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Adeptus Health Inc. (ADPT) SEC Filing 10-Q Quarterly report for the period ending Thursday, June 30, 2016

Adeptus Health Inc.

CIK: 1602367

 

 

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Exhibit 99.1

 

 

ADPT News - For Immediate Release

 

 

 

 

 

 

 

 

 

 

 

 

 

ADEPTUS HEALTH REPORTS SECOND QUARTER 2016 RESULTS 

Net Operating Revenue Increased 12% for Second Quarter

Systemwide Revenue Increased 36% for Second Quarter

Adjusted EBITDA Decreased 2% for Second Quarter

EPS Increased to $5.80

Adjusted EPS Increased to $0.48

 

Lewisville, Texas (July 21, 2016) — 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, 2016. All comparisons included in this release are for the same period in the prior year, unless otherwise noted. See “Non-GAAP Financial Measures Description and Reconciliation” for further information related to systemwide revenue, Adjusted EBITDA and Adjusted earnings per share.

 

Second Quarter 2016 Highlights:

 

·

Net operating revenue was $100.2 million versus $89.6 million in prior year, an increase of 12%;

 

·

Systemwide net patient services revenue was $142.4 million versus $104.5 million in prior year, an increase of 36%;

 

·

Adjusted EBITDA was $22.5 million versus $22.9 million in prior year, a decrease of 2%;

 

·

Net income attributable to Adeptus Health Inc. was $86.9 million versus $10.6 million in prior year;

 

·

GAAP earnings per share was $5.80 and Adjusted earnings per share was $0.48;

 

·

A gain of $185.3 million was recognized as a result of the joint venture with Texas Health Resources, one of the country’s largest non-profit health systems;

 

·

Cash flow used in operating activities was $8.6 million versus $13.0 million provided by operating activities in prior year, and; 

 

·

Systemwide same store volumes increased 4.3% and systemwide same store revenue decreased 2.8% versus prior year.

 

2016 Guidance Reaffirmed

 

We continue to expect systemwide net patient services revenue, which includes revenue from our unconsolidated joint ventures, of $640.0 million to $670.0 million for the full year 2016. We expect Adjusted EBITDA of $110.0 million to $115.0 million and Adjusted earnings per share of $2.55 to $2.65 for the full year 2016.

 

Results of Operations for the Second Quarter 2016

 

Thomas S. Hall, Chairman and CEO, stated, “Second quarter results were in-line with the preview we provided in late May, despite unexpected softer volumes in June. The volume weakness was primarily in markets where our facilities are not operated as hospital outpatient departments (HOPDs). We continue to execute on our HOPD strategy which is delivering positive same store results in the Dallas/Fort Worth market. We anticipate similar increases in patient volume with the upcoming HOPD conversions in Denver, Colorado Springs and Houston as the hospitals in those markets open later this year.

 


The following information was filed by Adeptus Health Inc. on Thursday, July 21, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Shareholders' Equity
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Accounts Payable And Accrued Expense (details)
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (tables)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Capital Leases (details)
Commitments And Contingencies - Future Rental Income (details)
Commitments And Contingencies - Insurance Arrangements (details)
Commitments And Contingencies - Leases (details)
Commitments And Contingencies - Operating Leases (details)
Debt
Debt (tables)
Debt - Components (details)
Debt - Details (details)
Debt - Insurance Finance Agreements (details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (details)
Investment In Unconsolidated Joint Venture (details)
Investment In Unconsolidated Joint Venture (tables)
Investment In Unconsolidated Joint Venture - Equity Method Investees (details)
Investment In Unconsolidated Joint Venture - Investment In Unconsolidated Joint Ventures (details)
Investment In Unconsolidated Joint Ventures
Net Income Per Share
Net Income Per Share (details)
Net Income Per Share (tables)
Organization
Organization (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Stock Based Compensation
Stock Based Compensation (details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Patient Revenue And Accounts Receivable (details)
Summary Of Significant Accounting Policies - Third-party Payors (details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Transactions With Related Parties
Transactions With Related Parties (details)
CIK: 1602367
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-16-006993
Submitted to the SEC: Fri Jul 29 2016 5:29:20 PM EST
Accepted by the SEC: Fri Jul 29 2016
Period: Thursday, June 30, 2016
Industry: Hospitals

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