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MedCath Corporation Reports First Quarter Earnings
Date:2/3/2010

s, offset by revenue from MedCath’s newest hospital and revenue growth in non-cardiovascular cases at several recently expanded hospitals.   During the quarter, non-cardiovascular inpatient net revenue represented 25% of net inpatient revenue, compared to 17% in the first quarter of 2009.  Loss from continuing operations, net of taxes was $(2.5) million, or $(0.13) per diluted share compared to $(1.9) million, or $(0.10) per diluted share, for the same period of the prior year.  Adjusted EBITDA decreased to $7.8 million for the first quarter of fiscal 2010 from $16.1 million in the same period of the prior year.  

Same Facility First Quarter 2010 Results

Same facility net revenue decreased 5.0% from $150.2 million to $142.7 million for the first quarter of fiscal 2010 compared to the same period of the prior year. Same facility loss from continuing operations, net of taxes was $(0.2) million, or $(0.01) per diluted share, compared to a loss from continuing operations, net of taxes of $(1.9) million in the first quarter of fiscal 2009, or $(0.10) per diluted share.  Same facility Adjusted EBITDA was $10.1 million for the first quarter of fiscal 2010.

“The significant increase we experienced this quarter in our non-cardiovascular related net patient revenue is indicative that expansion at several of our hospitals is providing benefit to the communities we serve as well as to our Company,” said Ed French, MedCath’s President and Chief Executive Officer. “Although we are disappointed wi
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