SOURCE: Nobilis Health Corp.

Nobilis Health Corp.

March 23, 2015 06:00 ET

Nobilis Health Corp. Reports Record $84MM in Revenues and $10.4 MM in Adjusted EBITDA for the Year Ended December 31, 2014

HOUSTON, TX--(Marketwired - Mar 23, 2015) - Nobilis Health Corp. (TSX: NHC) today announced its financial results for the three and twelve months ended December 31, 2014. All dollar amounts are in United States currency unless otherwise stated; percentage calculations are based on the numbers in the financial statements and may not correspond to rounded figures presented in this release.

Detailed information relating to the three and twelve months ended December 31, 2014 is available in Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements, which are available on the company's web site at: www.nobilishealth.com and at www.sedar.com. This information is not intended to provide a comprehensive comparison of financial results.

Chris Lloyd, Nobilis Health's CEO, said, "Our 2014 results provide initial insight into the strength of the Nobilis strategy of coupling innovative direct-to-patient marketing with physician-centric services. We are carrying significant momentum into 2015 and fully expect to continue delivering outstanding results."

"We are pleased to have exceeded our 2014 revenue and EBITDA targets, and are confident that the continued expansion of our marketing platforms will allow us to have a strong first quarter in 2015," said Harry Fleming, Nobilis' President. "We are currently engaging in discussions with several unique and interesting acquisition opportunities that would fit well with Nobilis' diverse revenue model. Concurrent with our new ancillaries division, Nobilis is positioning itself to capture a greater share of the various revenue streams attendant in each medical procedure performed at any of our facilities," continued Fleming.

Twelve Months Results

Total revenues for the twelve months ended December 31, 2014 totaled $84.0 million, an increase of $52.9 million or 170.1%, compared to $31.1 million from the prior corresponding period. Total cases for the twelve months ended December 31, 2014 were 8,740, representing an increase of 3,254 cases or 59.3% from the 5,486 cases in the prior corresponding period. Revenue per case increased as a product of the procedure mix moving towards surgeries with higher reimbursements. The increase in total revenues resulted in Nobilis achieving Adjusted EBITDA1 of $10.4 million, for the twelve months ended December 31, 2014 compared with $2.7 million from the prior corresponding period. Nobilis had a net income of $0.14 per weighted average share, compared with a net income of $0.04 per weighted average share in the corresponding 2013 period.

Cash flows provided by operating activities in the nine months ended December 31, 2014 were $4.0 million, which represented a $0.5 million increase compared to the prior corresponding period, which provided $3.5 million in cash flows from operating activities. The cash impact from the aforementioned operating results will largely be seen during the first quarter of 2015.

At December 31, 2014, Nobilis had consolidated net working capital of $23.8 million, including cash of $7.6 million. This compares with $8.7 million and $5.6 million, respectively, at year-end 2013.

Fourth Quarter Results

Total revenues for the three months ended December 31, 2014 totaled $39.6 million, an increase of $26.1 million or 193.3%, compared to $13.5 million from the prior corresponding period.

Total cases for the three months ended December 31, 2014 were 3,697, representing an increase of 1,886 cases or 104.1% from the 1,811 cases in the prior corresponding period. Revenue per case increased as a product of the procedure mix moving towards surgeries with higher reimbursements. The increase in total revenues resulted in Nobilis having Adjusted EBITDA1 of $8.1 million, for the three months ended December 31, 2014 compared with $3.5 million from the prior corresponding period. Nobilis had net income of $0.11 per weighted average share, compared with net income of $0.08 per weighted average share in the corresponding 2013 period.

About Nobilis Health Corp.

Nobilis utilizes innovative direct-to-patient marketing focused on a specified set of procedures that are performed at our centers by local physicians. We own and manage ambulatory and acute care facilities to deliver healthcare services. Nobilis owns and manages interests in ambulatory surgery centers in Houston, Dallas, and Scottsdale, Arizona. In addition, Nobilis owns one acute care hospital in Houston. Nobilis also owns and manages interests in two imaging centers and one urgent care clinic in Houston.

Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, non-cash compensation, and acquisition expenses. Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and measure leverage and debt service capacity. Adjusted EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because adjusted EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies. Net income attributable to Nobilis Healthcare Inc. common shareholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to adjusted EBITDA as defined.

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 Healthcare Inc. (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.Nobilis-Healthcare.com or at www.sedar.com. 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.