MedCath Corp., Charlotte, N.C., reported a 28.2% increase in net revenue and more than quadrupled its profit for its fiscal 2004 second quarter. Revenue for the cardiac-care hospital chain rose to $173.3 million in the quarter ended March 31, from $135.2 million in the year-ago quarter. Net income was $2.6 million, or 14 cents per share, compared with $588,000, or 3 cents per share, in the year-ago quarter. Same-facility adjusted admissions increased 21.5% and same-facility net revenue improved by 18.1%. MedCath said the growth reflected several factors, including a 14.8% jump in inpatient catheterization procedures and a 7.7% rise in inpatient surgical procedures. MedCath operates 13 cardiac-care facilities with 759 licensed beds.
Meanwhile, RehabCare Group, St. Louis, benefited from its ongoing restructuring, recording net income of $5.1 million, or 31 cents per share, on revenue of $104.5 million in its first quarter. The company earned $4.1 million, or 25 cents per share, on revenue of $138.8 million in the year-ago period, before the sale of its $62.1 million nurse-staffing business. RehabCare, which earlier this week named John Short as its chief executive officer, provides services to more than 700 healthcare facilities throughout the U.S., including hospitals, nursing homes and other long-term-care facilities. -- by Michael Romano and Julie Piotrowski