IASIS Healthcare fourth quarter net revenue increases 13.8% to $716.8 million

IASIS Healthcare® LLC ("IASIS") today announced financial and operating results for the fiscal fourth quarter and year ended September 30, 2011.

“We are pleased that our fourth quarter results demonstrate solid year-over-year growth and view our performance as further confirmation that our commitment to operational excellence combined with key strategic initiatives is generating positive outcomes.”

Net revenue for the fourth quarter totaled $716.8 million, an increase of 13.8%, compared to $629.9 million in the prior year quarter. Adjusted EBITDA for the fourth quarter totaled $74.0 million, compared to $62.8 million in the prior year quarter. Net earnings from continuing operations for the fourth quarter totaled $4.1 million, compared to $12.6 million in the prior year quarter.

In the fourth quarter, admissions and adjusted admissions increased 24.9% and 24.5%, respectively, compared to the prior year quarter, while net patient revenue per adjusted admission increased 0.1%, compared to the prior year quarter. On a same-facility basis, admissions and adjusted admissions increased 0.6% and 0.5%, respectively, compared to the prior year quarter, while net patient revenue per adjusted admission increased 3.6%, compared to the prior year quarter.

Commenting on the fourth quarter results, IASIS Healthcare President and Chief Executive Officer Carl Whitmer said, "We are pleased that our fourth quarter results demonstrate solid year-over-year growth and view our performance as further confirmation that our commitment to operational excellence combined with key strategic initiatives is generating positive outcomes."

Net revenue for the year ended September 30, 2011, totaled $2.8 billion, an increase of 10.5%, compared to $2.5 billion in the prior year. Adjusted EBITDA for the year ended September 30, 2011, totaled $302.0 million, compared to $290.8 million in the prior year. Net earnings from continuing operations for the year ended September 30, 2011, which includes a $23.1 million loss on extinguishment of debt associated with the Company's refinancing transaction, totaled $44.7 million, compared to $75.8 million in the prior year.

For the year ended September 30, 2011, admissions and adjusted admissions increased 13.8% and 15.8%, respectively, compared to the prior year, while net patient revenue per adjusted admission increased 1.0%, compared to the prior year. On a same-facility basis, admissions decreased 1.0% and adjusted admissions increased 0.5%, each compared to the prior year. On a same-facility basis, net patient revenue per adjusted admission increased 3.5%, compared to the prior year.

"Our 2011 fiscal year included several meaningful accomplishments, including the successful transition of executive leadership, completion of two significant acquisitions, continued expansion of our physician alignment strategies and a comprehensive refinancing transaction that reset the Company's capital structure," said Whitmer. "We are pleased with the momentum generated by these accomplishments and feel that - combined with several key operating initiatives, including the development of efficient and high quality provider networks, focused efforts around clinical integration and enhanced quality and patient satisfaction programs - they will position IASIS for long-term growth in the rapidly evolving and challenging healthcare environment."