Envision Healthcare Holdings, Inc. (NYSE: EVHC) (“EVHC” or the “Company”) today announces results for the fourth quarter and full year 2013. All comparisons included in this release are for fourth quarter or full year 2013 to fourth quarter or full year 2012 unless otherwise noted.
- Fourth quarter 2013 net revenue was $984.8 million, an increase of 13.0%, or 18.0% excluding $37.2 million of revenue from the fourth quarter 2012 Hurricane Sandy FEMA deployment;
- Fourth quarter 2013 Adjusted EBITDA was $117.2 million, an increase of 3.6%. Excluding insurance reserve adjustments of $9.7 million for two recent significantly higher than expected malpractice awards on cases filed in 2009 and 2011, fourth quarter Adjusted EBITDA was $126.9 million, an increase of 12.2%. Full year Adjusted EBITDA was $445.7 million. Excluding the impact of the aforementioned malpractice cases, full year Adjusted EBITDA was $455.4 million;
- Fourth quarter 2013 Adjusted EPS was $0.20, including a $0.03 dilutive impact from the aforementioned malpractice cases. GAAP diluted EPS was $0.04;
- On February 5, 2014, the Company completed the acquisition of Life Line Ambulance in Arizona with annualized revenue of approximately $16 million; and
- The Company reaffirms previously announced 2014 Adjusted EPS guidance of $1.10 to $1.15 and Adjusted EBITDA guidance of $538 million to $545 million.
William A. Sanger, Chief Executive Officer, said, “In the fourth quarter, we saw continued record-setting organic growth in both segments. EmCare maintained its accelerated pace for contract starts and AMR started the largest 911 contract we have seen in several years. These combined results contributed to another remarkable year. Looking forward, we believe our differentiated product offerings, which are specifically designed to address the challenges of our customers in a changing healthcare landscape, will provide us the opportunity to continue our growth.”