SunLink Health Systems Inc (SSY, Financial) filed Quarterly Report for the period ended 2010-03-31.
Sunlink Health Systems Inc has a market cap of $17.48 million; its shares were traded at around $2.1718 with a P/E ratio of 13.57 and P/S ratio of 0.09.
The increase in net revenues for the nine months ended March 31, 2010 was due to increases in Medicaid and self-pay revenues offset by a decrease in Medicare revenue. Medicaid revenue increased $1,760, a 10.9% increase from last year to $17,844 for the nine months ended March 31, 2010 as compared to the prior years period due to revenue from state indigent care programs and more patients applying and qualifying for Medicaid coverage. Our healthcare facilities have increased their efforts to assist such patients to qualify for Medicaid. Net self pay revenues increased $1,616, an 11.1% increase from last year to $16,115 for the nine months ended March 31, 2010 and increased to 14.1% of net revenues from 12.8% last year. Medicare revenues decreased $2,281, a 4.9% decrease from last year to $44,387 for the nine months ended March 31, 2010 and decreased to 38.7% of net revenues from 41.2% last year. Management believes Medicare net revenues have decreased due to lower Medicare volumes resulting from patients deferring treatment until it is absolutely necessary.
Net revenue for the three months ended March 31, 2010 and 2009 included $1,679 and $1,442, respectively, from state indigent care programs. Net revenues included an increase of $624 and $119 for the three months ended March 31, 2010 and 2009, respectively, for the settlements and filings of prior year Medicare and Medicaid cost reports. Net revenue for the nine months ended March 31, 2010 and 2009 included $2,629 and $2,082, respectively, from state indigent care programs. Net revenues for the nine months ended March 31, 2010 and 2009 included $1,084 and $391, respectively, for the settlements and filings of prior year Medicare and Medicaid cost reports.
We added seven net new doctors during the year ended June 30, 2009 and six net new doctors during the nine months ended March 31, 2010. During the three and nine months ended March 31, 2010, SunLink expensed $85 and $517 on physician guarantees and recruiting for the three months ended March 31, 2010 and 2009, respectively and expensed $517 and $598 on physician guarantees and recruiting for the three and nine months ended March 31, 2009, respectively. We also have expended approximately $3,513 for capital expenditures to upgrade services and facilities since July 1, 2008.
Specialty Pharmacy net revenue for the three months ended March 31, 2010 was $12,219, a decrease of $1,570, or 11.4%, from $13,789 for the three months ended March 31, 2009. The decrease resulted from a decrease in pharmacy revenue, primarily one infusion therapy drug prescribed for premature babies at high risk for lung disease. The major revenue source for the infusion therapy drug is Louisiana Medicaid, which has reduced the utilization of the drug this fiscal year. This reduced utilization decreased Specialty Pharmacy revenue by $1,567 and $1,950 for three and nine months ended March 31, 2010, respectively. For the nine months ended March 31, 2010, Specialty Pharmacy net revenue was $35,077, a decrease of $1,651, or 4.5%, from $36,728 for the nine months ended March 31, 2009.
Costs and expenses for our Healthcare Facilities, including depreciation and amortization, were $36,447 and $35,551 for the three months ended March 31, 2010 and 2009, respectively, and $109,575 and $106,313 for the nine months ended March 31, 2010 and 2009, respectively.
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Sunlink Health Systems Inc has a market cap of $17.48 million; its shares were traded at around $2.1718 with a P/E ratio of 13.57 and P/S ratio of 0.09.
Highlight of Business Operations:
Net revenues for the quarter ended March 31, 2010 were $39,508 with a total of 5,822 equivalent admissions and revenue per equivalent admission of $6,747 compared to net revenues of $39,774 with a total of 6,245 equivalent admissions and revenue per equivalent admission of $6,369 for the quarter ended March 31, 2009. Net revenues for the nine months ended March 31, 2010 were $114,620 with a total of 18,200 equivalent admissions and revenue per equivalent admission of $6,285 compared to net revenues of $113,271 with a total of 18,548 equivalent admissions and revenue per equivalent admission of $6,107 for the nine months ended March 31, 2009.The increase in net revenues for the nine months ended March 31, 2010 was due to increases in Medicaid and self-pay revenues offset by a decrease in Medicare revenue. Medicaid revenue increased $1,760, a 10.9% increase from last year to $17,844 for the nine months ended March 31, 2010 as compared to the prior years period due to revenue from state indigent care programs and more patients applying and qualifying for Medicaid coverage. Our healthcare facilities have increased their efforts to assist such patients to qualify for Medicaid. Net self pay revenues increased $1,616, an 11.1% increase from last year to $16,115 for the nine months ended March 31, 2010 and increased to 14.1% of net revenues from 12.8% last year. Medicare revenues decreased $2,281, a 4.9% decrease from last year to $44,387 for the nine months ended March 31, 2010 and decreased to 38.7% of net revenues from 41.2% last year. Management believes Medicare net revenues have decreased due to lower Medicare volumes resulting from patients deferring treatment until it is absolutely necessary.
Net revenue for the three months ended March 31, 2010 and 2009 included $1,679 and $1,442, respectively, from state indigent care programs. Net revenues included an increase of $624 and $119 for the three months ended March 31, 2010 and 2009, respectively, for the settlements and filings of prior year Medicare and Medicaid cost reports. Net revenue for the nine months ended March 31, 2010 and 2009 included $2,629 and $2,082, respectively, from state indigent care programs. Net revenues for the nine months ended March 31, 2010 and 2009 included $1,084 and $391, respectively, for the settlements and filings of prior year Medicare and Medicaid cost reports.
We added seven net new doctors during the year ended June 30, 2009 and six net new doctors during the nine months ended March 31, 2010. During the three and nine months ended March 31, 2010, SunLink expensed $85 and $517 on physician guarantees and recruiting for the three months ended March 31, 2010 and 2009, respectively and expensed $517 and $598 on physician guarantees and recruiting for the three and nine months ended March 31, 2009, respectively. We also have expended approximately $3,513 for capital expenditures to upgrade services and facilities since July 1, 2008.
Specialty Pharmacy net revenue for the three months ended March 31, 2010 was $12,219, a decrease of $1,570, or 11.4%, from $13,789 for the three months ended March 31, 2009. The decrease resulted from a decrease in pharmacy revenue, primarily one infusion therapy drug prescribed for premature babies at high risk for lung disease. The major revenue source for the infusion therapy drug is Louisiana Medicaid, which has reduced the utilization of the drug this fiscal year. This reduced utilization decreased Specialty Pharmacy revenue by $1,567 and $1,950 for three and nine months ended March 31, 2010, respectively. For the nine months ended March 31, 2010, Specialty Pharmacy net revenue was $35,077, a decrease of $1,651, or 4.5%, from $36,728 for the nine months ended March 31, 2009.
Costs and expenses for our Healthcare Facilities, including depreciation and amortization, were $36,447 and $35,551 for the three months ended March 31, 2010 and 2009, respectively, and $109,575 and $106,313 for the nine months ended March 31, 2010 and 2009, respectively.
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