American Renal Associates Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018
November 08, 2018 at 04:05 pm EST
American Renal Associates Holdings, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported operating income was $30,049,000 against $32,901,000 a year ago. Income before income taxes was $18,328,000 against $29,231,000 a year ago. Net income attributable to common shareholders was $2,009,000 against $7,988,000 a year ago. Diluted earnings per share was $0.06 against $0.24 a year ago. Cash provided by operating activities was $25,392,000 against $45,012,000 a year ago. Purchases of property, equipment and intangible assets was $10,656,000 against $10,727,000 a year ago. Adjusted EBITDA-NCI was $26,631,000 against $28,149,000 a year ago. Adjusted EBITDA (including noncontrolling interests) was $42,435,000 against $46,838,000 a year ago. Adjusted net income attributable to the company was $6,731,000 against $6,414,000 a year ago. Adjusted net income attributable to the company per share was $0.19 against $0.19 a year ago. Total capital expenditures was $10,656,000 against $10,727,000 a year ago. Adjusted cash provided by operating activities was $25,392,000 against $45,012,000 a year ago. Patient service operating revenues were $211.0 million, an increase of 12.4% as compared to $187.7 million for the prior-year period, primarily due to treatment growth and reimbursement of certain pharmaceuticals under the Medicare ESRD PPS Transitional Drug Add-on Payment Adjustment, which became effective on January 1, 2018.
For the nine months, the company reported patient service operating revenues of $622,869,000 against $550,728,000 a year ago. Operating income was $58,901,000 against $72,527,000 a year ago. Income before income taxes was $32,307,000 against $55,410,000 a year ago. Net loss attributable to common shareholders was $17,211,000 against $8,979,000 a year ago. Diluted loss per share was $0.54 against $0.29 a year ago. Cash provided by operating activities was $83,871,000 against $97,372,000 a year ago. Purchases of property, equipment and intangible assets was $29,074,000 against $24,780,000 a year ago. Adjusted EBITDA (including noncontrolling interests) was $131,589,000 against $128,306,000 a year ago. Adjusted EBITDA-NCI was $80,877,000 against $76,967,000 a year ago. Adjusted net income attributable to the company was $17,424,000 against $14,568,000 a year ago. Adjusted net income attributable to the company per share was $0.51 against $0.43 a year ago. Total capital expenditures was $29,074,000 against $24,780,000 a year ago. Adjusted cash provided by operating activities was $84,727,000 against $98,089,000 a year ago.
The company expects 2018 adjusted EBITDA-NCI to be at the lower end of the previously stated range of $105 million to $111 million.