TeamHealth Holdings (TMH) Tops Q1 EPS by 4c

TeamHealth Holdings (NYSE: TMH) reported Q1 EPS of $0.62, $0.04 better than the analyst estimate of $0.58. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.11 billion.

"We are pleased with our financial results in the first quarter with double digit growth in both net revenue and Adjusted EBITDA and a significant improvement in operating cash flow. We benefited from solid performance in our core operations in addition to benefiting from the growth associated with the IPC transaction," said TeamHealth President and Chief Executive Officer, Mike Snow.

"First quarter consolidated revenue growth was driven by positive contributions from IPC, same contract performance, acquisitions from the core TeamHealth business, and net new contract sales. IPC provided the largest contribution to revenue growth during the quarter and its operational integration is progressing well. We continue to focus on integrating the business to provide for future growth and realizing the synergies as initially targeted. Same contract was the second largest contributor to revenue during the quarter as we experienced an increase in patient volumes late in the quarter from the emergence of a delayed flu season and also benefited from an increase in estimated collections per visit. In addition, the Company continued to benefit from legacy acquisitions, driven by both traditional acquisitions and hybrid acquisition opportunities while net new contracts provided a modest contribution to revenue growth during the quarter."

"As previously announced, we were pleased to reach an agreement with JANA Partners whereby we added two new Board members in the quarter and will add a third new Board member in January 2017. We believe this outcome best serves the interests of TeamHealth and all of its shareholders and we are confident that Mr. Crawford, Mr. Ostfeld and Ms. Schlichting, with their diversified expertise and relevant experience, will add valuable perspective to TeamHealth's Board. We remain committed to delivering the highest quality patient care, supporting our affiliated clinicians and hospital partners, achieving our operational and financial goals for 2016, and maximizing value for our shareholders," concluded Mr. Snow.

For earnings history and earnings-related data on TeamHealth Holdings (TMH) click here.

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