August 26, 2016 9:38 AM ET

Healthcare Providers and Services

Company Overview of 21st Century Oncology Holdings, Inc.

Company Overview

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, and radiopharmaceutical therapy. 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 transportat...

2270 Colonial Boulevard

Fort Myers, FL 33907

United States

Founded in 1983

4,630 Employees

Phone:

239-931-7254

Key Executives for 21st Century Oncology Holdings, Inc.

Co-Founder, Chief Executive Officer, President, Executive Director, Member of Executive Committee, Member of Capital Allocation Committee, Chief Executive Officer of Radiation Therapy Services Inc and President of Radiation Therapy Services Inc
Age: 62
Chief Financial Officer
Age: 51
Chief Executive Officer of Medical Developers Cooperatief U.A. B.V., Chief Executive Officer of Vidt Centro Medico, President of Medical Developers Cooperatief U.A. B.V. and President of Vidt Centro Medico
Age: 56
Chief Technology Officer and Director of Physics & Engineering
Age: 61
Chief Medical Officer
Age: 46
Compensation as of Fiscal Year 2016.

21st Century Oncology Holdings, Inc. Key Developments

21st Century Oncology Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015

21st Century Oncology Holdings, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. Total revenues for the fourth quarter of 2015 were $263.1 million, down 1.3% as compared to total revenues of $266.6 million in the same quarter of 2014. Net income for the fourth quarter was $7.0 million versus a net loss of $28.3 million for the same period in the prior year. The improvement in net income resulted from a fair market value adjustment for embedded derivatives. Pro-forma adjusted EBITDA in the fourth quarter of 2015 was $38.8 million, or 14.7% of total pro-forma revenues, as compared to $30.7 million, or 11.5% of total pro-forma revenues, in the fourth quarter of 2014. The primary contributor to the pro-forma adjusted EBITDA improvement was a $6.2 million reduction in compensation expense and $5.1 million improvement in bad debt offset by the $3.5 million decrease in total revenues. Income before income taxes and equity interest in net income of joint ventures was $9,486,000 against loss of $28,299,000 a year ago. Total revenues for full year 2015 were $1,079.2 million as compared to $1,018.2 million in 2014. The net loss for 2015 was $126.8 million as compared to a net loss of $352.7 million in 2014. The improvement in the net loss was due to recording a $229.5 million impairment loss in 2014. Total pro-forma revenues for full year 2015 were $1,080.3 million, an increase of 5.2% year over year. Pro-forma adjusted EBITDA was $159.1 million for 2015, an increase of 12.9% as compared to $141.0 million in 2014. The increase in pro-forma adjusted EBITDA was primarily driven by a $53.3 million increase in total pro-forma revenues offset by a $34.5 million increase in salaries and benefits. Loss before income taxes and equity interest in net income of joint ventures was $117,389,000 against loss of $350,327,000 a year ago. Net cash provided by operating activities was $8,444,000 against $14,787,000 a year ago. Purchase of property and equipment was $40,936,000 against $56,659,000 a year ago.

21st Century Oncology Holdings, Inc. Enters into an Amendment and Waiver to the Credit Agreement

On August 15, 2016, 21st Century Oncology Holdings, Inc. entered into an amendment and waiver to the Credit Agreement, dated as of April 30, 2015, among the company, Century Oncology, Inc. (21C), the lenders party thereto from time to time, Morgan Stanley Senior Funding, Inc., as administrative agent, and the other agents and arrangers named therein. Amendment No. 2 provides for a limited waiver: through September 10, 2016, in respect of any default or event of default under the Credit Agreement resulting from failure to provide audited annual financial statements and related reports and certificates for the year ended December 31, 2015 without a ‘going concern’ or like qualification as and when required pursuant to the Credit Agreement and any cross-default that may arise under the Credit Agreement as a result of a default or event of default under 21C’s Indenture, dated April 30, 2015, among 21C, the guarantors named therein and Wilmington Trust, National Association, as trustee (the Trustee), governing 21C’s 11.00% Senior Notes due 2023 (the Notes), which occurs as a result of the company’s failure to timely furnish to the Trustee and holders of the Notes or file with the Securities and Exchange Commission the financial information required in an annual report on Form 10-K for the year ended December 31, 2015; and through September 30, 2016, in respect of (a) any default or event of default under the Credit Agreement resulting from failure to timely provide quarterly financial statements and related reports and certificates for the quarters ended March 31, 2016 and June 30, 2016 and (b) any cross-default that may arise under the Credit Agreement as a result of a default or event of default under the Indenture which occurs as a result of the company’s failure to timely furnish to the Trustee and holders of the Notes or file with the SEC the financial information required in a quarterly report on Form 10-Q for each of the quarters ended March 31, 2016 and June 30, 2016.

21st Century Oncology Holdings, Inc. Enters into Limited Waiver with Respect to the Credit Agreement

On August 2, 2016, 21st Century Oncology Holdings, Inc. entered into a Limited Waiver with respect to the Credit Agreement, dated as of April 30, 2015, among the company, the company's subsidiary, 21st Century Oncology, Inc. (21C), the lenders party thereto from time to time, Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the Administrative Agent), and the other agents and arrangers named therein. The Credit Agreement Waiver extends the waiver period for the limited waivers set in Amendment No. 1 and Waiver, dated as of June 10, 2016, to the Credit Agreement, as previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the SEC) on June 13, 2016. The Credit Agreement Waiver waives through August 8, 2016 any default or event of default under the Credit Agreement for failure to timely provide audited annual financial statements and related reports and certificates for the year ended December 31, 2015 and quarterly financial statements and related reports and certificates for the quarter ended March 31, 2016. Additionally, the Credit Agreement Waiver waives through August 8, 2016 any cross-default that may arise under the Credit Agreement as a result of a default or event of default under 21C's Indenture, dated April 30, 2015 (the Indenture), among 21C, the guarantors named therein (the Guarantors) and Wilmington Trust, National Association, as trustee (the Trustee), governing 21C's 11.00% Senior Notes due 2023, which occurs as a result of the company's failure to timely furnish to the Trustee and holders of the Notes or file with the SEC the financial information required in an annual report on Form 10-K for the year ended December 31, 2015 or in a quarterly report on Form 10-Q for the quarter ended March 31, 2016 (the SEC Reports).

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