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Vanguard Health Systems Reports First Quarter Fiscal 2013 Results

Stocks in this article: VHS

Vanguard Health Systems, Inc. (NYSE: VHS) today announced financial and operating results for its first fiscal quarter of 2013 and confirmed its outlook for fiscal year 2013.

First Quarter Fiscal 2013 Key Metrics (all percentage changes compare Q1 FY2013 to Q1 FY2012):

Consolidated:

  • Net income attributable to Vanguard Health Systems, Inc. stockholders was $13.9 million, or $0.17 per diluted share, compared to a net loss of $21.7 million, or $(0.29) per diluted share, during the prior year period
  • Adjusted EBITDA increased 12.2 percent to $133.2 million

Same Store:

  • Patient revenue per adjusted discharge increased 2.0 percent
  • Discharges decreased 1.9 percent
  • Adjusted discharges decreased 0.8 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 ended September 30, 2011 and 2012 is included in this release.

First Quarter Analysis

Consolidated total revenues increased $34.4 million during the first quarter of fiscal 2013 compared to the prior year period, primarily due to the acquisition of Valley Baptist Health System in September 2011. Same store net patient service revenues increased 0.6 percent during the first quarter of fiscal 2013 resulting from a 2.0 percent increase in patient revenue per adjusted discharge combined with a 0.8 percent decrease in adjusted discharges. Health plan premium revenues, on a same store basis, decreased 21.5 percent during the first quarter of fiscal 2013 due to the impact on Phoenix Health Plan of a combination of capitation rate decreases, program eligibility cuts and health plan profitability limitations for certain groups of covered members adopted by the Arizona Health Care Cost Containment System (“AHCCCS”) during fiscal 2012.

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