HOUSTON, TX--(Marketwired - Nov 11, 2015) - Nobilis Health Corp. (
Third quarter preliminary revenues are $50.1 million and preliminary Adjusted EBITDA is $9 million, resulting in an increase of approximately 191% and 373%, respectively, as compared to revenue of $17.2 million and Adjusted EBITDA of $1.9 million for the prior corresponding period. For the nine months ended September 30, 2015, preliminary revenues are $136.0 million and preliminary Adjusted EBITDA is $19.6 million, resulting in an increase of approximately 206% and 577%, respectively, as compared to revenue of $44.4 million and Adjusted EBITDA of $2.9 million for the prior corresponding period. Adjusted EBITDA for the trailing 12 months ended September 30, 2015 is estimated at $27 million.
In August 2015, the Company engaged Crowe Horwath as its independent registered public accounting firm. "Crowe has informed us that their quarterly review procedures will not be completed within the deadline for the SEC filing of our Form 10-Q," said Kenny Klein, the Company's Chief Financial Officer. "Management and Crowe have identified certain non-cash accounting differences arising in our conversion from U.S. GAAP and IFRS rules and opening balance sheet valuations which will delay the Company's earnings release and the filing of its quarterly financial statements. Therefore, the Company will not issue its Quarterly Report on Form 10-Q for the three months ended September 30, 2015 on November 12, 2015 as previously anticipated."
"The issues remaining under review should not result in material changes to the preliminary revenues and preliminary Adjusted EBITDA announced today as those are primarily non-cash items," said Chris Lloyd, the Company's Chief Executive Officer.
In lieu of the previously scheduled earnings call, the Company will, however, hold a conference call on November 12th at 10:00 a.m. CST to update shareholders on third quarter revenue and discuss reasons for delay. The Company will update shareholders as soon as possible regarding the release date of final numbers and the timing of the rescheduled earnings call. To participate in the conference call on Thursday, please dial (855) 789-8159 in the US and Canada, and (631) 485-4889 internationally. Please enter passcode 69255961. There will be a livestream of the conference call available at: http://edge.media-server.com/m/p/kq2zpbep/lan/en.
To provide our auditors with adequate time to fully review the Company's finances, the Company will file a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission with regard to its Quarterly Report. The Company will hold its earnings conference call to discuss final third quarter results promptly following the filing of that Quarterly Report.
About Nobilis Health Corp.
Nobilis owns and manages ambulatory and acute care facilities to deliver healthcare services. Our focus is improving access to care and patient outcomes by providing minimally invasive procedures that can be performed in low-cost, outpatient settings. We utilize innovative direct-to-patient marketing and proprietary technologies to drive patient engagement and education. Nobilis owns and manages eight surgical facilities in Dallas, Houston, and Scottsdale and has contractual partnerships with 29 other facilities across nine other states.
Forward-looking statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) and financial outlooks relating to the business of Nobilis Health Corp. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions and may discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. These statements are based on the Company's expectations, estimates, forecasts and projections and while the Company considers these to be reasonable based on information currently available, they may prove to be incorrect. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's web site at www.nobilishealth.com, www.sedar.com and in the risk factors described in the Company's Form 10-K for the fiscal year ended December 31, 2014, filed on April 2, 2015. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Other than as required by law, the Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.