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21ST CENTURY ONCOLOGY HOLDINGS, INC.
21st Century Oncology Contact:
LeAnne M. Stewart
Chief Financial Officer
21ST CENTURY ONCOLOGY HOLDINGS, INC. REPORTS THIRD QUARTER 2016 FINANCIAL RESULTS
FORT MYERS, FL, November 14, 2016 21st Century Oncology Holdings, Inc. (21C or the Company), the leading global provider of integrated cancer care (ICC) services, announced today its financial results for the third quarter of 2016.
Third Quarter 2016 Results
Total revenues decreased by $16.6 million, or 6.3%, from $262.3 million for the three months ended September 30, 2015 to $245.7 million for the three months ended September 30, 2016.
Net patient service revenue in our total domestic freestanding line of business declined $7.3 million, or 4.8%, as compared to the same period in the prior year. This decline was driven by a 1.3% decline in total radiation oncology treatments per day and a 3.6% decline in net patient service revenue per radiation oncology treatment for the third quarter of 2016 as compared to the same period in the prior year.
Net patient service revenue in our ICC line of business declined $7.2 million, or 9.0%, as compared to the same period in the prior year. The conversion of our Jacksonville medical oncology group to a professional services agreement (PSA) with the University of Florida, whereby the Company will invoice for chemotherapy administration only, eliminating the drug portion, drove $4.6 million of the decline in ICC revenue.
International net patient service revenue declined $3.4 million, or 10.7%, as compared to the same period in the prior year due to the devaluation in the Argentine Peso. Excluding the impact of currency fluctuations, international revenue growth was approximately 37.8%, or $8.9 million, quarter over quarter.
Net loss for the third quarter of 2016 was $78.5 million as compared to a net loss of $55.2 million for the same period in the prior year. The increase in net loss was the result of a $16.6 million reduction in total revenue, an increase in other gains and losses of $6.2 million, an increase in interest expense of $3.4 million and a $3.0 million increase in provision for bad debt, partially offset by a $5.8 million decrease in salaries and benefits.
The following information was filed by 21St Century Oncology Holdings, Inc. (RTSX) on Monday, November 14, 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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