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MedCath Provides Preliminary Second Quarter Fiscal 2008 Earnings and Updates Fiscal 2008 Outlook
Date:4/21/2008

sed with our progress in rationalizing assets with a focus on expanding and diversifying our services. The changes we experienced this quarter in our cardiovascular services support our diversification strategy. In this regard, we have announced projects that will add 34% capacity growth, the preponderance of which is dedicated to diversification of our revenue base; something two years ago was aspired to evolve. In addition, we believe we have organic growth that remains through both cost containment and revenue opportunities in both our Hospital Division and MedCath Partners."
MedCath's preliminary second quarter financial results indicate:

-- Lower than anticipated inpatient volumes. For the quarter, same-

facility admissions were down 0.9% in comparison to the second quarter

of fiscal 2007.

-- Lower than anticipated revenue per adjusted admission. For the quarter,

same-facility revenue per adjusted admission decreased 0.4% when

compared to the second quarter of fiscal 2007, which was below the

Company's expectation. The decline was primarily due to an increase in

charity care provided to patients receiving non-elective procedures; an

increase in the proportion of net revenue that was derived from

outpatient services, which typically are lower reimbursing procedures;

and a decrease in the Company's case mix index (CMI) during the

quarter, which measures the complexity of inpatient procedures

performed. The reduction in CMI was primarily due to a 3.2% reduction

in inpatient drug eluting stent procedures, a 6.6% decline in inpatient

bare metal stent procedures and a 2.9% decline in open heart

procedures.

-- Lower than expected net revenue and Adjusted EBITDA within the MedCath

Partners Division due to continued weaknesses in certain of the

division's majority owned catheterization laboratories a
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SOURCE MedCath Corporation
Copyright©2008 PR Newswire.
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