Medical Facilities Corp. Q1 revenues drop, ASC opening delayed

Medical Facilities Corp., saw its first-quarter revenues drop 0.7 percent year over year to $92.8 million in response to the COVID-19 pandemic.

What you should know:

1. Surgical caseload dropped 8.6 percent and income from operations decreased 14.1 percent year over year to $11 million.

2. Adjusted EBITDA was $18.6 million, a 10.4 percent year-over-year decrease.

3. The company said COVID-19 affected the opening of St. Luke's Surgery Center in St. Louis, but that it expected the center would begin to perform cases in the third quarter of 2020.

Company President and CEO Robert Horrar commented on the earnings, saying, "The moves we made prior to the pandemic to strengthen our balance sheet and cash flow have put MFC in a stronger position to weather this crisis."

More articles on surgery centers:
Surgery Partners Q1 revenue up 5.8%, received $45M in CARES Act funding: 6 details
How COVID-19 has affected Tenet, HCA Healthcare and Surgery Partners' shares this week
Envision & ValueHealth grow through the COVID-19 pandemic & more — 10 ASC industry notes

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