Last $32.15 USD
Change Today -0.70 / -2.13%
Volume 79.9K
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As of 8:10 PM 12/19/14 All times are local (Market data is delayed by at least 15 minutes).

surgical care affiliates inc (SCAI) Key Developments

Surgical Care Affiliates, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment Charges for the Third Quarter Ended September 30, 2014; Reaffirms Earnings Guidance for 2014

Surgical Care Affiliates, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total net operating revenues, which exclude revenues from facilities in which the company owns a non controlling interest, increased 13.1% to $219.9 million from $194.4 million in the prior year period. This increase was driven by revenues earned from acquisitions, higher acuity case mix and increased rates paid under certain payor contracts, partially offset by the deconsolidation of one facility since September 30, 2013. Net income attributable to the company, which includes certain non-cash and non-recurring expenses, was $7.8 million or $0.20 per basic share compared to a net loss attributable to the company of $12.7 million or $0.42 per basic share for the third quarter of 2013. Adjusted EBITDA less NCI, which adds back certain non-recurring expenses, increased 6.7% for the third quarter of 2014 to $37.9 million from $35.5 million in the same period of the prior year. Adjusted net income increased 53.9% to $18.4 million or $0.48 per basic share from $11.9 million or $0.39 per basic share for the same period of the prior year. This increase was primarily the result of lower interest expense in the third quarter of this year associated with the reduction of debt during 2013. Cash flow from operating activities was $69.5 million, up 38.4% from $50.2 million for the third quarter of 2013. Operating income was $47.7 million compared to $29.4 million reported a year ago. Income from continuing operations before income tax expense was $45.8 million compared to $14.9 million reported a year ago. Income from continuing operations was $42.9 million compared to $9.2 million reported a year ago. Capital expenditures were $7.2 million compared to $9.0 million reported a year ago. For the nine months, total net operating revenues, which exclude revenues from facilities in which the company owns a non-controlling interest, increased 7.8% to $627.7 million from $582.3 million in the same period last year. This increase was driven by higher acuity case mix and increased rates paid under certain payor contracts, partially offset by the deconsolidation of one facility since September 30, 2013 and the disposition of two facilities during the first quarter of 2014, and by investment in new facilities, most of which occurred in the latter part of the nine-month period. Net income attributable to the company, which includes certain non-cash and non-recurring expenses, was $14.1 million or $0.37 per basic share compared to a net loss attributable to the company of $23.9 million or $0.79 per basic share for the same period of the prior year. Adjusted EBITDA less NCI, which adds back certain non-recurring expenses, increased 3.1% to $108.2 million from $104.9 million in the same period of the prior year. Adjusted net income increased 75.7% to $51.8 million or $1.35 per basic share from $29.5 million or $0.97 per basic share for the same period of the prior year. Cash flow from operating activities was $156.1 million, up 19.4% from $130.8 million for the same period in 2013. Operating income was $129.9 million compared to $119.0 million reported a year ago. Income from continuing operations before income tax expense was $107.4 million compared to $65.5 million reported a year ago. Income from continuing operations was $101.4 million compared to $55.5 million reported a year ago. Capital expenditures were $25.4 million compared to $26.2 million reported a year ago. For 2014, the company is reiterating its previously established 2014 guidance for adjusted EBITDA less NCI to be between $154 million and $158 million. As it has indicated in the past, the strong growth expected in the fourth quarter of 2014 reflects the impact of its 2014 acquisitions and the expected timing of corporate expenses relative to fourth quarter 2013. The company expects 8% to 11% growth in adjusted EBITDA less NCI in 2014 For the quarter, the company reported asset impairments of $0.1 million against $1.4 million a year ago.

Surgical Care Affiliates, Inc. to Report Q3, 2014 Results on Nov 12, 2014

Surgical Care Affiliates, Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Nov 12, 2014

Surgical Care Affiliates, Inc., Q3 2014 Earnings Call, Nov 13, 2014

Surgical Care Affiliates, Inc., Q3 2014 Earnings Call, Nov 13, 2014

DISC Sports & Spine Center and Surgical Care Affiliates, Inc. Form Joint Venture to Develop Innovative Model for Sustainable Healthcare

DISC Sports & Spine Center has formed a joint venture with Surgical Care Affiliates, Inc. The deal will create a national model of sustainable healthcare for the future by tapping the core strengths and competencies of both companies to elevate the quality of outpatient surgery, increase accountability and reduce the costs to consumers. As a result of the joint venture, SCA becomes a majority equity partner in DISC and will help evolve the business by providing daily management, while DISC--accredited by the AAAHC for clinical excellence--continues its day-to-day-clinical operations. In turn, DISC will collaborate with SCA to design national benchmarking programs for outpatient care, drawing upon standards that have allowed the center to safely and successfully handle high-acuity cases in the outpatient setting with higher patient satisfaction, fewer complications and a zero MRSA infection rate.

Surgical Care Affiliates, Inc. Appoints Lisa Skeete Tatum as Director, Effective from October 1, 2014

On September 17, 2014, upon the recommendation of the Nominating and Corporate Governance Committee of the Board, the Board increased the size of the Board from seven to eight directors and elected Lisa Skeete Tatum to fill the newly created directorship of Surgical Care Affiliates, Inc., effective October 1, 2014. Ms. Skeete Tatum will serve as a Class III director of the Board until the expiration of her term on the date of the Company’s annual meeting of shareholders in 2016 and until her successor is elected and qualified. Additionally, the Board approved the appointment of Ms. Skeete Tatum to the Audit Committee of the Board, effective October 1, 2014. She is a member of the 2012 Class of Henry Crown Fellows at the Aspen Institute and the Kauffman Fellows Class 4. Currently, Ms. Skeete Tatum is an advisor and investor based in Princeton, New Jersey.

 

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