Alliance Imaging Inc. (AIQ, Financial) filed Quarterly Report for the period ended 2011-09-30.
Alliance Healthcare Services has a market cap of $65.4 million; its shares were traded at around $1.23 with and P/S ratio of 0.1.
Selling, general and administrative expenses increased $2.9 million, or 16.8%, to $19.8 million in the third quarter of 2011 compared to $16.9 million in the third quarter of 2010. The provision for doubtful accounts increased $1.3 million, or 409.4%, primarily due to lower than normal collection of aged accounts receivable during the third quarter of 2011. The provision for doubtful accounts as a percentage of revenue was 1.3% in the third quarter of 2011 compared to 0.3% of revenue in the third quarter of 2010. Professional services expenses increased $1.2 million, or 63.7%, due to an increase in legal and other professional fees. All other selling, general and administrative expenses increased $0.4 million, or 2.6%. Selling, general and administrative expenses as a percentage of revenue were 15.6% and 14.0% in the third quarters of 2011 and 2010, respectively.
Revenue increased $11.8 million, or 3.3%, to $373.0 million in the first nine months of 2011 compared to $361.2 million in the first nine months of 2010 due to an increase in radiation oncology revenue and other modalities and other revenue, partially offset by a decrease in PET/CT revenues and MRI revenues. Radiation oncology revenue increased $21.9 million, or 66.7%, to $54.8 million in the first nine months of 2011 compared to $32.9 million in the first nine months of 2010, primarily due to revenue related to the acquisition of USR, acquisitions in Pine Bluff, Arkansas and Hazleton, Pennsylvania and an increase in treatments performed in our core radiation oncology business. Other modalities and other revenue increased $9.0 million, or 36.5%, to $33.7 million in the first nine months of 2011 compared to $24.7 million in the first nine months of 2010, primarily due to the acquisitions of Radiology 24/7, LLC (RAD 24/7) and 24/7 RAD. PET/CT revenue in the first nine months of 2011 decreased $14.0 million, or 9.8%, compared to the first nine months of 2010. Total PET and PET/CT scan volumes decreased 6.3% to 123,912 scans in the first nine months of 2011 from 132,201 scans in the first nine months of 2010, primarily due to a decrease in client demand, the persistent high rate of unemployment and the number of uninsured and under-insured patients. Scans per system per day decreased 6.1% to 5.35 scans per system per day in the first nine months of 2011 from 5.70 scans per system per day in the first nine months of 2010. The average price per PET and PET/CT scan decreased to $1,024 per scan in the first nine months of 2011 compared to $1,063 per scan in the first nine months of 2010. The decline in the average price per PET and PET/CT scan is primarily due to reimbursement and greater than expected competitive pricing pressures. The average number of PET and PET/CT systems in service increased to 121.5 systems in the first nine months of 2011 from 118.8 systems in the first nine months of 2010. MRI revenue decreased $5.1 million in the first nine months of 2011, or 3.2%. Scan-based MRI revenue decreased $6.1 million in the first nine months of 2011, or 4.2%, compared to the first nine months of 2010, to $140.0 million in the first nine months of 2011 from $146.1 million in the first nine months of 2010. Scan-based MRI scan volume decreased 1.0% to 376,933 scans in the first nine months of 2011 from 380,734 scans in the first nine months of 2010. The average price per MRI scan decreased to $371.37 per scan in the first nine months of 2011 from $383.71 per scan in the first nine months of 2010. The decline in the average price per MRI scan is primarily due to greater than expected competitive pricing pressure. Average scans per system per day decreased by 3.1% to 8.03 in the first nine months of 2011 from 8.29 in the first nine months of 2010. The average number of scan-based systems in service increased to 245.3 systems in the first nine months of 2011 from 236.9 systems in the first nine months of 2010. Non scan-based MRI revenue increased $1.0 million in the first nine months of 2011 over the same period in 2010 primarily due to a small increase in the number of hospital construction projects and an increase in the number of equipment upgrades occurring in the hospital market, both of which impact the demand for our non scan-based MRI business. Included in the revenue totals above is fixed-site imaging center revenues, which increased $6.1 million, or 7.1%, to $93.0 million in the first nine months of 2011 from $86.8 million in the first nine months of 2010.
