Nobilis Health Corp (HLTH) saw its loss narrow to $2.40 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.96 million, or $0.07 a share. Revenue during the quarter surged 33.21 percent to $68.30 million from $51.27 million in the previous year period. Operating margin for the quarter stood at negative 4.59 percent as compared to a negative 18.91 percent for the previous year period.
Operating loss for the quarter was $3.14 million, compared with an operating loss of $9.69 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2.01 million compared with $0.35 million in the prior year period. At the same time, adjusted EBITDA margin improved 226 basis points in the quarter to 2.95 percent from 0.68 percent in the last year period.
"I am pleased to report strong financial and operating results for the first quarter of 2017. These results reflect the significant progress we have made to date to reduce costs and better align our resources," said Harry Fleming, chief executive officer of Nobilis Health. “In the first quarter, we were better able to leverage facility operating expenses, and we managed to decrease total corporate costs on an absolute dollar basis, year over year. Specifically, total revenue grew by 33% while total expenses increased by only 17%. These cost reductions will allow us to operate more efficiently as we continue to grow our organic revenue and ancillary services. We continue to identify other cost saving opportunities which we plan to implement going forward."
Nobilis Health Corp projects revenue to be in the range of $310 million to $325 million for financial year 2017.
Operating cash flow improves significantlyNobilis Health Corp has generated cash of $16.53 million from operating activities during the quarter, up 270.51 percent or $12.07 million, when compared with the last year period. The company has spent $11.39 million cash to meet investing activities during the quarter as against cash outgo of $1.98 million in the last year period.
Cash flow from financing activities was $1.45 million for the quarter as against cash outgo of $1.92 million in the last year period.
Cash and cash equivalents stood at $31.17 million as on Mar. 31, 2017, up 92.10 percent or $14.94 million from $16.22 million on Mar. 31, 2016.
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