21st Century Oncology Holdings, Inc., together with its subsidiaries, operates as a physician-led provider of integrated cancer care services. Its radiation treatment services include external beam therapies, such as conformal radiation therapy, intensity modulated radiation therapy, and stereotactic radiosurgery, as well as internal radiation therapies, such as high-dose and low-dose rate brachytherapies. The company’s radiation treatment services also comprise image guided radiation therapy, Gamma function testing, and respiratory gating. In addition, it offers support services in the areas of psychological and nutritional counseling, as well as transportation assistance. Further, the comp...
2270 Colonial Boulevard
Fort Myers, FL 33907
Founded in 1983
21st Century Oncology Holdings, Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides International Revenue Guidance for the Year 2015
Mar 18 15
21st Century Oncology Holdings, Inc. reported unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $269,509,000 against $203,390,000 a year ago. Loss before income taxes was $21,782,000 against $39,605,000 a year ago. Loss attributable to the shareholder was $24,168,000 against $14,925,000 a year ago. For the quarter, on Pro forma basis, the company reported total pro-forma revenues of $269,509,000 against $209,210,000 a year ago. Pro-forma Adjusted EBITDA was $37,209,000 against $27,236,000 a year ago. Total pro-forma revenues for the fourth quarter of 2014 were driven by the company's acquisition activity and organic growth. The increase in pro forma adjusted EBITDA was primarily due to integration of OnCure and the addition of SFRO's operations, as well as ongoing efforts on expense management.
For the year, the company reported total revenues of $1,026,422,000 against $736,516,000 a year ago. Loss before income taxes was $338,061,000 against $98,680,000 a year ago. Loss attributable to the shareholder was $349,250,000 against $80,214,000 a year ago. Net cash used in operating activities was $15,368,000 against $11,577,000 a year ago. Purchase of property and equipment was $56,563,000 against $40,744,000 a year ago. Acquisition of medical practices was $50,245,000 against $68,659,000 a year ago. Reduced debt by $200 million with proceeds from Canada Pension Plan Investment Board investment. For the year, on Pro forma basis, the company reported total pro-forma revenues of $1,035,241,000 against $845,283,000 a year ago. Pro-forma Adjusted EBITDA was $150,918,000 against $118,591,000 a year ago. The increase in revenue was principally due to increased domestic census, acquisitions, stronger results from joint ventures, and international revenue growth. The net loss for the full year 2014 included impairment charges of $229.5 million, attributable to revisions of the Company's financial forecasts largely as a result of reductions in reimbursement and limited capital resources during the second quarter of 2014 that resulted in a write down of goodwill, trade name and an investment in a joint venture to their implied fair values. Pro forma revenues include $8.8 million in revenue contribution from acquisitions as if the acquisitions had closed on January 1, 2014. The fourth quarter and full year 2014 increase was due to increased domestic census, acquisitions, stronger results from joint ventures and international revenue growth.
For the quarter, the company reported domestic same store treatments per day increased 2.3% in the fourth quarter of 2014 while same store freestanding revenues increased 2.0%. The growth was primarily driven by the continued expansion of physician network and strong growth in key markets. Domestic same store therapy revenue per treatment decreased 0.3% in the fourth quarter of 2014, primarily due to an increased shift in payor mix to Medicare replacement products. Total Relative Value Units per day increased by 22.4% in the fourth quarter versus the same period of the prior year due to acquisitions, same store treatment growth and service mix. On a same store basis, RVUs increased 0.2% versus the same period last year.
For the year, the company reported domestic same store treatments per day increased 2.6% for the full year 2014. This was driven by expansion of ICC model as well as physician and center-level marketing efforts resulting in an increased patient census. Domestic same store therapy revenue per treatment increased 2.5% compared to 2013.
For the year 2015, the company expects international revenues to surpass $100 million.