Cost of revenues, excluding depreciation and amortization, increased $13.9 million, or 7.0%, to $210.6 million in the first nine months of 2011 compared to $196.7 million in the first nine months of 2010. Outside medical services increased $5.9 million, or 48.7%, primarily as a result of an increase in professional services in our oncology division, including radiation oncologists and physics costs, and an increase in professional services related to the acquisitions of RAD 24/7 and 24/7 RAD. Maintenance and related costs increased $3.8 million, or 8.4%, due to an increase in service costs related to an increase in the number of MRI, PET/CT and radiation oncology systems in operation, specifically cyberknife equipment, which has a high average monthly service contract cost and an increase in maintenance costs due to an aging imaging division fleet. Compensation and related employee expenses increased $3.3 million, or 3.8%, primarily as a result of an increase in headcount in our oncology division, primarily related to the acquisition of USR and oncology operational management, as well as an increase in headcount to support professional radiology interpretation services. Marketing costs increased $1.5 million, or 173.5%, as a result of increased marketing campaigns in the oncology division. Fuel expenses increased $0.7 million, or 11.6%, primarily due to an increase in the average price per gallon of diesel fuel. Medical supplies decreased $1.6 million, or 6.7%, primarily as a result of a decrease in the number of PET and PET/CT scans, which use a radiopharmaceutical as a component of the PET and PET/CT scan. All other cost of revenues, excluding depreciation and amortization, increased $0.3 million, or 0.9%. Cost of revenues, as a percentage of revenue, increased to 56.5% in the first nine months of 2011 from 54.5% in the first nine months of 2010 as a result of the factors described above and the nature of our high fixed cost operating expense.
Selling, general and administrative expenses increased $7.2 million, or 14.5%, to $56.7 million in the first nine months of 2011 compared to $49.5 million in the first nine months of 2010. The provision for doubtful accounts increased $2.7 million, or 435.4%, primarily due to lower than normal collection of aged accounts receivable during the first nine months of 2011 and the collection of aged accounts receivable during the first nine months of 2010. The provision for doubtful accounts as a percentage of revenue was 0.9% in the first nine months of 2011 compared to 0.2% of revenue in the first nine months of 2010. Compensation and related employee expenses increased $2.3 million, or 7.4%, primarily as a result of investments in the infrastructure of the oncology division, professional radiology services, and womens breast healthcare services. Professional services expenses increased $1.3 million, or 23.5%, due to an increase in legal and other professional fees. All other selling, general and administrative expenses increased $0.9 million, or 7.1%. Selling, general and administrative expenses as a percentage of revenue were 15.2% and 13.7% in the first nine months of 2011 and 2010, respectively.
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Alliance Healthcare Services has a market cap of $65.4 million; its shares were traded at around $1.23 with and P/S ratio of 0.1.
Highlight of Business Operations:
Revenue increased $5.7 million, or 4.7%, to $126.8 million in the third quarter of 2011 compared to $121.1 million in the third quarter of 2010 due to an increase in radiation oncology revenue and other modalities and other revenue, partially offset by a decrease in PET/CT revenues and MRI revenues. Radiation oncology revenue increased $9.6 million, or 81.8%, to $21.3 million in the third quarter of 2011 compared to $11.7 million in the third quarter of 2010, primarily due to revenue related to the acquisition of US Radiosurgery, LLC (USR), the acquisition in Hazleton, Pennsylvania and an increase in treatments performed in our core radiation oncology business. Other modalities and other revenue increased $2.8 million, or 29.9%, to $12.3 million in the third quarter of 2011 compared to $9.5 million in the third quarter of 2010, primarily due to the acquisition of 24/7 Radiology (24/7 RAD). PET/CT revenue in the third quarter of 2011 decreased $3.7 million, or 8.1%, compared to the third quarter of 2010. Total PET and PET/CT scan volumes decreased 6.1% to 40,769 scans in the third quarter of 2011 from 43,401 scans in the third quarter of 2010, primarily due to a decrease in client demand, the persistent high rate of unemployment and the number of uninsured and under-insured patients. Scans per system per day decreased 5.9% to 5.26 scans per system per day in the third quarter of 2011 from 5.59 scans per system per day in the third quarter of 2010. The average price per PET and PET/CT