Adeptus Health Inc. (ADPT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2015

ADPT News - For Immediate Release

ADEPTUS HEALTH REPORTS SECOND QUARTER 2015 RESULTS AND RAISES FULL YEAR GUIDANCE

 Systemwide Revenue Increased 136% 

Net Operating Revenue Increased 103% 

Adjusted EBITDA Increased 286% 

Lewisville, Texas (July 23, 2015) — Adeptus Health Inc. (NYSE: ADPT) (“ADPT” or the “Company”), the largest operator of freestanding emergency rooms in the U.S., announced its results for the second quarter ended June 30, 2015. All comparisons included in this release are for the same period in the prior year, unless otherwise noted.

Second Quarter 2015 Highlights:

                 Adjusted EBITDA was $22.9 million versus $5.9 million in prior year, an increase of 286%;

                 Adjusted earnings per share was $0.44 and GAAP earnings per share was $0.97;

                Net income attributable to Adeptus Health Inc. was $10.6 million;

                Cash flow from operating activities was $13.0 million versus $0.3 million in prior year; and

               The Company opened six freestanding facilities during the second quarter 2015.

2015 Guidance

Based on our strong performance in the second quarter of 2015 and continued full year growth plans including 24 freestanding facilities and two new hospitals, we are again raising guidance.  We expect to generate systemwide net patient services revenue, which includes revenue from our unconsolidated joint ventures, of $400.0 million to $405.0 million for the full year 2015.  We expect Adjusted EBITDA of $69.0 million to $71.0 million and Adjusted earnings per share of $1.10 to $1.15 for the full year 2015. 

Results of Operations for the Second Quarter 2015

Thomas S. Hall, Chairman and CEO, stated, “We are pleased with the second quarter results, which reflect our continued strong growth momentum. During the quarter, we opened six additional freestanding emergency rooms, entered into a new partnership with University of Colorado Health and grew our existing partnership with Dignity Health in Arizona. As we continue to execute on our strategic plan, both through expanding our network of freestanding emergency rooms and forging partnerships with leading healthcare providers, we are helping to transform the delivery of emergency care in the U.S.” 

So far this year, ADPT has opened 15 new facilities, including 12 freestanding emergency facilities in Texas and Colorado, and its first hospital and two freestanding emergency facilities in Arizona with partner, Dignity Health. In July, as part of its partnership with University of Colorado Health, its 13 freestanding emergency rooms in Colorado were rebranded as UC Health Emergency Room and construction began on two hospitals.