NASHVILLE, Tenn. & GREENWOOD VILLAGE, Colo., Feb 28, 2017 (BUSINESS WIRE) -- Envision Healthcare Corporation (“Envision”) EVHC, -5.33% today reported financial results for the three months and 12 months ended December 31, 2016. Envision was formed December 1, 2016, with the merger (“the Merger”) of AMSURG Corp. (“AMSURG”) and Envision Healthcare Holdings, Inc. (“EHH”). As a result of the Merger, the Company’s financial results included in today’s press release reflect AMSURG’s results for the 12 months ended December 31, 2016, and EHH’s results for December 1 through December 31, 2016.
Highlights for the Fourth Quarter of 2016:
Net revenues of $1.39 billion;
A net loss attributable to Envision common stockholders of $137.8 million, or $1.84 per share, as a result of merger-related costs, including an impairment charge of $221 million primarily related to the planned phase-out of the Sheridan trade name, transaction and integration costs and debt extinguishment costs;
Adjusted net earnings of $92.0 million;
Adjusted net earnings per diluted share of $1.15; and
Adjusted EBITDA of $208.7 million.
Highlights for 2016:
Net revenues of $3.70 billion, which consists of $3.15 billion related to AMSURG for 2016 and $546.0 million from EHH for the month of December;
Net loss attributable to common stockholders of $27.7 million, or $0.47 per share;
Adjusted net earnings of $266.7 million;
Adjusted net earnings per diluted share of $4.23;
Adjusted EBITDA of $631.0 million; and
A reconciliation of all historical GAAP and non-GAAP financial results is included on page 6 of this press release. Envision is also including certain supplemental projected adjusted EBITDA and same-contract performance of its results for the full year of 2016. The supplemental projected information, which includes the results of EHH for the 12 months ended December 31, 2016, and is included on page 9 of this press release, is a non-GAAP measure being provided for informational purposes only.
“We are making great strides in integrating the operations of AMSURG and Envision following our transformative merger of equals, and we are on track to achieve our target cost synergies,” said Christopher A. Holden, President and Chief Executive Officer of Envision. “Since completing the merger, we are executing on an ambitious plan that includes a strategic review of our core strengths, and we will explore strategic options that may lead to a redeployment of our resources in order to increase stockholder value.
“Our results for the 2016 fourth quarter were impacted by lower-than-anticipated volume growth in both our physician services and medical transportation segments, which we have taken into account when developing our outlook for 2017. We remain committed to achieving operational excellence at Envision, and we are excited about the opportunities to grow this organization. During the fourth quarter of 2016, we completed three Physician Services acquisitions in anesthesia and neonatology. During the first quarter of 2017, we have completed four acquisitions in anesthesia, emergency medicine, radiology and ambulatory services. These transactions, as well as our ongoing discussions with healthcare providers and health systems, validate the strong market positioning and potential Envision has as an integrated and scaled national provider across a broad continuum of clinical network solutions.”
Following completion of the Merger, Envision is reporting its results for three segments: Physician Services, which includes AMSURG’s legacy Sheridan Healthcare and EHH’s legacy EmCare and Evolution Health, Medical Transportation and Ambulatory Services.
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