Fourth Quarter and Full-Year Earnings to Be
Announced Post-Market February 27, 2018
Extends Director Nomination Deadline to
March 16, 2018
Envision Healthcare Corporation (NYSE: EVHC) today provided
preliminary fourth quarter results, announced the date for the
release of its financial results for the fourth quarter and full
year 2017 and extended the director nomination deadline.
Preliminary Fourth Quarter Results
For the three months ended December 31, 2017, Envision expects
to report net revenue from continuing operations of approximately
$2.0 billion and Adjusted EBITDA from continuing operations that
will be at, or slightly above, the high end of its guidance range
of $182 million to $202 million. That guidance range was provided
on October 31, 2017, and most recently affirmed January 4,
2018.
“We are pleased with our team’s ability to operate and deliver
results at the high end of our expectations,” said Christopher A.
Holden, President and Chief Executive Officer of Envision. “We
remain focused on executing our strategic plan and taking actions
to drive sustained operational excellence across our organization.
We look forward to providing a more comprehensive update on our
progress and outlook for 2018 when we report complete financial
results later this month.”
Envision’s estimates for the fourth quarter of 2017 are based on
management’s unaudited preliminary financial analysis and are
subject to finalizing Envision’s year-end accounting and audit
procedures. The Company is not providing a reconciliation of its
previously issued Adjusted EBITDA guidance range to the comparable
GAAP measure for the three months ended December 31, 2017, as
the exact amount of individual adjustments for certain reconciling
items are not currently determinable, including variability and
timing associated with acquisitions, disposals, deconsolidations
and impairment charges. These amounts may be significant and may
vary significantly from period to period. See “Non-GAAP Financial
Measures” below for a definition of Adjusted EBITDA.
Earnings Release and Investor Conference Call Dates
Envision will release its financial results for the three months
and 12 months ended December 31, 2017, and expects to provide 2018
financial guidance, on Tuesday, February 27, 2018, after the
securities markets close.
The Company will also host an investor conference call on
Wednesday, February 28, 2018, at 8:30 a.m. Eastern time. The live
broadcast of Envision’s quarterly conference call will be available
on-line by going to www.evhc.net and clicking on the link to
Investors. The on-line replay will follow shortly after the call
and will be available for 30 days.
Extension of Director Nomination Deadline
Envision also announced that its Board of Directors has amended
its bylaws to extend the deadline for stockholders to nominate
candidates for election to the Board at its 2018 Annual Meeting of
Stockholders to March 16, 2018. The original nomination deadline
was February 24, 2018. The date and location of the 2018 Annual
Meeting of Stockholders has yet to be announced.
On October 31, 2017, Envision announced that its Board, in
consultation with management and financial and legal advisors, had
initiated a full review of a broad range of strategic alternatives
to enhance stockholder value. The Board is fully committed to
conducting a comprehensive review, and the review is ongoing. There
can be no assurance that this review will result in a transaction
or other alternative of any kind, and the Board has not set a
timetable for completion of its review. The Company does not intend
to provide updates on its review until it deems further disclosure
is appropriate or required.
About Envision Healthcare Corporation
Envision Healthcare Corporation is a leading provider of
physician-led services and post-acute care, and ambulatory surgery
services. At September 2017, we delivered physician services,
primarily in the areas of emergency department and hospitalist
services, anesthesiology services, radiology/tele-radiology
services, and children’s services to more than 1,800 clinical
departments in healthcare facilities in 46 states and the District
of Columbia. Post-acute care is delivered through an array of
clinical professionals and integrated technologies which, when
combined, contribute to efficient and effective population health
management strategies. As a market leader in ambulatory surgical
care, the Company owns and operates 263 surgery centers and one
surgical hospital in 35 states and the District of Columbia, with
medical specialties ranging from gastroenterology to ophthalmology
and orthopedics. In total, the Company offers a differentiated
suite of clinical solutions on a national scale, creating value for
health systems, payors, providers and patients. For additional
information, visit www.evhc.net.
Forward-Looking Statements
Certain statements and information in this communication may be
deemed to be “forward-looking statements” within the meaning of the
Federal Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
statements relating to the Company’s financial and operating
objectives, plans and strategies, industry trends, and all
statements (other than statements of historical fact) that address
activities, events or developments that the Company intends,
expects, projects, believes or anticipates will or may occur in the
future. These statements are often characterized by terminology
such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,”
“plan,” “will,” “expect,” “estimate,” “project,” “positioned,”
“strategy” and similar expressions, and are based on assumptions
and assessments made by the Company’s management in light of their
experience and their perception of historical trends, current
conditions, expected future developments, and other factors they
believe to be appropriate. Any forward-looking statements in this
communication are made as of the date hereof, and the Company
undertakes no duty to update or revise any such statements, whether
as a result of new information, future events or otherwise.
Forward-looking statements are not guarantees of future
performance. Whether actual results will conform to expectations
and predictions is subject to known and unknown risks and
uncertainties, including: (i) risks and uncertainties discussed in
the reports and other documents that the Company files with the
Securities and Exchange Commission; (ii) general economic, market,
or business conditions; (iii) the impact of legislative or
regulatory changes, such as changes to the Patient Protection and
Affordable Care Act, as amended by the Health Care and Education
Reconciliation Act of 2010; (iv) changes in governmental
reimbursement programs; (v) decreases in revenue and profit margin
under fee-for-service contracts due to changes in volume, payor mix
and reimbursement rates; (vi) the loss of existing contracts; (vii)
risks associated with the ability to successfully integrate the
Company’s operations and employees following the completion of its
merger with AMSURG; (viii) the ability to realize anticipated
benefits and synergies of the business combination; (ix) the
potential impact of the consummation of the transaction on the
Company’s relationships, including with employees, customers and
competitors; (x) the impact of the Company’s announced review of
strategic alternatives, as well as any strategic transaction that
may be pursued as a result of such review, including the Company’s
financial and operating results, or its employees, suppliers and
customers; and (xi) other circumstances beyond the Company’s
control.
Non-GAAP Financial Measures
Non-GAAP Adjusted EBITDA guidance for the fourth quarter of 2017
excludes interest expense, income taxes, depreciation,
amortization, share-based compensation, impairment charges, debt
extinguishment costs, transaction and integration costs, changes in
contingent purchase price consideration, gain or loss on
deconsolidations and discontinued operations, net of
non-controlling interests. See Envision’s investor relations
website at investor.evhc.net for a reconciliation of historical
GAAP and non-GAAP financial results.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180207006205/en/
Envision Healthcare CorporationBob Kneeley, 303-495-1245Vice
President, Investor Relationsbob.kneeley@evhc.net
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