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MedCath Corporation Reports Second Quarter Earnings
Date:5/6/2008

-- Same facility adjusted admissions up 4.6% in second quarter of fiscal

2008 compared to the second quarter of fiscal 2007 -- Cash flow from continuing operations up 17.6% in second quarter of

fiscal 2008 compared to second quarter of fiscal 2007

CHARLOTTE, N.C., May 6 /PRNewswire-FirstCall/ -- MedCath Corporation (Nasdaq: MDTH), a healthcare provider focused on high acuity healthcare services, predominately the diagnosis and treatment of cardiovascular disease, today announced its operating results for its second fiscal quarter, which ended March 31, 2008.

Second Quarter 2008 Results

On April 21, 2008 MedCath announced preliminary results for the second quarter of fiscal 2008. This press release presents the final results for the quarter on an actual and a same facility basis.

During its fourth quarter of fiscal 2007, MedCath completed the recapitalization of Harlingen Medical Center ("HMC"). As part of the recapitalization, MedCath's ownership in HMC was reduced from a majority ownership to a minority ownership. Due to this change in ownership, MedCath began accounting for HMC as an equity investment in the quarter ended September 30, 2007. As such, MedCath's consolidated operating results for the quarter ended March 31, 2008 exclude net revenue, income from operations and Adjusted EBITDA of HMC. In comparison, MedCath's consolidated actual results for the comparable quarter of the previous fiscal year include the consolidated financial results of HMC.

During its second quarter of fiscal 2008, MedCath announced that it had entered into a definitive agreement to sell substantially all of the assets of its Dayton Heart Hospital, located in Dayton, Ohio. As such, MedCath now 385,624

Total liabilities and

stockholders' equity $619,470 $669,415

MEDCATH CORPORATION

SELECTED OPERATING DATA

(In thousands, except per share data and selected operating data)

(Unaudited)

Three Months Ended March 31,

2008 2007 % Change

Statement of Operations Data:

Net revenue $157,098 $176,640 (11.1)%

Adjusted EBITDA (1) $23,825 $26,772 (11.0)%

Income from operations $15,385 $15,569 (1.2)%

Income from continuing operations $5,977 $4,729 26.4%

Earnings per share from continuing

operations, basic $0.30 $0.23 30.4%

Earnings per share from continuing

operations, diluted $0.30 $0.22 36.4%

Six Months Ended March 31,

2008 2007 % Change

Statement of Operations Data:

Net revenue $305,948 $337,026 (9.2)%

Adjusted EBITDA (1) $45,459 $45,860 (0.9)%

Income from operations $25,542 $25,052 2.0%

Income from continuing operations $8,595 $4,367 96.8%

Earnings per share from continuing

operations, basic $0.42 $0.21 100.0%

Earnings per share from continuing

operations, diluted $0.41 $0.20 105.0%

(1) See Supplemental Financial Disclosure--Reconciliation of GAAP

Financial Measures to Non-GAAP Financial Measures.

Three Months Ended March 31,

2008 2007 % Change

Selected Operating Data (a):

Number of hospitals 7 8

Licensed beds (c) 449 533

Staffed and available beds (d) 433 512

Admissions (e) 7,855 9,876 (20.5)%

Adjusted admissions (f) 10,817 13,470 (19.7)%

Patient days (g) 29,039 34,010 (14.6)%

Adjusted patient days (h) 40,247 46,173 (12.8)%

Average length of stay (days) (i) 3.70 3.44 7.6%

Occupancy (j) 73.7% 73.8%

Inpatient catheterization procedures

(k) 4,225 4,904 (13.8)%

Inpatient surgical procedures (l) 2,120 2,565 (17.3)%

Hospital net revenue $144,778 $162,092 (10.7)%

Selected Operating Data - Same

Facility (a):

