University General Health System, a multi-specialty health delivery system, today reported 2012 operating results, including significant total revenue growth and increases in shareholders’ equity and company assets.
Total revenue of approximately $113.2 million is an increase of 59 percent compared to approximately $71.2 million in revenues reported in 2011. The company attributes the growth primarily to a 9.5 percent increase in adjusted patient days, an increase in the number of surgeries performed at University General Hospital in Houston, and several acquisitions throughout the course of the year.
Full-year 2012 shareholders’ equity improved by $11.3 million to approximately $10.7 million, up from a negative $0.6 million in 2011.
UGHS grew its assets by 53 percent to approximately $174.8 million, compared with assets of approximately $114.5 million reported at December 31, 2011.
Adjusted EBITDA improved 188 percent to approximately $28.3 million in 2012, which the company attributes to its business strategy. For full-year 2011, UGHS reported adjusted EBITDA of approximately $9.8 million.
“Our Adjusted EBITDA of $28.3 million was equivalent to approximately 25 percent of revenue, which substantially exceeded the EBITDA margins for our publicly traded competitors. We believe this is a direct reflection of our business model, which seeks to provide the highest quality of care within the most cost-effective and least restrictive environment,” Dr. Hassan Chahadeh, M.D., chairman and CEO of UGHS said via news release.
Operating income increased 664 percent to approximately $19.1 million in 2012, versus approximately $2.5 million in the previous year.
The company recorded a net loss of $3.9 million, or a loss per share of $0.01, compared with a net loss of $2.6 million, or a loss per share of $0.01 reported in 2011.
“University General Health System entered 2013 as a much stronger company, well-positioned to execute its strategic growth strategy. Supported by a stronger balance sheet, our objectives for 2013 include the pursuit of additional acquisitions to build out our regional health care system in the Houston and Dallas markets. We are actively seeking to expand into additional new markets, as well. Longer-term, we plan to capitalize on opportunities created by the current regulatory and reimbursement environment, through acquisitions and facilities expansion and development … Based upon currently available information, we expect the company’s financial performance to improve substantially in 2013,” concluded Dr. Chahadeh.
For more information, visit www.ughs.net
About MissionIR
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