scan decreased to $1,020 per scan in the third quarter of 2011 compared to $1,047 per scan in the third quarter of 2010. The decline in the average price per PET and PET/CT scan is primarily due to reimbursement and greater than expected competitive pricing pressures. The average number of PET and PET/CT systems in service increased to 122.8 systems in the third quarter of 2011 from 118.0 systems in the third quarter of 2010. MRI revenue decreased $3.0 million in the third quarter of 2011, or 5.5%. Scan-based MRI revenue decreased $3.5 million in the third quarter of 2011, or 7.1%, compared to the third quarter of 2010, to $45.6 million in the third quarter of 2011 from $49.1 million in the third quarter of 2010. Scan-based MRI scan volume decreased 3.4% to 124,507 scans in the third quarter of 2011 from 128,913 scans in the third quarter of 2010, primarily due to a decrease in client demand, the persistent high rate of unemployment and the number of uninsured and under-insured patients. The average price per MRI scan decreased to $366.27 per scan in the third quarter of 2011 from $380.87 per scan in the third quarter of 2010. The decline in the average price per MRI scan is primarily due to greater than expected competitive pricing pressure. Average scans per system per day decreased by 3.3% to 7.97 in the third quarter of 2011 from 8.24 in the third quarter of 2010. The average number of scan-based systems in service increased to 247.7 systems in the third quarter of 2011 from 242.1 systems in the third quarter of 2010. Non scan-based MRI revenue increased $0.5 million in the third quarter of 2011 over the same period in 2010 primarily due to a small increase in the number of hospital construction projects and an increase in the number of equipment upgrades occurring in the hospital market, both of which impact the demand for our non scan-based MRI business. Included in the revenue totals above is fixed-site imaging center revenues, which increased $0.8 million, or 2.5%, to $31.1 million in the third quarter of 2011 from $30.3 million in the third quarter of 2010.Selling, general and administrative expenses increased $2.9 million, or 16.8%, to $19.8 million in the third quarter of 2011 compared to $16.9 million in the third quarter of 2010. The provision for doubtful accounts increased $1.3 million, or 409.4%, primarily due to lower than normal collection of aged accounts receivable during the third quarter of 2011. The provision for doubtful accounts as a percentage of revenue was 1.3% in the third quarter of 2011 compared to 0.3% of revenue in the third quarter of 2010. Professional services expenses increased $1.2 million, or 63.7%, due to an increase in legal and other professional fees. All other selling, general and administrative expenses increased $0.4 million, or 2.6%. Selling, general and administrative expenses as a percentage of revenue were 15.6% and 14.0% in the third quarters of 2011 and 2010, respectively.
Revenue increased $11.8 million, or 3.3%, to $373.0 million in the first nine months of 2011 compared to $361.2 million in the first nine months of 2010 due to an increase in radiation oncology revenue and other modalities and other revenue, partially offset by a decrease in PET/CT revenues and MRI revenues. Radiation oncology revenue increased $21.9 million, or 66.7%, to $54.8 million in the first nine months of 2011 compared to $32.9 million in the first nine months of 2010, primarily due to revenue related to the acquisition of USR, acquisitions in Pine Bluff, Arkansas and Hazleton, Pennsylvania and an increase in treatments performed in our core radiation oncology business. Other modalities and other revenue increased $9.0 million, or 36.5%, to $33.7 million in the first nine months of 2011 compared to $24.7 million in the first nine months of 2010, primarily due to the acquisitions of Radiology 24/7, LLC (RAD 24/7) and 24/7 RAD. PET/CT revenue in the first nine months of 2011 decreased $14.0 million, or 9.8%, compared to the first nine months of 2010. Total PET and PET/CT scan volumes decreased 6.3% to 123,912 scans in the first nine months of 2011 from 132,201 scans in the first nine months of 2010, primarily due to a decrease in client demand, the persistent high rate of unemployment and the number of uninsured and under-insured patients. Scans per system per day decreased 6.1% to 5.35 scans per system per day in the first nine months of 2011 from 5.70 scans per system per day in the first nine months of 2010. The average price per PET and PET/CT scan decreased to $1,024 per scan in the first nine months of 2011 compared to $1,063 per scan in the first nine months of 2010. The decline in the average price per PET and PET/CT scan is primarily due to reimbursement and greater than expected competitive pricing pressures. The average number of PET and PET/CT systems in service increased to 121.5 systems in the