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Air Methods reports fourth quarter 2016 results

Air Methods Corporation Press Release | March 1, 2017

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Air Methods Corporation, the global leader in air medical transportation, reported financial results for the quarter ended Dec. 31, 2016.

Fourth Quarter 2016 Results:

  • Revenue of $297.5 million, compared to $272.4 million for the fourth quarter of 2015, an increase of 9.2 percent;
  • Diluted earnings per share from continuing operations of $0.54, compared to $0.57 for the fourth quarter of 2015, a decrease of 5.3 percent;
  • Depreciation and amortization expense of $23.5 million and interest expense of $8.1 million, compared to $21.3 million and $7.0 million for the fourth quarter of 2015, respectively, due primarily to the Tri-State Care Flight (TSCF) acquisition. This represents increases of 10.3 percent and 17.0 percent, respectively; and
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations* (a non-GAAP measure) of $66.4 million, compared to $65.6 million for the fourth quarter of 2015, an increase of 1.2 percent.

“Patient transports rebounded in the fourth quarter, increasing 11.1 percent in total and 1.5 percent on a same-base basis as the company benefited from changes implemented towards the end of the third quarter and early in the fourth quarter and from more normal weather,” said Aaron Todd, CEO of Air Methods. “We remain focused on driving shareholder value by improving the utilization of the company’s assets, increasing its net revenue per transport through improvements in the company’s revenue cycle operations and increasing the percent of commercial claims that are in network, growing the company’s air medical footprint, and increasing the revenue and profitability of the tourism operations.”

“In the fourth quarter, we continued to make significant progress on one of our highest priorities, achieving a year-over-year reduction in DSOs of six days to 124 days,” said Peter Csapo, CFO of Air Methods. “When coupled with the 38 percent reduction in capital expenditures in 2016, the company’s free cash flow* (a non-GAAP measure) for 2016 improved by $111.7 million over the prior year.”

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