Number of hospitals 7 7

Licensed beds (c) 449 421

Staffed and available beds (d) 433 404

Admissions (e) 7,855 7,929 (0.9)%

Adjusted admissions (f) 10,817 10,338 4.6%

Patient days (g) 29,039 28,156 3.1%

Adjusted patient days (h) 40,247 36,755 9.5%

Average length of stay (days) (i) 3.70 3.55 4.2%

Occupancy (j) 73.7% 77.4%

Inpatient catheterization procedures (k) 4,225 4,666 (9.5)%

Inpatient surgical procedures (l) 2,120 2,049 3.5%

Hospital net revenue $144,778 $138,213 4.7%

Combined Operating Data (b):

Number of hospitals 9 9

Licensed beds (c) 616 588

Staffed and available beds (d) 596 567

Admissions (e) 10,539 10,819 (2.6)%

Adjusted admissions (f) 15,164 14,533 4.3%

Patient days (g) 37,812 37,716 0.3%

Adjusted patient days (h) 54,130 50,349 7.5%

Average length of stay (days) (i) 3.59 3.49 2.9%

Occupancy (j) 69.7% 73.9%

Inpatient catheterization procedures

(k) 5,025 5,523 (9.0)%

Inpatient surgical procedures (l) 2,754 2,832 (2.8)%

Hospital net revenue $186,045 $179,263 3.8%

Six Months Ended March 31,

2008 2007 % Change

Selected Operating Data (a):

Number of hospitals 7 8

Licensed beds (c) 449 533

Staffed and available beds (d) 433 512

Admissions (e) 15,005 18,802 (20.2)%

Adjusted admissions (f) 20,645 25,745 (19.8)%

Patient days (g) 54,499 64,880 (16.0)%

Adjusted patient days (h) 75,381 88,422 (14.7)%

Average length of stay (days) (i) 3.63 3.45 5.2%

Occupancy (j) 68.8% 69.6%

Inpatient catheterization procedures

(k) 8,685 9,279 (6.4)%

Inpatient surgical procedures (l) 3,180 4,851 (34.4)%

Hospital net revenue $281,929 $311,062 (9.4)%

Selected Operating Data - Same

Facility (a):

Number of hospitals 7 7

Licensed beds (c) 449 421

Staffed and available beds (d) 433 404

Admissions (e) 15,005 15,020 (0.1)%

Adjusted admissions (f) 20,645 19,576 5.5%

Patient days (g) 54,499 53,769 1.4%

Adjusted patient days (h) 75,381 70,297 7.2%

Average length of stay (days) (i) 3.63 3.58 1.4%

Occupancy (j) 68.8% 73.1%

Inpatient catheterization procedures

(k) 8,685 8,861 (2.0)%

Inpatient surgical procedures (l) 3,180 4,185 (24.0)%

Hospital net revenue $281,929 $268,729 4.9%

Combined Operating Data (b):

Number of hospitals 9 9

Licensed beds (c) 616 588

Staffed and available beds (d) 596 567

Admissions (e) 20,308 20,707 (1.9)%

Adjusted admissions (f) 29,326 27,886 5.2%

Patient days (g) 71,537 72,166 (0.9)%

Adjusted patient days (h) 102,599 96,611 6.2%

Average length of stay (days) (i) 3.52 3.49 0.9%

Occupancy (j) 65.6% 69.9%

Inpatient catheterization procedures

(k) 10,212 10,521 (2.9)%

Inpatient surgical procedures (l) 4,553 5,385 (15.5)%

Hospital net revenue $362,751 $345,552 5.0%

(a) Selected operating data includes consolidated hospitals in operation

as of the end of the period reported in continuing operations but does

not include hospitals which are accounted for using the equity method

or as discontinued operations in our consolidated financial

statements. Same facility for all periods presented excludes

Harlingen Medical Center.

(b) Combined operating data includes hospitals in operation as of the end

of the period reported in continuing operations including hospitals

which are accounted for using the equity method in our consolidated

financial statements.

(c) Licensed beds represent the number of beds for which the appropriate

state agency licenses a facility regardless of whether the beds are

actually available for patient use.

