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Vanguard Health Systems Reports Third Quarter Fiscal 2012 Results

Vanguard Health Systems, Inc. (NYSE: VHS) today announced financial and operating results for its third fiscal quarter and nine months ended March 31, 2012.

Third Quarter Fiscal 2012 Key Metrics (all percentage changes compare Q3 FY2012 to Q3 FY2011):

Consolidated:

  • Total revenues increased $174.0 million or 12.4 percent
  • Net income attributable to Vanguard Health Systems, Inc. stockholders was $44.0 million, or $0.55 per diluted share, compared to $2.8 million, or $0.05 per diluted share, during the prior year period
  • Adjusted EBITDA increased 37.3 percent to $176.6 million
  • The impact of the updates to Medicare reimbursement estimates, described further below, positively impacted total revenues by $49.7 million, net income attributable to Vanguard Health Systems, Inc. stockholders by $22.3 million, or $0.28 per diluted share, and Adjusted EBITDA by $34.6 million during the current year quarter

Same Hospital:

  • Net patient service revenues increased 7.7 percent and health plan premium revenues declined 14.6 percent
  • Adjusted discharges increased 2.0 percent
  • Discharges declined 1.0 percent
  • The impact of the updates to Medicare reimbursement estimates positively impacted same hospital patient service revenues by $48.6 million during the current year quarter

Year to Date Fiscal 2012 Key Metrics (all percentage changes compare nine months YTD FY2012 to nine months YTD FY2011):

Consolidated:

  • Total revenues increased 41.3 percent
  • Net income attributable to Vanguard Health Systems, Inc. stockholders was $38.0 million, or $0.47 per diluted share, compared to a loss of $1.0 million, or $(0.02) per diluted share, during the prior year period
  • Adjusted EBITDA increased 48.6 percent to $434.9 million
  • The impact of the updates to Medicare reimbursement estimates, described further below, positively impacted total revenues by $49.7 million, net income attributable to Vanguard Health Systems, Inc. stockholders by $22.3 million, or $0.28 per diluted share, and Adjusted EBITDA by $34.6 million during the current year period

Same Hospital:

  • Net patient service revenues increased 5.2 percent and health plan premium revenues declined 11.6 percent
  • Adjusted discharges increased 1.7 percent
  • Discharges declined 2.0 percent

A reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income (loss) attributable to Vanguard Health Systems, Inc. stockholders for the quarters and nine-month periods ended March 31, 2011 and 2012 is included in this release.

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