Quorum Health Group last week completed several hospital sales and announced record earnings.
The Nashville, Tenn.-based company reported a 147% increase in net income, to $11.7 million, for the third quarter ended March 31, compared with $4.7 million in the year-ago period. Net revenues rose 118% to $190 million.
For the nine-month period, Quorum reported a 152% increase in net income to $25.7 million, compared with $10.2 million in the year-ago period. Net revenues rose 80% to $454.5 million.
Quorum stock is not publicly traded, but last month the company filed a registration statement for an initial public offering of stock expected to yield the company $86.6 million. The third-quarter financial results reflect gains from the company's purchase of 10 acute-care hospitals last October.
Also last week, Quorum completed the sale of 153-bed Stuart Circle Hospital, Richmond, Va., to Bon Secours Health System, Marriottsville, Md., and agreed to sell 183-bed Physicians & Surgeons Hospital, Shreveport, La., to Schumpert Medical Center, Shreveport.
In addition, Quorum completed a four-hospital swap with Columbia/HCA Healthcare Corp., Louisville, Ky. Columbia/HCA acquired two hospitals in Atlanta, and Quorum acquired hospitals in Enterprise, Ala., and Abilene, Texas (April 18, p. 8).