(d) Staffed and available beds represent the number of beds that are

readily available for patient use at the end of the period.

(e) Admissions represent the number of patients admitted for inpatient

treatment.

(f) Adjusted admissions is a general measure of combined

inpatient and outpatient volume. We computed adjusted admissions by

dividing gross patient revenue by gross inpatient revenue and then

multiplying the quotient by admissions.

(g) Patient days represent the total number of days of care provided to

inpatients.

(h) Adjusted patient days is a general measure of combined inpatient and

outpatient volume. We computed adjusted patient days by dividing

gross patient revenue by gross inpatient revenue and then multiplying

the quotient by patient days.

(i) Average length of stay (days) represents the average number of days

inpatients stay in our hospitals.

(j) We computed occupancy by dividing patient days by the number of days

in the period and then dividing the quotient by the number of staffed

and available beds.

(k) Inpatients with a catheterization procedure represent the number of

inpatients with a procedure performed in one of the hospitals'

catheterization labs during the period.

(l) Inpatient surgical procedures represent the number of surgical

procedures performed on inpatients during the period.

MEDCATH CORPORATION

SUPPLEMENTAL FINANCIAL DISCLOSURE - RECONCILIATION OF GAAP FINANCIAL

MEASURES

TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

The following table reconciles Adjusted EBITDA with MedCath's income from

continuing operations as derived directly from MedCath's consolidated

financial statements for the three and six months ended March 31, 2008 and

2007.

Three Months Ended Six Months Ended

March 31, March 31,

2008 2007 2008 2007

(in thousands)

Income from continuing operations $5,977 $4,729 $8,595 $4,367

Add:

Income tax expense 3,099 4,504 5,448 4,486

Minority interest share of earnings

of consolidated subsidiaries 5,114 3,268 9,566 5,474

Equity in net earnings of

unconsolidated affiliates (2,181) (1,482) (4,206) (2,920)

Interest and other income, net (488) (1,805) (1,657) (4,525)

Loss on early extinguishment of debt - 662 - 5,142

Interest expense 3,864 5,693 7,796 13,028

Loss on disposal of property,

equipment and other assets 138 796 166 853

Amortization 135 127 262 379

Depreciation 7,709 8,180 15,074 16,450

Pre-opening expenses 245 - 493 -

Share-based compensation expense 213 2,100 3,922 3,126

Adjusted EBITDA $23,825 $26,772 $45,459 $45,860

The following table presents MedCath's condensed statement of operations

data for the three and six months ended March 31, 2008 on a pro forma

basis to reflect the reclassification of Harlingen Medical Center (HMC)

from a consolidated subsidiary to an equity investment.

Three Months Ended March 31,

Adjustments 2007

2007 to Decon- (Pro Forma 2008

(Actual) solidate Same

HMC Facility)

(in thousands)

Net Revenue $176,640 $(23,879) $152,761 $157,098

Income from operations 15,569 (2,695) 12,874 15,385

Income from continuing operations

before minority interest

and income taxes 12,501 (840) 11,661 14,190

Income from continuing operations

before income taxes 9,233 (840) 8,393 9,076

Income from continuing operations 4,729 (840) 3,889 5,977

Net income (loss) $6,250 $(840) $5,410 $5,685

Earnings (loss) per share, basic $0.30 $(0.04) $0.26 $0.29

Earnings (loss) per share, diluted $0.29 $(0.04) $0.25 $0.29

Weighted average number of shares,

basic 21,019 - 21,019 19,841

Dilutive effect of stock options

and restricted stock 625 - 625 121

Weighted average number of shares,

diluted 21,644 - 21,644 19,962

Six Months Ended March 31,

Adjustments 2007

2007 to Decon- (Pro Forma 2008

(Actual) solidate Same

HMC Facility)

(in thousands)

