admission increased 1.7%, compared to the prior year period. On a same-facility basis, admissions declined 2.6% and adjusted admissions increased 0.3%, each compared to the prior year period.

"We are excited about the future of our company," said W. Carl Whitmer, president and chief executive officer of IASIS Healthcare. "To date, fiscal 2011 has been a year of transition and accomplishments, including the acquisitions of St. Joseph Medical Center and Brim Holdings and the recent completion of our refinancing transaction. We believe these events, along with our continued investment in physician alignment, quality and other operational and strategic growth initiatives, provide a solid foundation as we look to continue expanding our presence both regionally and nationally."