Previous Statements by HMA
» Health Management Associates, Inc. CEO Discusses Q4 2011 Results - Earnings Call Transcript
» Health Management Associates CEO Discusses Q3 2011 Results - Earnings Call Transcript
» Health Management Associates' CEO Discusses Q2 2011 Results - Earnings Call Transcript
» Health Management Associates, Inc. Q1 2009 Earnings Call Transcript
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by word such as expects, estimate, project, anticipates, beliefs, intends, plans, may, continues, should, could, and other similar words. All statements addressing operating performance, events and development of Health Management Associates maybe expects or anticipates will occur the future including but not limited to incurrence of indebtedness, projection to revenue, income or loss, capital expenditures and earnings per share, debt structure, bad dept expense, capital structure, repayment of indebtedness, the amount and timing of funds under meaningful use measurements standard of various Health Care Information Technology incentive programs. Other financial items and operating statistics, statements regarding the plans and objectives of management for future operations, innovations, or market service development, statements regarding acquisitions, joint ventures divestitures and other proposed or contemplated transactions, including but not limited to statements regarding the potential for future acquisitions and perceived benefits of acquisitions, statements of future economic performance, statements regarding legal proceedings and other loss contingencies, statements regarding market risk exposures, statements regarding effects and/or interpretations that recently enacted a future healthcare laws and regulations, statements of the assumptions underlying or relating to any of the foregoing statements, and other statements which are other than statements of historical fact, are considered to be forward-looking statements. In addition, adjusted EBITDA as mentioned on this call is defined as consolidated net income before discontinued operations, net gains, losses on sales of the assets, net interest and other income, interest expense, income taxes and depreciation and amortization. On the call with me this morning are President and Chief Executive Officer, Gary Newsome; Chief Financial Officer, Kelly Curry; Senior Vice President - Finance, Bob Farnham. Thank you for you attention. And I will turn the call over to Gary.
Gary NewsomeThanks John. Good morning everyone. Thank you for joining us to discuss another solid quarter and strong start of 2012, as we report our result for the first quarter ending March 31 st. For the first quarter from continuing operations and compared to the same quarter a year ago, Health Management reported net revenue growth of 18.4% to $1.485 billion and an adjusted EBIDTA growth of 12.7% to $239.5 million. Excluding the impact of approximately $36.7 million or $0.09 per diluted share per interest rate swap accounting, as well as the significant mark to marked adjustments on the swap due to interest rate conditions, diluted earnings per share from continuing operations increased 9.1% to $0.24 as compared to $0.22 per diluted share for the same period a year ago. Contributing to these solid continuing operational financial results were an admission increase of 5.9%, adjusted admission increase of 11.8%, emergency room visit increase of 13.4% and a surgery increase of 20.6%. For continuing operations at hospitals we have owned and operated for one year or more, referred to as same hospital continuing operations compared to the prior year's first quarter, net revenues increased 5.7%, adjusted EBIDTA increased 6.6% to $264 million resulting in a 20 basis point improvement in EBIDTA margin to 19.9% and surgeries were up 3.8%. Our outpatient volume continued to grow in the first quarter of 2012 and we believe our inpatient volumes continue to be affected by a challenging economic environment as patients seek to limit time away from the jobs to ensure continue employment. We continue to see declines in uninsured volumes, and we also saw significant decline in flu related admissions during the first quarter. This contributed to the same hospital admission decline for the first quarter of 4.2% compared to the same period a year ago.
Outpatient services, however, continued their positive trend as outpatient surgeries grew and, as a result, same hospital adjusted admissions were flat for the quarter.Importantly, had uninsured and flu related volumes have been the same as last year, first quarter same hospital admissions would have decline 1.6% and same hospital adjusted admissions would have increased 2.4%. Read the rest of this transcript for free on seekingalpha.com