Net Revenue $337,026 $(42,333) $294,693 $305,948

Income from operations 25,052 (3,545) 21,507 25,542

Income from continuing operations

before minority interest

and income taxes 14,327 (491) 13,836 23,609

Income from continuing operations

before income taxes 8,853 (491) 8,362 14,043

Income from continuing operations 4,367 (491) 3,876 8,595

Net income (loss) $1,354 $(491) $863 $8,749

Earnings (loss) per share, basic $0.07 $(0.02) $0.05 $0.43

Earnings (loss) per share,

diluted $0.06 $(0.02) $0.04 $0.42

Weighted average number of

shares, basic 20,568 - 20,568 20,438

Dilutive effect of stock options

and restricted stock 634 - 634 202

Weighted average number of

shares, diluted 21,202 - 21,202 20,640

accounts for Dayton Heart Hospital as an asset held for sale for all periods presented.

Any reference to same facility results in this press release excludes HMC and Dayton Heart Hospital for the second quarter of fiscal 2007.

MedCath's reported net revenue decreased 11.0% to $157.1 million in the second quarter of fiscal 2008 from $176.6 million in the second quarter of fiscal 2007, which included $23.9 million attributable to HMC. On a same facility basis, net revenue increased 2.8% from $152.8 million. Income from operations decreased 1.3% to $15.4 million in the second quarter of fiscal 2008 from $15.6 million in the second quarter of fiscal 2007. On a same facility basis, income from operations increased 19.4% from $12.9 million. Adjusted EBITDA decreased 11.2% to $23.8 million in the second quarter of fiscal 2008 from $26.8 million in the second quarter of fiscal 2007. On a same facility basis, Adjusted EBITDA increased 5.3%. Income from continuing operations was $6.0 million, or $0.30 per diluted share, in the second quarter of fiscal 2008, compared to income from continuing operations of $4.7 million, or $0.22 per diluted share, in the second quarter of fiscal 2007. On a same facility basis, MedCath's second quarter of fiscal 2007 income from continuing operations would have been $3.9 million, or $0.18 per diluted share, had HMC been accounted for as an equity investment in the second quarter of fiscal 2007.

MedCath's operating results for the quarter ended March 31, 2008 reflects a $0.2 million decrease in net revenue and Adjusted EBITDA related to settlement of third-party cost reports. In comparison, MedCath's operating results for the quarter ended March 31, 2007 reflect a $3.1 million reduction in net revenue and Adjusted EBITDA due to an increase in a reserve previously established for repayment of a portion of Medicare reimbursement. Share-based compensation expense totaled $0.2 million in the second quarter of fiscal 2008, or $0.01 per diluted share, compared to $2.1 million, or $0.05 per diluted share, in the second quarter of fiscal 2007. Pre-opening expenses totaled $0.3 million, or $0.02 per diluted share, in the second quarter of fiscal 2008. MedCath did not incur pre-opening expenses in the second quarter of fiscal 2007. Adjusted EBITDA in this release does not include share-based compensation expense or pre-opening expenses, but these expenses are included as a component of income from continuing operations.

"Our quarterly results affirm our strategic direction to increase our bed capacity and asset base to diversify our service lines and revenue," said O. Edwin French, MedCath's President and Chief Executive Officer. "Though we're not immune to industry pressures, as we grow our small facilities and add incremental revenues, we expect to see commensurate earnings growth. In the meantime, as we evolve we have grown income from continuing operations and earnings per share year-over-year while continuing to tell the quality story.

Operating Statistics, Cash Flow and Capital Expenditures

Same facility hospital adjusted admissions for the second quarter of fiscal 2008 increased 4.6% from the second quarter of the prior fiscal year. Same facility hospital net revenue increased 4.7%, or 2.3% after adjusting second quarter of 2008's revenue for a $0.2 million cost report settlement, and 2007's revenue for a reserve that reduced net revenue by $3.1 million. Net cash provided by operating activities of continuing operations for the second quarter of fiscal 2008 was $15.4 million, up from $13.1 million for the second quarter of fiscal 2007.

