Envision Healthcare Reports Strong 2016 First Quarter Results
Adjusted EBITDA of $152 Million, Adjusted EPS of $0.28
Financial Highlights:
Net revenue of $1.6 billion increased by 28%;
Adjusted EBITDA of $151.6 million increased by 18%;
Adjusted diluted earnings per share (EPS) was $0.28;
Net income was $26.9 million and GAAP diluted EPS was $0.14;
Cash flow from operations of $89.6 million increased by 98%; and
2016 Outlook for Adjusted EBITDA and Adjusted EPS increases to $725 million to $750 million, and $1.46 to $1.54, respectively.
“We reported strong top-line growth across all of Envision’s business units as we continue to expand the breadth of our services to advance our integrated care delivery strategy while expanding our geographic presence to new markets,” said William A. Sanger, chairman, president and chief executive officer of Envision. “We are pleased with the progress we have made, and will continue to make, in achieving targeted operational improvement, integrating acquisitions, and advancing new care delivery models. We expect our efforts will yield continued improvement throughout 2016.”
Results of Operations for the First Quarter of 2016
Envision generated net revenue of $1.60 billion, an increase of 28.4% from $1.24 billion, primarily as a result of contributions from acquisitions completed during recent periods. Acquisition-related growth was 21.9% and organic growth was 6.5% in the first quarter.
Adjusted EBITDA of $151.6 million increased by 17.6%, from $128.9 million. Adjusted EBITDA margin was 9.5%, which compares with 10.4% for the prior-year period and was primarily impacted by new business starts and recent acquisitions with lower initial margins.
Adjusted EPS for the quarter was $0.28, and compares to $0.26 for the prior-year period. On a GAAP basis, Envision earned $0.14 per fully diluted share, compared to $0.17 for the prior-year period.
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Envision Healthcare Holdings, Inc. (Envision or Company) (NYSE: EVHC) reported results from operations for the three months ended March 31, 2016, and is increasing its 2016 financial outlook.
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