MedCath Corp. (MDTH, Financial) filed Quarterly Report for the period ended 2009-12-31.
Medcath Corp. has a market cap of $141.5 million; its shares were traded at around $6.85 with a P/E ratio of 16.7 and P/S ratio of 0.2. Medcath Corp. had an annual average earning growth of 0.9% over the past 5 years.MDTH is in the portfolios of David Nierenberg, Paul Tudor Jones of The Tudor Group.
Net revenue for the first quarter of fiscal 2010 included charity care deductions of $2.6 million compared to charity care deductions of $0.8 million for the first quarter of fiscal 2009. The increase is the result of more uninsured patients applying and qualifying for charity care.
Personnel expense. Personnel expense increased 3.3% to $51.8 million for the first quarter of fiscal 2010 from $50.2 million for the first quarter of fiscal 2009. Personnel expense on a same facility basis was as follows:
The $1.8 million reduction in same facility personnel expense was primarily due to a $1.5 million reduction in temporary contract labor, a $0.6 million reduction in bonus expense, a $0.4 million reduction in salaries and wages and a $0.4 million reduction in stock based compensation expense offset by increases in accrued paid time off expense and workers compensation expense. Temporary contract labor and salaries and wage expense were reduced by our efforts to better align our expenses with our revenue as well as several positions being vacant during the first quarter of fiscal 2010 compared to the same period of the prior year. Bonus expense is incurred as bonuses are accrued. Some of our facilities accrued less bonus expense during the first quarter of fiscal 2010 compared to the same period of the prior year due to the number of employees that qualified for bonuses. Stock based compensation is recognized based on the number of equity awards granted. There was a grant of restricted stock to employees during the first quarter of fiscal 2010 as well as the acceleration of expense upon the acceleration of vesting for grants issued during fiscal 2009. Paid time off expense is directly related to the hours earned and not taken by our employees. This expense will increase during any fiscal quarter in which wage increases were given to employees, which only applied to a few of our facilities. Workers compensation expense increased at one of our facilities due to a new claim incurred during the first quarter of fiscal 2010.
Medical supplies expense. Medical supplies expense increased 0.5% to $41.9 million for the first quarter of fiscal 2010 from $41.6 million for the first quarter of fiscal 2009. Medical supplies expense on a same facility basis was as follows:
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Medcath Corp. has a market cap of $141.5 million; its shares were traded at around $6.85 with a P/E ratio of 16.7 and P/S ratio of 0.2. Medcath Corp. had an annual average earning growth of 0.9% over the past 5 years.MDTH is in the portfolios of David Nierenberg, Paul Tudor Jones of The Tudor Group.
Highlight of Business Operations:
Same facility inpatient net revenue was 70% of the Hospital Divisions same facility net patient revenue for the first quarter of fiscal 2010 compared to approximately 72% for the first quarter of fiscal 2009. While our total same facility inpatient cases increased by 2%, total same facility hospital net patient revenue was down 4.7%, or $6.7 million, from $142.7 to $136.0. This decline is due primarily to an 8.3% reduction in inpatient open heart cases resulting in a $6.9 million reduction in total same facility net patient revenue offset by an increase in drug-eluting stents and other catheter procedures. We believe this decline is indicative that less invasive cardiac procedures, such as stents, and pharmaceutical treatments have been successful for our patients at our hospitals. This decline was offset by a 35%, or $6.1 million, increase in our inpatient non-cardiovascular cases. This increase is directly attributable to the expansion at several of our hospitals as well as seasonal illnesses.Net revenue for the first quarter of fiscal 2010 included charity care deductions of $2.6 million compared to charity care deductions of $0.8 million for the first quarter of fiscal 2009. The increase is the result of more uninsured patients applying and qualifying for charity care.
Personnel expense. Personnel expense increased 3.3% to $51.8 million for the first quarter of fiscal 2010 from $50.2 million for the first quarter of fiscal 2009. Personnel expense on a same facility basis was as follows:
The $1.8 million reduction in same facility personnel expense was primarily due to a $1.5 million reduction in temporary contract labor, a $0.6 million reduction in bonus expense, a $0.4 million reduction in salaries and wages and a $0.4 million reduction in stock based compensation expense offset by increases in accrued paid time off expense and workers compensation expense. Temporary contract labor and salaries and wage expense were reduced by our efforts to better align our expenses with our revenue as well as several positions being vacant during the first quarter of fiscal 2010 compared to the same period of the prior year. Bonus expense is incurred as bonuses are accrued. Some of our facilities accrued less bonus expense during the first quarter of fiscal 2010 compared to the same period of the prior year due to the number of employees that qualified for bonuses. Stock based compensation is recognized based on the number of equity awards granted. There was a grant of restricted stock to employees during the first quarter of fiscal 2010 as well as the acceleration of expense upon the acceleration of vesting for grants issued during fiscal 2009. Paid time off expense is directly related to the hours earned and not taken by our employees. This expense will increase during any fiscal quarter in which wage increases were given to employees, which only applied to a few of our facilities. Workers compensation expense increased at one of our facilities due to a new claim incurred during the first quarter of fiscal 2010.
Medical supplies expense. Medical supplies expense increased 0.5% to $41.9 million for the first quarter of fiscal 2010 from $41.6 million for the first quarter of fiscal 2009. Medical supplies expense on a same facility basis was as follows:
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