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LifePoint Health Reports Third Quarter 2018 Results
BRENTWOOD, Tenn.--(BUSINESS WIRE)--October 26, 2018--LifePoint Health, Inc. (NASDAQ: LPNT) today announced results for the third quarter and nine months ended September 30, 2018.
Third Quarter 2018
The following highlights the Company’s results of operations as presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for the third quarter ended September 30, 2018:
- Same-hospital revenues totaled $1,548.5 million, an increase of 2.1% compared to the same period last year;
- Net income totaled $23.3 million;
- Diluted earnings per share attributable to LifePoint Health, Inc. stockholders were $0.56; and
- Net cash provided by operating activities totaled $162.9 million, an increase of $71.8 million, or 78.8%, compared to the same period last year.
The Company’s results of operations for the third quarters ended September 30, 2018 and 2017, included the following non-operational adjustments:
- For the third quarter of 2018, the Company recognized losses in the aggregate of $40.1 million, or $0.77 loss per diluted share, comprised of an impairment loss recognized in connection with the Company’s entry into a proposed settlement agreement to terminate its lease and operation of a hospital campus located in Louisiana and the recognition of merger-related expenses;
- Also, for the third quarter of 2018, the Company recognized additional salaries and benefits expense of $21.6 million, or $0.50 loss per diluted share, related to the acceleration of the vesting of outstanding stock-based awards for the Company’s chief executive officer, as a result of his announced retirement;
- Lastly, for the third quarter of 2018, the Company recognized a deferred tax benefit of $23.6 million, or $0.59 earnings per diluted share, related to a tax accounting method change for recognizing the tax deductibility of certain self-pay revenues; and
- For the third quarter of 2017, the Company recognized a net gain of $3.7 million, or $0.13 loss per diluted share when adjusted for the impact of income taxes, comprised of a gain related to the transfer of certain of the Company’s home health agencies and hospices to In-Home Healthcare Partnership (“IHHP”), a joint venture with LHC Group, Inc., which the Company does not consolidate, and an impairment loss for the write-off of allocated goodwill in connection with the sale of a hospital campus located in Georgia.
Excluding the non-operational adjustments listed above, highlights of the Company’s results of operations, as adjusted on a non-GAAP basis, for the third quarter ended September 30, 2018, were as follows:
- Normalized net income totaled $50.3 million;
- Normalized diluted earnings per share attributable to LifePoint Health, Inc. stockholders were $1.24; and
- Normalized EBITDA totaled $183.3 million.
Additional information regarding normalized net income, normalized diluted earnings per share attributable to LifePoint Health, Inc. stockholders, adjusted EBITDA and normalized EBITDA, including uses by management and others, and a reconciliation to comparable GAAP measures of financial performance, is set forth under the section titled “Unaudited Supplemental Information.”
The following information was filed by Lifepoint Health, Inc. (LPNT) on Friday, October 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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