Vanguard Health Systems Reports Second Quarter Fiscal 2013 Results

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

Second Quarter Fiscal 2013 Key Metrics (all percentage changes compare Q2 FY2013 to Q2 FY2012):

Consolidated and Same Store:
  • Net income attributable to Vanguard Health Systems, Inc. stockholders was $12.2 million, or $0.14 per diluted share, compared to net income of $15.7 million, or $0.20 per diluted share, during the prior year period
  • Adjusted EBITDA was $137.8 million
  • Patient revenue per adjusted discharge increased 1.5 percent
  • Discharges decreased 1.4 percent
  • Adjusted discharges increased 1.4 percent

Year to Date Fiscal 2013 Key Metrics (all percentage changes compare six months FY2013 to six months FY2012):

Consolidated:
  • Net income attributable to Vanguard Health Systems, Inc. stockholders was $26.1 million, or $0.31 per diluted share, compared to a net loss of $6.0 million, or $(0.08) per diluted share, during the prior year period
  • Adjusted EBITDA increased 4.9 percent to $271.0 million

Same Store:
  • Patient revenue per adjusted discharge increased 2.3 percent
  • Discharges decreased 1.8 percent
  • Adjusted discharges decreased 0.2 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 six-month periods ending December 31, 2011 and 2012 is included in this release.

Second Quarter Analysis

Consolidated total revenues increased $37.7 million during the second quarter of fiscal 2013 compared to the prior year period. Net patient service revenues increased $33.2 million as a result of a 1.4 percent increase in adjusted discharges and a 1.5 percent increase in patient revenue per adjusted discharge. Emergency room visits increased 6.0 percent and observation cases increased 8.0 percent. Health plan premium revenues increased slightly during the second quarter of fiscal 2013 compared to the prior year period. Uncompensated care as a percentage of net patient revenues (prior to uncompensated care deductions) was 21.3 percent during the second quarter of fiscal 2013 compared to 20.0 percent during the prior year period primarily due to an increase in uninsured discharges as a percentage of total discharges.

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