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Adeptus Health's (ADPT) CEO, Thomas Hall on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 20, 2016 9:00 am ET

Executives

Thomas Hall - Chairman, Chief Executive Officer

Graham Cherrington - President, Chief Operating Officer

Timothy Fielding - Chief Financial Officer

Kevin Ellich - Head of Investor Relations

Analysts

Brian Tanquilut - Jefferies

Paula Torch - Avondale Partners

Matthew Borsch - Goldman Sachs

Joanna Gajuk - Bank of America Merrill Lynch

Andrew Schenker - Morgan Stanley

Jason Gurda - Keybanc

Dana Hambly - Stephens

Operator

Welcome to the Adeptus Health First Quarter 2016 Earnings conference call. Today’s call is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. If anyone needs assistance, please press star then zero to signal a conference specialist. Please note this event is being recorded.

At this time for opening remarks and introductions, I would like to turn the call over to Tim Fielding, Chief Financial Officer of Adeptus Health. Please go ahead, sir.

Timothy Fielding

Thank you, Operator. Welcome to Adeptus Health’s first quarter 2016 earnings call. On the call with me today is our Chairman and Chief Executive Officer, Tom Hall; Graham Cherrington, our President and Chief Operating Officer, and Kevin Ellich, our VP of Investor Relations.

Before we begin, I would like to remind everybody that our remarks and response to your questions today may contain forward-looking statements that are based on current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including those identified in the Risk Factors section of our annual report on Form 10-K and such factors may be updated from time to time in our filings with the SEC, which are available on our website. We assume no obligation to update any forward-looking statements.

In today’s remarks, all financial comparisons will compare the first quarter 2016 to the same period in the prior year unless otherwise noted. In addition, we will refer to certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings release and supplemental disclosure on the Investor Relations portion of our website.

Following today’s call, an archived recording of the replay will be available on the Adeptus Health Investor Relations page for 30 days.

With that, I’ll introduce Adeptus Health’s Chairman and CEO, Tom Hall.

Thomas Hall

Thanks Tim. I’d like to welcome and thank all of you for joining us for Adeptus Health’s first quarter 2016 earnings call. We’re glad to have this opportunity to update you on our progress and results.

We are pleased with our Q1 results, which were in line with our expectations and demonstrate our continued ability to execute on our growth plans and strategy. During the quarter, we opened seven new facilities, grew our existing partnerships with leading healthcare systems and announced entrance into our fifth state, Ohio, through a partnership, and achieved significant growth in revenues, patient volumes and EBITDA. Most importantly, we did this while continuing to deliver the highest quality care that ranks us among the top in the nation in patient satisfaction and has earned us the Press Ganey Guardian of Excellence Award for three consecutive years.

As we continue to open new facilities on a steady clip, we also saw significant growth with same store revenues and patient volumes both posting double-digit increases during the quarter. That growth partly reflects the impact of our hospital in Dallas, which had its first full quarter of operations and meant that our 27 Dallas-Fort Worth freestanding ERs could accept all insurance. The increase came from both government and commercially insured patients, underscoring the need for access to high quality emergency medical care.