Alliance HealthCare Services

News Release

Page 1 of 13

November 3, 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 THIRD QUARTER ENDED SEPTEMBER 30, 2016

NEWPORT BEACH, CA — November 3, 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 and nine months ended September 30, 2016.

Third Quarter 2016 Highlights

 

The Company reported revenue totaling $127.1 million for the third quarter, a $6.3 million or 5.2% increase over the third quarter of last year. On a sequential basis, revenue increased $1.8 million or 1.4% over second quarter of 2016.

 

The Company generated $35.1 million of Adjusted EBITDA (as defined below) for the quarter, a $1.3 million or 3.7% increase over the third quarter of last year. On a sequential basis, Adjusted EBITDA increased $0.7 million or 1.9% over second quarter of 2016.

 

Net income attributable to Alliance was $1.4 million for the quarter as compared to $7.2 million in the third quarter of prior year, which included a one-time non-cash gain of $10.0 million related to a transaction that occurred during the third quarter of 2015. Excluding the one-time cash gain on a tax-affected basis, the net income attributable to Alliance would have been $1.5 million in 2015 as compared to $1.4 million in the current quarter.

 

GAAP Net Income per Share was $0.12 for the quarter and Adjusted Net Income per Share (as defined below) was $0.33.

 

The Company continued to generate strong cash flow, with $24.1 million of quarterly operating cash flow, compared to $17.0 million in the third quarter of the prior year.

 

Alliance Radiology revenue increased by 2.8% to $88.7 million with strong same-store volume growth of +1.1% for MRI and +5.3% for PET/CT for the quarter.

 

Alliance Oncology revenue increased by 4.1% to $26.3 million for the quarter.

 

Alliance Interventional revenue increased by 28.5% to $11.5 million for the quarter.

 

Based on our results thus far this year, we reaffirmed full-year 2016 guidance for revenue ranging from $505 million - $535 million and Adjusted EBITDA of $130 million - $150 million.

 

2016 Financial Results

“Consistent with expectations we outlined on our Q2 earnings call, the third quarter reflects growth, both sequentially and year-over-year, across all of the business segments including Radiology, Oncology and Interventional. Sales, business development and operational improvements our teams have made, enhance the value proposition we provide to our customers leading to an improved competitive position and resulting strong performance in retaining existing customers and securing new customers,” stated Tom Tomlinson, Chief Executive Officer and President of Alliance HealthCare Services. “Our Radiology business delivered another consecutive quarter of strong same-store growth for MRI and PET/CT as well as improved performance in customer retention and contract wins. This marks the tenth consecutive quarter of same-store volume growth for MRI and seventh consecutive quarter of growth for PET/CT. Alliance Oncology didn’t complete any new projects in the quarter, but we expect to be in a position to announce another significant joint venture before the end of the year.”  


 


The following information was filed by Alliance Healthcare Services, Inc (AIQ) on Thursday, November 3, 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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