AMERICAN RENAL ASSOCIATES HOLDINGS, INC. ANNOUNCES FOURTH QUARTER 2017 RESULTS
BEVERLY, MA (March 6, 2018) - American Renal Associates Holdings, Inc. (NYSE: ARA) (“ARA” or the “Company”), a leading provider of outpatient dialysis services, today announced financial and operating results for the quarter and year ended December 31, 2017.
Certain metrics, including those expressed on an adjusted basis, are Non-GAAP financial measures (See “Use of Non-GAAP Financial Measures” and the reconciliation tables further below).
Fourth Quarter 2017 Highlights (all percentage changes compare Q4 2017 to Q4 2016 unless noted):
Net patient service operating revenues decreased 2% to $194.4 million;
Net income attributable to American Renal Associates Holdings, Inc. was $0.2 million as compared to a loss of $7.1 million;
Adjusted EBITDA less noncontrolling interests (“Adjusted EBITDA-NCI”) was $28.6 million as compared to $32.2 million;
Adjusted net income attributable to American Renal Associates Holdings, Inc. was $6.0 million or $0.18 per share for Q4 2017;
Total dialysis treatments increased 6.7%, of which 6.1% was non-acquired growth; and
As of December 31, 2017, the Company operated 228 outpatient dialysis centers serving approximately 15,600 patients.
Joseph (Joe) Carlucci, Chairman and Chief Executive Officer, said, “We are pleased with our fourth quarter and full-year 2017 results. As I reflect on 2017, I could not be more proud of how our organization has responded, and frankly risen above, many of the challenges we faced a little over a year ago. I believe we have entered 2018 in a stronger position to grow - driven by a more sustainable cost structure, continued execution on our development program, and other operational tailwinds. We also enter 2018 with an even greater focus on building upon our operating model to integrate patient care even more closely with our physician partners. We are doing this from a position of strength because the partnership model we’ve developed has been validated by strong quality metrics, outstanding patient satisfaction and industry-leading physician satisfaction rates.”
“During the fourth quarter of 2017, our organization maintained its strong focus on delivering quality patient care, while sustaining the performance in the operational initiatives we outlined in early 2017. We delivered on the commitments we made by achieving our 2017 financial guidance, and we are establishing 2018 guidance that is underpinned by solid fundamentals,” continued Carlucci.
Financial and operating highlights include:
Revenue: Net patient service operating revenues for the fourth quarter of 2017 were $194.4 million, a decrease of 2.4% as compared to $199.1 million for the prior-year period due to adverse changes in payor mix, partially offset by treatment growth. Net patient service operating revenues for the year ending December 31, 2017 were $745.1 million, a decrease of 0.6% as compared to $749.8 million for the prior-year period.
Treatment Volume: Total dialysis treatments for the fourth quarter of 2017 were 565,945, representing an increase of 6.7% over the fourth quarter of 2016. Non-acquired treatment growth was 6.1% and acquired treatment growth
The following information was filed by American Renal Associates Holdings, Inc. (ARA) on Tuesday, March 6, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.