Capital expenditures, including $4.6 million in expenditures related to MedCath's growth initiatives, totaled $13.0 million in the second quarter of fiscal 2008 in comparison to $6.6 million in the second quarter of fiscal 2007.

Use of Non-GAAP Financial Measures

This release contains measures of MedCath's historical financial performance that are not calculated and presented in conformity with generally accepted accounting principles ("GAAP"), including Adjusted EBITDA. Adjusted EBITDA represents MedCath's income from continuing operations before interest expense; interest and other income, net; income tax expense; depreciation; amortization; share-based compensation expense; pre-opening expenses; loss on disposal of property, equipment and other assets; loss on early extinguishment of debt; equity in net earnings of unconsolidated affiliates; minority interest share of earnings of consolidated subsidiaries, share-based compensation, and pre-opening expenses. MedCath's management uses Adjusted EBITDA to measure the performance of the company's various operating entities, to compare actual results to historical and budgeted results, and to make capital allocation decisions. Management provides Adjusted EBITDA to investors to assist them in performing their analyses of MedCath's historical operating results. Further, management believes that many investors in MedCath also invest in, or have knowledge of, other healthcare companies that use Adjusted EBITDA as a financial performance measure. Because Adjusted EBITDA is a non- GAAP measure, Adjusted EBITDA, as defined above, may not be comparable to other similarly titled measures of other companies. MedCath has included a supplemental schedule with the financial statements that accompanies this press release that reconciles historical Adjusted EBITDA to MedCath's income from continuing operations.

Management will discuss and answer questions regarding MedCath's quarterly results Wednesday, May 7, 2008, during a 9 a.m. ET conference call. In the United States, you may participate by dialing (877) 697-5351. International callers should dial (706) 634-0602. The conference ID for both domestic and international callers is 44446703. A live web cast will also be available on the company's web site, http://www.medcath.com. This information will be available on the web site on or immediately following the conference call for 30 days. A recorded replay of the call will be available until 11:59 p.m. ET, May 14, 2008. To access the replay, domestic callers should dial (800) 642-1687 and international callers should dial (706) 645-9291. The archived conference ID is 44446703. This press release and the financial information included therewith will be accessible on the web, by going to http://www.medcath.com, "Investor Relations" then clicking on "News."

MedCath Corporation, headquartered in Charlotte, N.C., is a healthcare provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. Following completion of the divestiture of Dayton Heart Hospital, MedCath will own an interest in and operate nine hospitals with a total of 616 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota, and Texas. MedCath is in the process of developing its tenth hospital in Kingman, Arizona. In addition, MedCath and its subsidiary MedCath Partners provide services in diagnostic and therapeutic facilities in various states.

Parts of this announcement contain forward-looking statements that involve risks and uncertainties. Although management believes that these forward- looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic, regulatory and competitive uncertainties and contingencies that are difficult or impossible to predict accurately and are beyond our control including, but not limited to, enactment of changes in federal law that would limit physician hospital ownership. Actual results could differ materially from those projected in these forward- looking statements. We do not assume any obligation to update these statements in a news release or otherwise should material facts or circumstances change in ways that would affect their accuracy.

These various risks and uncertainties are described in detail in "Risk Factors" in MedCath's Annual Report or Form 10-K for the year ended September 30, 2007 filed with the Securities and Exchange Commission on December 14, 2007. Copies of this form including exhibits are available on the internet site of the Securities and Exchange Commission at http://www.sec.gov.

MEDCATH CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended Six Months Ended

March 31, March 31,

2008 2007 2008 2007

Net revenue $157,098 $176,640 $305,948 $337,026

Operating expenses:

Personnel expense 49,638 55,977 100,503 107,918

Medical supplies expense 43,097 47,099 82,726 91,254

Bad debt expense 10,332 14,635 21,617 27,762

Other operating expenses 30,419 34,257 59,565 67,358

Pre-opening expenses 245 - 493 -

Depreciation 7,709 8,180 15,074 16,450

Amortization 135 127 262 379

Loss on disposal of property,

equipment and other assets 138 796 166 853

Total operating expenses 141,713 161,071 280,406 311,974

Income from operations 15,385 15,569 25,542 25,052

Other income (expenses):

