Three specialty physician practice management companies reported third-quarter losses, reflecting the industry's ongoing quest to find profitable niches.
Vision Twenty-One said last week that it had hired PaineWebber to explore strategic alternatives, including a sale of the company or certain business units.
The Largo, Fla.-based eye-care firm said it lost $7.8 million, or 51 cents per share, in the third quarter, compared with a loss of $1.05 million, or 7 cents per share, in the year-ago period. Revenues decreased 19% to $37.7 million.
Response Oncology last week said revenues from its high-dose chemotherapy centers fell 26.5% following a breast cancer study the American Society of Clinical Oncology reported last spring. The company reported a net loss of $164,000, or 1 cent per share, for the third quarter, compared with a loss of $1.16 million, or 10 cents per share, for the year-ago quarter.
The Memphis, Tenn.-based company said revenues increased 23% to $32.6 million.
Integrated Orthopaedics lost $909,000, or 25 cents per share, for the third quarter, compared with a net loss of $551,000, or 18 cents per share, for the year-ago period. The Houston-based firm said revenues declined 15% to $2.8 million. The company blamed the losses on one-time charges such as employee severance payments and bank fees because a line of credit was terminated.
For the nine months:
* Vision Twenty-One lost $12.1 million, or 80 cents per share, compared with earnings of $840,000 or 6 cents per share, for the year-earlier period. Revenues were unchanged at $130 million.
* Response Oncology's net income declined 63% to $1.45 million, or 12 cents per share, from $3.88 million, or 32 cents per share, in the year-ago period. Revenues rose 9.4% to $103 million.
* Integrated Orthopaedics lost $2.75 million, or 74 cents per share, compared with a net loss of $1.8 million, or 57 cents per share, in the year-ago period. Revenues dropped 6% to $8.45 million.