Team Health Holdings Q2 2015 net revenue increases 30%
"We are extremely pleased with our financial results as we generated another quarter of double digit revenue, earnings and Adjusted EBITDA growth. These results reflect our second straight quarter of revenue growth in excess of 30%, as we benefited from strong performance across all of our growth drivers and experienced continued strong momentum across our business," said TeamHealth President and Chief Executive Officer, Mike Snow.
"Second quarter consolidated revenue growth was driven by positive contributions from acquisitions, net new contract sales, and same contract results. Similar to our results in Q1, the Company continued to benefit from the significant number of transactions we closed in 2014 and 2015, as the financial performance of our recent acquisitions was the most significant driver of our revenue increase in the quarter. Net new contracts were the second largest contributor to our revenue growth, as hospitals and physician groups are increasingly turning to TeamHealth for our best in class healthcare solutions. In addition, we experienced robust patient volume growth and continued to see a reduction in the percentage of uninsured patients that we treat that helped contribute to solid same contract performance. These results reflect our integrated and complementary approach to achieving our financial targets.
"As a result of our financial performance in the first half of 2015, and our current expectations about operating trends and growth opportunities for the remainder of the year, we have increased our estimates for net revenue growth for fiscal year 2015 to range between $3.50 billion and $3.55 billion, reflecting an annual growth rate of 24.0% to 26.0%. We continue to target an Adjusted EBITDA margin of between 10.5% and 11.0%. We remain confident in our ability to execute in the current environment and provide support to our affiliated clinicians and hospital partners while achieving our operational and financial goals for 2015," concluded Mr. Snow.