For-profit hospital operator LifePoint Hospitals saw its third quarter revenues increase 29 percent from the same period in 2013. The company also raised its net revenue guidance for 2014 from $4.45 billion to $4.5 billion.
For the third quarter ending September 30, 2014, LifePoint's revenues from continuing operations were $1.16 billion, up 29.6 percent from $899.7 million for the same period a year ago. Adjusted EBITDA for the third quarter increased 15.9 percent to $155.7 million, compared with $134.3 million for the third quarter of 2013, although this number excluded an impairment charge of $12.2 million, or $0.16 per diluted share, for the write down of property, equipment and allocated goodwill in connection with the pending sale of a hospital in LaPlace, La.
Including the impairment charge, LifePoint's income from continuing operations decreased 15.4 percent to $27.5 million, or $0.59 per diluted share, compared with $32.5 million, or $0.68 per diluted share, for the third quarter of 2013.
For the first nine months of 2014, LifePoint's revenues from continuing operations were $3.2 billion, up 18 percent from $2.7 billion in 2013. Adjusted EBITDA for the nine months of 2014 increased 18.5 percent to $460.2 million compared with $388.5 million for the same period a year ago. Income from continuing operations, including the impairment charge of $12.2 million, increased 12.8 percent to $103.7 million, or $2.20 per diluted share, compared with $91.9 million, or $1.93 per diluted share, for the first three quarters of 2013.
The improved financials prompted the company to issue revised guidance for estimated net revenue in 2014, raising it from $4.45 to $4.5 billion. LifePoint also raised guidance for estimated adjusted EBITDA from $630 million to $640 million, and raised guidance for estimated diluted EPS from $3.26 to $3.39.
“We delivered another solid performance in the third quarter of 2014,” said William F. Carpenter III, LifePoint Hospitals' chairman and chief executive officer, in a statement. “Our results were driven by the performance of our recent acquisitions, improved volumes and solid cost management. We expect to continue this momentum through the fourth quarter and are pleased to be raising our guidance for full year 2014.”
Based in Brentwood, Tenn., LifePoint Hospitals operates 68 hospital campuses in 21 states.