Alliance HealthCare Services

News Release

Page 1 of 13

May 5, 2016

 

Exhibit 99.1

 

NEWS RELEASE

 

CONTACT

 

Rhonda Longmore-Grund

 

Executive Vice President

Chief Financial Officer

 

949.242.5300

 

ALLIANCE HEALTHCARE SERVICES REPORTS RESULTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2016

NEWPORT BEACH, CA — May 5, 2016 — Alliance HealthCare Services, Inc. (NASDAQ: AIQ) (the “Company”, “Alliance”, “we” or “our”), a leading national provider of outsourced radiology, oncology and interventional services, announced today the results for the quarter ended March 31, 2016.

First Quarter 2016 Highlights

 

·

The Company reported revenue totaling $123.7 million, a 13.1% increase over first quarter of prior year.

 

·

The Company generated $30.4 million of Adjusted EBITDA (as defined below), compared to $30.1 million in the first quarter of prior year.

 

·

The Company generated $22.7 million of operating cash flow, compared to $20.8 million in the first quarter prior year.

 

·

Alliance Radiology reported strong same-store volume growth of +6.6% for MRI and +9.3% for PET/CT.

 

·

Alliance Oncology continued its same-store volume growth trends, with same-store stereotactic radiosurgery volume growth of +9.0% and linear accelerator growth of +5.6%.

 

·

The Company reported Adjusted Net Income per Share (as defined below) of $0.04 and GAAP Net Loss per Share of ($0.11).

 

·

Rhonda Longmore-Grund assumed position as CFO on March 10, 2016, as part of planned leadership transition.

 

·

On March 29, 2016, THAI HOT Investment Company Limited ("Thai Hot") completed a majority ownership purchase of common stock from existing shareholders of the Company. As a result of the purchase, Thai Hot now owns approximately 51.5% of the outstanding shares of common stock of the Company.

 

First Quarter 2016 Financial Results

“Our financial results for the first quarter reflect the continuation of the positive revenue momentum we built in 2015, reinforced by our strong market positions in Radiology and Oncology and our expanding footprint in interventional services,” stated Tom Tomlinson, Chief Executive Officer and President of Alliance HealthCare Services. “We are pleased with the pace of execution against our long-term growth strategy. During the quarter we drove same store volume growth across our Radiology business while also delivering net new revenue growth in the core hospital segment. Alliance Oncology grew same store volume overall, both in linear accelerator and stereotactic radiosurgery disciplines. Now that we have successfully acquired two strong interventional practices, we are focused on integration of these practices and building a strong foundational infrastructure to support future growth in this new platform. In addition, we completed a transfer of ownership to a new majority shareholder, which should contribute to accelerating the growth and profitability of the Company. These accomplishments provide us confidence in the fundamentals of our business, our future prospects and our ability to generate revenue and Adjusted EBITDA growth for our investors over the course of 2016.”

Revenue for the first quarter of 2016 increased to $123.7 million, compared to $109.4 million in the first quarter of 2015. This increase was primarily due to an increase in interventional services revenue of $7.8 million, in MRI revenue of $4.7 million and in oncology revenue of $1.9 million. PET/CT and other revenues for the first quarter 2016 remained consistent with first quarter 2015.

 


The following information was filed by Alliance Healthcare Services, Inc (AIQ) on Thursday, May 5, 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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