Alliance HealthCare Services

News Release

Page 1 of 12

May 9, 2017

 

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, 2017

NEWPORT BEACH, CA — May 9, 2017 — 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 first quarter ended March 31, 2017.

First Quarter 2017 Highlights

 

The Company reported revenue totaling $129.9 million for the first quarter, a $6.2 million or 5.0% increase over the first quarter of last year.

 

 

The Company generated $32.8 million of Adjusted EBITDA (as defined below) for the quarter, a $2.4 million or 7.9% increase from the first quarter of last year.

 

 

The Company continued to generate strong cash flow with $19.9 million in quarterly operating cash flow.

 

 

Adjusted Net Income Per Share (as defined below) was $0.17, representing an increase of $0.13 per diluted share from the first quarter of last year. GAAP net income per share increased by $0.05 per diluted share from the first quarter of last year.

 

 

Alliance Radiology revenue increased by 2.2% to $87.8 million.

 

 

Alliance Oncology revenue increased 15.2% to $30.0 million for the quarter.

 

 

The Company closed with a total leverage ratio, calculated pursuant to its Credit Agreement, of 4.00 to 1.00 as of March 31, 2017.

 

First Quarter 2017 Financial Results

“Consistent with our expectations for 2017 that we outlined with our guidance for the year, our team delivered solid growth in both revenue and Adjusted EBITDA. Most importantly, Adjusted EBITDA increased by 7.9%, and Adjusted Net Income increased approximately threefold, when compared to the first quarter of 2016. From a balance sheet perspective, we continue to make progress in reducing our long-term debt, which is down $7.7 million compared to December 31, 2016,” stated Tom Tomlinson, Chief Executive Officer and President of Alliance Healthcare Services. “While overall results were solid, we experienced same-store volume challenges in our Oncology business and in the MRI segment of our Radiology business. Fortunately, we have seen strengthening as we moved through the quarter and that improved pace has continued into April. We remain confident that we will deliver results for 2017 that are consistent with the guidance we have provided to investors,” continued Mr. Tomlinson.

Revenue for the first quarter of 2017 increased to $129.9 million, compared to $123.7 million in the first quarter of 2016. This increase was primarily due to increases in Radiology and Oncology revenue of $2.2 million and $4.0 million, respectively.

Adjusted EBITDA for the first quarter of 2017 increased to $32.8 million, compared to $30.4 million in the first quarter of 2016. The increase was primarily due to increases in earnings from Radiology and Oncology, partially offset by Corporate investments as well as a slight decline in the Interventional segment. Adjusted EBITDA growth in both Radiology and Oncology was driven by year-over-year same-store volume growth in PET/CT as well as the addition of new partnerships such as the Northern Alabama Cancer Care Network. The decline in the Interventional business was driven by challenges in physician capacity as well as additional platform investments made to strengthen management and development capabilities. Corporate / Other Adjusted EBITDA decreased due to additional investments in international expansion as well as organization, systems and infrastructure to support expanded workforce, entities and partnerships.

 


The following information was filed by Alliance Healthcare Services, Inc (AIQ) on Tuesday, May 9, 2017 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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