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Envision Healthcare Holdings, Inc. (NYSE: EVHC) (EVHC or the Company) today announces results for the third quarter ended September 30, 2013. All changes included in this release compare third quarter 2013 to third quarter 2012 unless otherwise noted.
Third quarter 2013 net revenue was $955.9 million, an increase of 16.5%;
Third quarter 2013 Adjusted EBITDA was $121.7 million, an increase of 17.6%; and
Third quarter 2013 diluted EPS adjusted for expenses incurred in connection with the initial public offering (Adjusted EPS) was $0.13; and GAAP diluted EPS was ($0.05).
William A. Sanger, Chief Executive Officer, said, “During our first quarter as a public company we demonstrated exceptional revenue and Adjusted EBITDA growth. Customer demand for our differentiated services and the implementation of our market-centric strategies drove an increased level of contract starts and organic growth. Furthermore, our initial public offering provides us with additional sources of liquidity to capitalize on market acquisitions and development opportunities.”
Results of Operations for the Third Quarter 2013
For the quarter ended September 30, 2013, EVHC generated net revenue of $955.9 million, an increase of 16.5% compared to the same period last year.
Adjusted EBITDA was $121.7 million, an increase of 17.6% compared to the same quarter last year. This increase is attributable primarily to the impact of increased volume from net new contracts, increased revenue from “same store” contracts (contracts in existence for the entirety of both periods) and acquisitions, and a decrease in expenses as a percentage of revenue.
EVHC generated a net loss of $7.7 million in the third quarter of 2013 compared to net income of $15.2 million in the third quarter of 2012. The decrease in net income is attributable primarily to the impact of costs incurred in connection with the Company’s initial public offering (IPO-Related Costs), including a $20.0 million payment to terminate the consulting agreement with Clayton, Dubilier & Rice, LLC (CD&R) and $29.5 million in costs related to the redemption of our Senior PIK Toggle Notes due 2017 (PIK Notes).