Psychiatric Solutions Inc. (PSYS) filed Quarterly Report for the period ended 2009-09-30.
Psychiatric Solutions Inc. offers an extensive continuum of behavioral health programs to critically ill children adolescents and adults through its ownership and operation of freestanding psychiatric inpatient hospitals and its management of psychiatric units within general acute care hospitals owned by others. Psychiatric Solutions Inc. has a market cap of $1.17 billion; its shares were traded at around $20.8 with a P/E ratio of 9.6 and P/S ratio of 0.7. Psychiatric Solutions Inc. had an annual average earning growth of 32.2% over the past 5 years.
Highlight of Business Operations:
Revenue. Revenue from continuing operations increased $23.6 million, or 5.5%, to $455.3 million for the three months ended September 30, 2009 compared to the three months ended September 30, 2008. Revenue from owned and leased inpatient facilities increased $21.2 million, or 5.3%, to $422.5 million in 2009 compared to 2008. The increase in revenue from owned and leased inpatient facilities relates primarily to same-facility growth in patient days of 3.3% and revenue per patient day of 1.6%, offset by a $4.2 million increase in charity care provided. Other revenue was $32.8 million in 2009 compared to $30.4 million in 2008.
Salaries, wages, and employee benefits. Salaries, wages and employee benefits (“SWB”) expense was $254.3 million for the three months ended September 30, 2009 compared to $238.5 million for the three months ended September 30, 2008, an increase of $15.8 million, or 6.6%. SWB expense includes $4.2 million and $4.9 million of share-based compensation expense for the quarters ended September 30, 2009 and 2008, respectively. Based on our stock option and restricted stock grants outstanding at September 30, 2009, we estimate remaining unrecognized share-based compensation expense to be approximately $35.7 million with a weighted-average remaining vesting period of 2.2 years. Excluding share-based compensation expense, SWB expense was $250.1 million, or 54.9% of total revenue, for the three months ended September 30, 2009 compared to $233.5 million, or 54.1% of total revenue, for the three months ended September 30, 2008. SWB expense for owned and leased inpatient facilities was $231.3 million in 2009, or 54.7% of revenue. Same-facility SWB expense for owned and leased inpatient facilities was $229.9 million in 2009, or 54.7% of revenue, compared to $214.3 million in 2008, or 53.4% of revenue. This increase in same-facility SWB expense for owned and leased inpatient facilities is primarily the result of an increase in health insurance claims for health insurance coverage of our employees and their dependents and shift from utilization of contract labor that is a component of professional fees to the utilization of employees. SWB expense for other operations was $12.3 million in 2009 and 2008. SWB expense for our corporate office was $10.7 million, including $4.2 million in share-based compensation, for 2009 compared to $11.9 million, including $4.9 million in share-based compensation, for 2008.
Professional fees. Professional fees were $42.3 million for the three months ended September 30, 2009, or 9.3% of total revenue, compared to $41.1 million for the three months ended September 30, 2008, or 9.5% of total revenue. Professional fees for owned and leased inpatient facilities were $38.0 million in 2009, or 9.0% of revenue. Same-facility professional fees for owned and leased inpatient facilities were $37.9 million in 2009, or 9.0% of revenue, compared to $36.2 million in 2008, or 9.0% of revenue. Professional fees for other operations and our corporate office decreased to $4.3 million in 2009 compared to $4.9 million in 2008.
Revenue. Revenue from continuing operations increased $75.1 million, or 5.9%, to $1,348.5 million for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. Revenue from owned and leased inpatient facilities increased $74.2 million, or 6.3%, to $1,254.4 million in 2009 compared to 2008. The increase in revenue from owned and leased inpatient facilities relates primarily to the acquisition of five inpatient facilities from UMC in 2008 and to same-facility growth in patient days of 2.7% and revenue per patient day of 2.3%. Other revenue was $94.1 million in 2009 compared to $93.2 million in 2008, an increase of $0.9 million.
Salaries, wages, and employee benefits. Salaries, wages and employee benefits (“SWB”) expense was $751.9 million for the nine months ended September 30, 2009 compared to $705.8 million for the nine months ended September 30, 2008, an increase of $46.1 million, or 6.5%. SWB expense includes $13.5 million and $15.0 million of share-based compensation expense for the nine months ended September 30, 2009 and 2008, respectively. Excluding share-based compensation expense, SWB expense was $738.4 million, or 54.8% of total revenue, for the nine months ended September 30, 2009 compared to $690.8 million, or 54.2% of total revenue, for the nine months ended September 30, 2008. SWB expense for owned and leased inpatient facilities was $678.2 million in 2009, or 54.1% of revenue. Same-facility SWB expense for owned and leased inpatient facilities was $670.3 million in 2009, or 54.1% of revenue, compared to $631.2 million in 2008, or 53.5% of revenue. This increase in same-facility SWB expense for owned and leased
Professional fees. Professional fees were $125.0 million for the nine months ended September 30, 2009, or 9.3% of total revenue, compared to $122.0 million for the nine months ended September 30, 2008, or 9.6% of total revenue. Professional fees for owned and leased inpatient facilities were $113.3 million in 2009, or 9.0% of revenue. Same-facility professional fees for owned and leased inpatient facilities were $111.9 million in 2009, or 9.0% of revenue, compared to $108.4 million in 2008, or 9.2% of revenue. Professional fees for other operations and our corporate office decreased to $11.7 million in 2009 compared to $13.5 million in 2008.
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