Specialty heart hospital developer and cathertization lab operator MedCath reported higher second quarter revenues, earnings and earnings per share, based in part on higher admissions.
Net revenue rose 13.8% to $192 million for the second quarter of 2005, compared with nearly $168.7 million in the second quarter of 2004, the company reported Tuesday. Net income was up 44% to $3.8 million for the latest quarter compared with $2.6 million for the same period a year ago. Earnings per share rose to 20 cents per diluted share for the second quarter 2005, up nearly 43% from 14 cents per diluted share in the second quarter 2004.
Hospital admissions were up 16.7% year-over-year for the quarter.
For the first two quarters of its fiscal year, the Charlotte, N.C.,-based company reported net revenues of nearly $376.8 million, up 16.4% from $323.8 million for the first two quarters of the previous fiscal year. Net income rose to $8.3 million, up nearly four-fold from $1.7 million for the first two quarters of the previous period.
Earnings per share for the first two quarters of the new fiscal year rose to 43 cents per diluted share, up from 9 cents per diluted share for the similar period a year earlier.