Interest expense (3,864) (5,693) (7,796) (13,028)

Loss on early extinguishment of

debt - (662) - (5,142)

Interest and other income, net 488 1,805 1,657 4,525

Equity in net earnings of

unconsolidated affiliates 2,181 1,482 4,206 2,920

Total other expenses, net (1,195) (3,068) (1,933) (10,725)

Income from continuing operations

before minority interest

and income taxes 14,190 12,501 23,609 14,327

Minority interest share of

earnings of consolidated

subsidiaries (5,114) (3,268) (9,566) (5,474)

Income from continuing operations

before income taxes 9,076 9,233 14,043 8,853

Income tax expense 3,099 4,504 5,448 4,486

Income from continuing operations 5,977 4,729 8,595 4,367

Income (loss) from discontinued

operations, net of taxes (292) 1,521 154 (3,013)

Net income $5,685 $6,250 $8,749 $1,354

Earnings (loss) per share, basic

Continuing operations $0.30 $0.23 $0.42 $0.21

Discontinued operations (0.01) 0.07 0.01 (0.14)

Earnings per share, basic $0.29 $0.30 $0.43 $0.07

Earnings (loss) per share, diluted

Continuing operations $0.30 $0.22 $0.41 $0.20

Discontinued operations (0.01) 0.07 0.01 (0.14)

Earnings per share, diluted $0.29 $0.29 $0.42 $0.06

Weighted average number of shares,

basic 19,841 21,019 20,438 20,568

Dilutive effect of stock options

and restricted stock 121 625 202 634

Weighted average number of shares,

diluted 19,962 21,644 20,640 21,202

MEDCATH CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

March 31, September 30,

2008 2007

(Unaudited)

Current assets:

Cash and cash equivalents $85,256 $140,276

Restricted cash 8,500 -

Accounts receivable, net 99,529 85,943

Medical supplies 15,583 13,928

Deferred income tax assets 13,560 12,389

Prepaid expenses and other current assets 5,663 6,197

Current assets of discontinued operations 3,273 13,680

Income tax expense

Total current assets 231,364 272,413

Property and equipment, net 281,365 270,663

Investments in affiliates 4,850 5,718

Goodwill 62,740 62,740

Other intangible assets, net 6,187 6,448

Other assets 6,420 6,531

Long-term assets of discontinued operations 26,544 44,902

Total assets $619,470 $669,415

Current liabilities:

Accounts payable $34,754 $30,933

Income tax payable 1,492 10,552

Accrued compensation and benefits 17,094 18,567

Other accrued liabilities 12,065 13,421

Current portion of long-term debt

and obligations under capital leases 4,504 4,089

Current liabilities of

discontinued operations 6,090 15,810

Total current liabilities 75,999 93,372

Long-term debt 144,394 146,398

Obligations under capital leases 1,514 1,793

Deferred income tax liabilities 11,855 12,018

Other long-term obligations 415 460

Long-term liabilities of

discontinued components 853 13

Total liabilities 235,030 254,054

Minority interest in equity of

consolidated subsidiaries 27,752 29,737

Stockholders' equity:

Preferred stock, $0.01 par value,

10,000,000 shares authorized; none issued - -

Common stock, $0.01 par value, 50,000,000

shares authorized; 21,451,144 issued and

19,496,783 outstanding at March 31, 2008;

21,271,144 issued and 21,202,244

outstanding at September 30, 2007 215 213

Paid-in capital 454,956 447,688

Accumulated deficit (53,379) (61,821)

Accumulated other comprehensive loss (307) (62)

Treasury stock, at cost; 68,900 shares

at March 31, 2007 1,954,361 shares at

March 31, 2008 (44,797) (394)

Total stockholders' equity 356,688
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SOURCE MedCath Corporation
Copyright©2008 PR Newswire.
All rights reserved

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