SEC Filings

ENVISION HEALTHCARE CORP filed this Form 8-K on 10/31/2017
Entire Document
Exhibit 99
Bob Kneeley
Vice President, Investor Relations


Announces Review of Strategic Alternatives

Financial Outlook Updated Based on Modified Healthcare Utilization Expectations

NASHVILLE, Tenn. & GREENWOOD VILLAGE, Colo. - (October 31, 2017) - Envision Healthcare Corporation (“Envision”) (NYSE: EVHC) today reported financial results for the three and nine months ended September 30, 2017. Envision’s operations were disrupted by Hurricanes Harvey and Irma during the third quarter of 2017, and the Company estimates that its results from continuing operations include a negative impact of $22.0 million of revenue and $22.0 million of Adjusted EBITDA.

Highlights for the third quarter of 2017 include:

Net revenue from continuing operations of $1.99 billion;

Net earnings from continuing operations attributable to common stockholders of $40.7 million or $0.33 per diluted share;

Adjusted net earnings from continuing operations of $89.4 million or $0.73 per diluted share;

Adjusted EBITDA from continuing operations of $233.5 million; and

Net cash flow from operations, less distributions to non-controlling interests and excluding transaction costs, of $152.3 million.

A reconciliation of all non-GAAP financial results to the comparable GAAP measure is provided on page 7 of this press release.

“During the third quarter of 2017, our organization responded to a number of challenges, ranging from hurricanes that impacted two of our key markets to continued deceleration of health sector utilization following two years of heightened demand driven by coverage expansion,” said Christopher A. Holden, President and Chief Executive Officer of Envision. “We are addressing these challenges. I’m proud of all of our clinical professionals and particularly those who were on the front line of providing care before, during and after the hurricanes, including our AMR emergency medical services. During the quarter, we made excellent progress on the conversion of our out-of-network services to participating, or in-network status, and we are advancing an organizational structure that will allow us to more effectively execute on the physician-centric strategy that we presented earlier this year.

“Looking forward we are operating our business based on more recent utilization trends, and our guidance for the fourth quarter of 2017 reduces the assumptions for utilization of our services. Our organization has effectively managed through cycles, and we feel confident that our leading and diverse position as facility-based providers will continue to drive long-term growth and create value for health systems, providers, payors, patients and, ultimately, for our shareholders.”