Adeptus Health posted improved results in the third quarter as it continues to pursue an aggressive strategy of expanding free-standing emergency rooms and opening new hospitals.
The company, based in Lewisville, Texas, added six more free-standing facilities to its roster during the quarter, bringing its number of new facilities to 22 for the year. It has 75 overall.
The facilities are based mostly in Arizona, Colorado and Texas. Adeptus entered its fourth state during the quarter through a partnership with Ochsner Health System in Slidell, La.
Adeptus, which operates stand-alone ERs and hospitals, says more is on the way. The company said it will open its second hospital in the Dallas/Fort Worth area during the fourth quarter in 2015. Construction has also commenced on two hospitals in Colorado and one in Houston.
The company's aggressive expansion plans appear to be paying off. Adeptus, which went public last year, earned $674,000 on $88.2 million in revenue in the third quarter of 2015, a turnaround from the $1.6 million loss on $57.6 million in revenue a year ago.
For the first nine months of 2015, Adeptus earned $11.9 million on $259.3 million in revenue compared to a small profit of $3.6 million on $140.6 million in revenue a year ago.
As a result, Adeptus raised its guidance for the full year. It now expects net patent revenue to reach $405 million to $410 million with earnings per share of $1.20 to $1.25, which includes revenue from unconsolidated joint ventures.
