Mr. R. Jeffrey White reports
AKUMIN INC. ANNOUNCES THIRD QUARTER 2019 FINANCIAL RESULTS
Akumin Inc. has provided its financial results for the quarter ended Sept. 30, 2019.
Unless otherwise indicated, all amounts are expressed in U.S. dollars.
SUMMARY CONSOLIDATED FINANCIAL RESULTS
(in thousands, except for per share amounts)
Three months ended Nine months ended
Sept. 30, Sept. 30,
2019 2018 2019 2018
RVUs 1,435 850 3,664 2,271
Revenue $68,874 $39,131 $170,410 $109,331
EBITDA 19,323 4,278 42,612 14,168
Adjusted EBITDA 18,039 8,285 39,581 23,353
EPS -- diluted 0.03 0.00 0.05 0.05
Adjusted EPS -- diluted 0.06 0.05 0.17 0.16 Commenting on the Q3 fiscal 2019 financial results, Riadh Zine, president and chief executive officer of the corporation, said: "The quarter ending Sept. 30, 2019, represents another fiscal quarter of growth and financial performance in line with management's expectation, including revenue of $68.9-million and adjusted EBITDA of $18.0-million.
"Akumin's volume in Q3 fiscal 2019 was approximately 1,435,000 RVUs, compared to approximately 850,000 RVUs in Q3 fiscal 2018, an increase of 69 per cent. On an organic volume basis, RVUs increased by 10 per cent compared with Q3 fiscal 2018. The corporation reports the volume of procedures performed in its diagnostic imaging centres based on relative value units, or RVUs, instead of the number of procedures. RVUs are a standardized measure of value used in the U.S. Medicare reimbursement formula for physician services which provides weighting to distinguish the complexity of different procedures.
"Q3 fiscal 2019 includes partial contribution of the recently announced acquisition in El Paso, Tex., completed on Aug. 16, 2019. In early October, 2019, the corporation also completed a tuck-in acquisition in West Palm Beach, Fla., which is not reflected in the quarter."
Akumin would like to remind interested parties of the corporation's third quarter fiscal 2019 financial results call, to be held today from 8:30 a.m. to 9 a.m. Eastern Time. To access the conference call, dial toll-free in Canada or the United States 888-231-8191 or, for international callers, 647-427-7450. A related presentation will be available for download on Akumin's website. Participants are asked to connect at least 10 minutes prior to the beginning of the call to ensure participation.
The corporation has retained the services of Hinge Markets Inc., led by Jeffrey White, to provide investor relations services and to increase awareness of the corporation and its activities with its existing and potential shareholders. Mr. White, founder of Hinge Markets Inc., and a lawyer by training, has spent more than 20 years in the capital markets as a professional and a senior executive in both corporate finance and institutional equity sales.
About Akumin Inc.
Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of owned and/or operated imaging centres located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas and Georgia. By combining the company's clinical expertise with the latest advances in technology and information systems, its centres provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders, and may reduce unnecessary invasive procedures, minimizing the cost and amount of care for patients.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(in thousands)
Three months ended Sept. 30,
2019 2018
Service fees -- net of allowances and discounts $68,223 $38,317
Other revenue 651 814
Revenue 68,874 39,131
Employee compensation 23,794 14,734
Reading fees 9,476 5,143
Rent and utilities 2,736 4,292
Third party services and professional fees 5,122 3,004
Administrative 3,253 1,779
Medical supplies and other expenses 1,797 1,383
Depreciation and amortization 8,142 2,577
Stock-based compensation 853 1,424
Interest expense 9,591 1,482
Settlement costs (recoveries) (208) (99)
Acquisition related costs 444 256
Financial instruments revaluation and other (gains) losses 1,693 2,426
Income before income taxes 2,181 730
Income tax provision (recovery) (398) 24
Non-controlling interests 591 511
Net income attributable to shareholders of Akumin 1,988 195
(in thousands)
Nine months ended Sept. 30,
2019 2018
Service fees -- net of allowances and discounts $168,588 $107,244
Other revenue 1,822 2,087
Revenue 170,410 109,331
Employee compensation 60,458 38,387
Reading fees 24,242 14,796
Rent and utilities 6,935 11,461
Third party services and professional fees 12,637 8,706
Administrative 8,898 6,361
Medical supplies and other expenses 4,939 4,105
Depreciation and amortization 20,907 6,849
Stock-based compensation 2,805 4,465
Interest expense 18,361 4,201
Impairment of property and equipment - 638
Settlement costs (recoveries) (1,439) 29
Acquisition related costs 2,994 920
Public offering costs - 814
Financial instruments revaluation and other (gains) losses 3,745 2,319
Income before income taxes 4,928 5,280
Income tax provision 148 327
Non-controlling interests 1,584 2,162
Net income attributable to shareholders of Akumin 3,196 2,791
We seek Safe Harbor.
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