IASIS Healthcare® LLC (“IASIS”) announced financial and operating results for the fiscal first quarter ended December 31, 2009.
Net revenue for the first quarter totaled $629.0 million, an increase of 12.0%, compared to $561.6 million in the prior year quarter. Adjusted EBITDA for the first quarter totaled $71.7 million, an increase of 7.5%, compared to $66.7 million in the prior year quarter. A table describing adjusted EBITDA and reconciling net earnings from continuing operations to adjusted EBITDA is included in this press release in the attached Supplemental Consolidated Statements of Operations Information. Net earnings from continuing operations for the first quarter totaled $19.3 million, compared to $14.0 million in the prior year quarter.
Admissions and adjusted admissions increased 4.6% and 3.3%, respectively, in the first quarter, compared to the prior year quarter. Net patient revenue per adjusted admission increased 3.7% in the first quarter, compared to the prior year quarter.
In commenting on the first quarter results, David R. White, chairman and chief executive officer of IASIS Healthcare, said, “We are pleased to announce another quarter of solid revenue and EBITDA growth. We believe these results further validate the strength of our integrated approach to operational excellence, strategic growth and financial stewardship.”
IASIS, located in Franklin, Tennessee, is a leading owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. The Company operates its hospitals with a strong community focus by offering and developing healthcare services targeted to the needs of the markets it serves, promoting strong relationships with physicians and working with local managed care plans. IASIS owns or leases 15 acute care hospital facilities and one behavioral health hospital facility with a total of 2,848 beds in service and has total annual net revenue of approximately $2.4 billion. These hospital facilities are located in six regions: Salt Lake City, Utah; Phoenix, Arizona; Tampa-St. Petersburg, Florida; three cities in Texas, including San Antonio; Las Vegas, Nevada; and West Monroe, Louisiana. IASIS also owns and operates a Medicaid and Medicare managed health plan in Phoenix that serves more than 198,000 members.