AmSurg (AMSG) Prelim. Q3 Results Outpace Expectations
AmSurg (NASDAQ: AMSG) announced preliminary financial results for the third quarter ended September 30, 2015.
Based on preliminary unaudited information, AmSurg expects revenues for the third quarter of 2015 to be approximately $650.2 million compared to $502.4 million for the third quarter of 2014. Net earnings from continuing operations attributable to AmSurg common shareholders is expected to be approximately $40.4 million compared to a net loss of $12.1 million for the comparable prior-year period. Adjusted net earnings for the third quarter of 2015 is expected to be approximately $53.0 million compared to $34.6 million for the third quarter of 2014. Net earnings per diluted share from continuing operations attributable to AmSurg common shareholders is anticipated to be approximately $0.83 for the third quarter of 2015 compared to a net loss of $0.23 for the third quarter of the previous year. For the third quarter of 2015, adjusted net earnings per diluted share is expected to be approximately $1.03 compared to $0.69 for the third quarter of 2014. Adjusted EBITDA is anticipated to be approximately $133.2 million for the 2015 third quarter compared to $95.9 million for the 2014 third quarter.
*** The Street sees Q3 revenue of $631 million with EPS of $0.93.
See page 4 for a reconciliation of all GAAP and non-GAAP financial results.
AmSurg anticipates Ambulatory Services same-center revenue growth to be 6.6% and Physician Services same-contract revenue growth to be 10.1% for the third quarter of 2015. Net cash flows from operations, less distributions to noncontrolling interests, are expected to be approximately $118.7 million for the third quarter of 2015. The Company’s ratio of total debt at the end of the third quarter of 2015 to trailing 12 months EBITDA as calculated under the Company’s credit agreement is anticipated to be approximately 4.4.
The financial results are subject to finalization of the Company’s quarterly financial and accounting procedures. These preliminary third-quarter results are not necessarily indicative for any future period and should be read together with the “Risk Factors” section of this news release. These estimates are preliminary and are based upon the information available to management as of today’s date. Therefore, it is possible that AmSurg’s actual results may differ materially from these estimates due to the completion of AmSurg’s financial closing procedures, final adjustments and other developments that may arise between now and the time AmSurg’s 2015 third-quarter financial results are finalized.