Air Methods reports 9.2% increase in fourth quarter revenue
Air methods generated $297.5 million in the fourth quarter of 2016, up 9.2% from $272.4 million in the fourth quarter of 2015.
Adjusted EBITDA saw an increase of 1.2% in the last quarter of 2016, from $65.6 million to $66.4 million – an increase of 1.2%.
Deprecation and amortisation expenses were $23.5 million and interest expense was $8.1 million. At the same time last year, the figures were $21.3 million and $7 million – an increase of 10.3% and 17% respectively. Air Methods attributes this to its acquisition of Tri-State Flight.
Aaron Todd, CEO, Air Methods, stated, “Patient transports rebounded in the fourth quarter, increasing 11.1% in total and 1.5% 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.
“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.”
Air Methods’ Air Medical Services (AMS) revenue increased to $262.9 million compared to $236.0 million, up 11.4%.