21st Century Oncology Holdings Inc. Reports First Quarter 2015 Financial Results
(firmenpresse) - FORT MYERS, FL -- (Marketwired) -- 05/12/15 --
("21C or the "Company"), the leading global, physician-led provider of integrated cancer care ("ICC") services, announced today its financial results for the first quarter ended March 31, 2015.
Dr. Daniel Dosoretz, Founder, President and Chief Executive Officer, commented, "We are very pleased with our solid start to 2015. Results for the first quarter were strong, reflecting growth from existing operations as well as from contributions from recent acquisitions, both domestic and international. Same store treatment growth was 3.9% and same store freestanding revenue growth was 4.6%, both meeting the high side of guidance provided to investors during our refinancing. Our continued focus on cost savings and synergies resulted in a fifth consecutive quarter of year-over-year Pro Forma Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation and other non-cash and pro forma items) margin expansion. We remain focused on further EBITDA growth, expense management, generating positive free cash flow, and deleveraging."
Dr. Dosoretz continued, "On April 30th, we completed a refinancing that restructured 21C's balance sheet. 21C's three Notes issuances due in 2017, including the OnCure 11.75% Senior Secured Notes, were refinanced with a $610 million, Term Loan due 2022 and $360 million of 11% Senior Unsecured Notes due 2023. Additionally, we replaced our $100 million unfunded revolving credit facility with a new $125 million unfunded Revolver, thereby providing us with additional liquidity and investment capacity."
Dr. Dosoretz concluded, "Our management team continues to capitalize on attractive opportunities to leverage 21C's ICC model and competitive strengths, completing two notable joint ventures in the quarter -- NWCC and the purchase of Maddock in Rhode Island. NWCC expanded our footprint into a new region of the Northwest U.S. where we believe our model will be well embraced, and Maddock provided an additional geographically-convenient location for our Rhode Island joint venture. Additionally, during the quarter we entered into new hospital partnerships with the University of Florida, UCLA, Jackson South in Miami, and Lourdes Health System. While each arrangement is unique, these new partnerships result in enhanced treatment options for our patients. The positive results of this quarter, optimism for increasing contributions from our joint venture activity, continued organic growth, strong performance from OnCure and SFRO, and growth from our international operations enables 21C to re-confirm its full year 2015 Total Pro Forma Adjusted EBITDA guidance of between $182 million to $190 million."
Total pro forma revenues for the first quarter of 2015 were $278.5 million, compared to total pro forma revenues of $242.2 million in the same quarter of 2014, driven primarily by same store growth.
Domestic same store treatments per day increased 3.9% in the first quarter of 2015 while same store freestanding revenues increased 4.6%. The growth was primarily driven by the continued expansion of our physician network and strong growth in our key markets. Domestic same store therapy revenue per treatment increased 1.5% in the first quarter of 2015.
Total Relative Value Units (RVUs) per day increased by 13.0% in the first quarter versus the same period of the prior year due to the effect of acquisitions, same store treatment growth and service mix. On a same store basis, RVUs increased 7.7% versus the same period last year as a result of same store growth and service mix. Pro Forma Adjusted EBITDA in the first quarter of 2015 was $43.7 million, or 15.7% of total revenues, up 39.4% compared to $31.3 million, or 12.9% of total pro forma revenues, in the first quarter of 2014. A reconciliation of net loss attributable to 21C, determined in accordance with generally accepted accounting principles to Pro Forma Adjusted EBITDA and total revenues, determined in accordance with generally accepted accounting principles, to total pro forma revenues for the quarters ended March 31, 2015 and 2014 is included in the attached supplemental financial information.
Income tax expense in the first quarter of 2015 was $2.7 million, compared to an income tax expense of $2.1 million in the first quarter of 2014. The net loss for the first quarter of 2015 was $12.9 million, compared to a net loss of $29.2 million in the first quarter of 2014.
On January 2, 2015, 21C entered into a joint venture with NWCC, whereby 21C acquired an 80% interest in a radiation oncology practice in the Tri-Cities Market of Washington State, expanding 21C's geographical footprint into the Northwestern U.S., one of the fastest growing regions in the country. On January 6, 2015, a majority-owned 21C joint venture with hospital partners Charter Care and Care New England acquired Maddock, a single radiation oncology center located in Rhode Island. This acquisition expands 21C's footprint in the state and provides an additional convenient treatment location for its patients. The NWCC and Maddock acquisitions increased the number of radiation treatment centers by two and increased the number 21C radiation oncology physicians by three.
During the first quarter, 21C entered into new hospital partnerships with the University of Florida, UCLA, Jackson South, and Lourdes Health System.
On April 30, 2015, 21C closed and funded a $610 million Senior Secured Term Loan (the "Term Loan") and $360 million of 11.0% Senior Unsecured Notes due 2023 at an issue price of 100.0% (the "Notes" and together the "Offerings"). 21C used the net proceeds from the Offerings, together with cash on hand, to repay its $90.0 million term loan facility due 2016, to redeem its 97/8% Senior Subordinated Notes due 2017, its 87/8% Senior Secured Second Lien Notes due 2017, and to repurchase 99.4% of the OnCure 11 3/4 Senior Secured Notes due 2017 which were refinanced subject to a tender offer, and to pay related fees and expenses. Simultaneously, 21C replaced its existing $100 million unfunded Revolving Credit Facility with a new $125 million, 5-year unfunded Revolving Credit Facility.
For additional details regarding these financings, please review the Company's 8-K filed May 4, 2015 with the Securities and Exchange Commission.
The Company will host a conference call on Wednesday, May 13, 2015 at 3:00 p.m. Eastern Time, during which management will discuss its financial results in further detail. The dial-in numbers are (877) 407-9039 for domestic callers and (201) 689-8470 for international callers. In addition, a telephonic replay of the call will be available until May 27, 2015. The replay dial-in numbers are (877) 870-5176 for domestic callers and (858) 384-5517 for international callers. Please use the conference ID number 13608002 to access the replay.
A live webcast and webcast replay of the call will also be available from the Events section on the corporate web site at .
21st Century Oncology Holdings, Inc. is the largest global, physician led provider of integrated cancer care services. The Company offers a comprehensive range of cancer treatment services, focused on delivering academic quality, cost-effective patient care in personal and convenient settings. As of March 31, 2015, the Company operated 182 treatment centers, including 147 centers located in 17 U.S. states and 35 centers located in six countries in Latin America. (Source: 21st Century Oncology Holdings, Inc.)
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "forecast" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements are based on management's current expectations or beliefs about the Company's future plans, expectations and objectives, including, but not limited to, the Company's expected financial results and estimates for 2015 and the effects of the CMS's Final Rule for the 2015 Physician Fee Schedule on its results. These forward-looking statements are not historical facts and are subject to risks and uncertainties that could cause the actual results to differ materially from those projected in these forward-looking statements including, but not limited to reductions in Medicare reimbursement, healthcare reform, decreases in payments by managed care organizations and other commercial payers and other risk factors that may be described from time to time in the Company's filings with the Securities and Exchange Commission. Readers of this release are cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date stated, or if no date is stated, as of the date of this press release. The Company undertakes no obligation to publicly update or revise the forward-looking statements contained herein to reflect changed events or circumstances after the date of this release, unless required by law.
21st Century Oncology Contact:
Richard Lewis
SVP, CFO for U.S. Operations
239-931-7281
Investor Contact:
The Ruth Group
Nick Laudico
646-536-7030
Courtney Dugan
646-536-7024
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Datum: 12.05.2015 - 20:05 Uhr
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