first nine months of 2011 from 118.8 systems in the first nine months of 2010. MRI revenue decreased $5.1 million in the first nine months of 2011, or 3.2%. Scan-based MRI revenue decreased $6.1 million in the first nine months of 2011, or 4.2%, compared to the first nine months of 2010, to $140.0 million in the first nine months of 2011 from $146.1 million in the first nine months of 2010. Scan-based MRI scan volume decreased 1.0% to 376,933 scans in the first nine months of 2011 from 380,734 scans in the first nine months of 2010. The average price per MRI scan decreased to $371.37 per scan in the first nine months of 2011 from $383.71 per scan in the first nine months of 2010. The decline in the average price per MRI scan is primarily due to greater than expected competitive pricing pressure. Average scans per system per day decreased by 3.1% to 8.03 in the first nine months of 2011 from 8.29 in the first nine months of 2010. The average number of scan-based systems in service increased to 245.3 systems in the first nine months of 2011 from 236.9 systems in the first nine months of 2010. Non scan-based MRI revenue increased $1.0 million in the first nine months of 2011 over the same period in 2010 primarily due to a small increase in the number of hospital construction projects and an increase in the number of equipment upgrades occurring in the hospital market, both of which impact the demand for our non scan-based MRI business. Included in the revenue totals above is fixed-site imaging center revenues, which increased $6.1 million, or 7.1%, to $93.0 million in the first nine months of 2011 from $86.8 million in the first nine months of 2010.
Cost of revenues, excluding depreciation and amortization, increased $13.9 million, or 7.0%, to $210.6 million in the first nine months of 2011 compared to $196.7 million in the first nine months of 2010. Outside medical services increased $5.9 million, or 48.7%, primarily as a result of an increase in professional services in our oncology division, including radiation oncologists and physics costs, and an increase in professional services related to the acquisitions of RAD 24/7 and 24/7 RAD. Maintenance and related costs increased $3.8 million, or 8.4%, due to an increase in service costs related to an increase in the number of MRI, PET/CT and radiation oncology systems in operation, specifically cyberknife equipment, which has a high average monthly service contract cost and an increase in maintenance costs due to an aging imaging division fleet. Compensation and related employee expenses increased $3.3 million, or 3.8%, primarily as a result of an increase in headcount in our oncology division, primarily related to the acquisition of USR and oncology operational management, as well as an increase in headcount to support professional radiology interpretation services. Marketing costs increased $1.5 million, or 173.5%, as a result of increased marketing campaigns in the oncology division. Fuel expenses increased $0.7 million, or 11.6%, primarily due to an increase in the average price per gallon of diesel fuel. Medical supplies decreased $1.6 million, or 6.7%, primarily as a result of a decrease in the number of PET and PET/CT scans, which use a radiopharmaceutical as a component of the PET and PET/CT scan. All other cost of revenues, excluding depreciation and amortization, increased $0.3 million, or 0.9%. Cost of revenues, as a percentage of revenue, increased to 56.5% in the first nine months of 2011 from 54.5% in the first nine months of 2010 as a result of the factors described above and the nature of our high fixed cost operating expense.
Selling, general and administrative expenses increased $7.2 million, or 14.5%, to $56.7 million in the first nine months of 2011 compared to $49.5 million in the first nine months of 2010. The provision for doubtful accounts increased $2.7 million, or 435.4%, primarily due to lower than normal collection of aged accounts receivable during the first nine months of 2011 and the collection of aged accounts receivable during the first nine months of 2010. The provision for doubtful accounts as a percentage of revenue was 0.9% in the first nine months of 2011 compared to 0.2% of revenue in the first nine months of 2010. Compensation and related employee expenses increased $2.3 million, or 7.4%, primarily as a result of investments in the infrastructure of the oncology division, professional radiology services, and womens breast healthcare services. Professional services expenses increased $1.3 million, or 23.5%, due to an increase in legal and other professional fees. All other selling, general and administrative expenses increased $0.9 million, or 7.1%. Selling, general and administrative expenses as a percentage of revenue were 15.2% and 13.7% in the first nine months of 2011 and 2010, respectively.
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