Adjusted EBITDA, which is defined below, was $8.0 million for the third quarter 2007, a decrease of $9.5 million, or 54.2%, compared to $17.5 million for the third quarter 2006. Adjusted EBITDA was $25.9 million for the nine months ended September 30, 2007, representing a decrease of $19.4 million, or 42.9%, compared to $45.3 million for the nine months ended September 30, 2006. Adjusted EBITDA, as defined by MedQuest, is net income plus (a) interest expense, net, (b) income taxes, (c) depreciation and amortization, (d) non- cash expenses and (e) audit committee review and other charges. For a more detailed discussion of Adjusted EBITDA and reconciliation to net loss, see the "Adjusted EBITDA" table at the end of this release.
Selected Financial Data
The following tables set forth selected financial data derived from MedQuest's unaudited financial statements filed with its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007 and audited financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2006.
Condensed Consolidated Balance Sheets (in thousands)
September 30, December 31,
Cash and cash equivalents $3,024 $4,601
Patient receivables, net of allowances 31,009 24,963
Other current assets 5,127 5,000
Total current assets 39,160 34,564
Property and equipment, net 62,849 77,432
Other assets 61,989 63,438
Total assets $163,998 $175,434
Liabilities and Stockholders' Deficit
Other current liabilities $24,
|SOURCE MQ Associates, Inc.|
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