Ardent Health has cash to burn and is setting its sights on ambulatory care deals.
The for-profit system, which completed an initial public offering in July, is "actively evaluating" potential deals, including investments in ambulatory sites such as urgent care centers, ambulatory surgery centers, freestanding emergency rooms and physician clinics, CEO Marty Bonick said Thursday on the company's first post-IPO earnings call with financial analysts.
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"Urgent care facilities are currently our most immediate focus, as they broaden our geographic footprint and access to new patients in our communities," Bonick said. "I would expect to see growth in the second half of this year based upon what's in our pipeline."
Brentwood, Tennessee-based Ardent acquired or opened eight urgent care centers in the first half of the year.
Bonick said the company is evaluating plans for de novo facilities and for acquisitions. He said the company's strategy is expected to generate organic revenue growth in the mid- to high single digits.
In July, Ardent raised $192 million in a downsized IPO, after previously estimating it would raise between $300 million and $400 million. The deal's underwriters exercised an option to buy additional shares, bringing Ardent's proceeds to $209 million before subtracting IPO-related costs.
The company's total available liquidity was approximately $832 million as of June 30.
Ardent, which is majority-owned by Equity Group Investments, operates 30 acute-care hospitals and more than 200 care sites across six states. The company is trimming some surgical services in dental care, otolaryngology and ophthalmology, in favor of higher-acuity procedures.
Ardent reported second-quarter net income of $42.8 million, or 34 cents per share, compared with $33.1 million, or 26 cents per share, in the year-ago period.
