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Medical Facilities Corp. Q1-2019 Earnings, Price Target Update

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Medical Facilities Corp. (DR) owns controlling interests in partnership with physicians in medical facilities. This is comprised of controlling interest in five specialty surgical hospitals located in Arkansas, Indiana, Oklahoma, and South Dakota, and an ambulatory surgery center located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns controlling interest in seven ambulatory surgery centers located in Arkansas, Michigan, Missouri, Nebraska, Ohio, Oregon, and Pennsylvania. In Jan-2018, Medical Facilities acquired 94.25% for $43.9M of a newly formed partnership between and Nueterra MF Holdings, LLC and Medical Facilities. The specialty surgical hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ambulatory surgery centers specialize in outpatient surgical procedures, with patient stays of less than 24 hours. ASCs are specialized surgical centers that only provide outpatient procedures, whereas SSHs are licensed for both inpatient and outpatient surgeries. The SSHs and ASCs provide facilities, including staffing, surgical materials and supplies, and other support necessary for scheduled surgical, pain management, imaging, and diagnostic procedures and derive their revenue primarily from the fees charged for the use of these facilities. The facilities mainly focus on a limited number of clinical specialties such as orthopaedics, neurosurgery, pain management and other non-emergency elective procedures. In addition, three of the SSHs provide urgent care services and two of the SSHs provide primary care services to their communities. Medical Facilities sold a 51% controlling interest in Integrated Medical Delivery, L.L.C. (IMD), a diversified healthcare service company located in Oklahoma City, that provides third-party business solutions to healthcare entities such as physician practices, facilities, and insurance companies. Medical Facilities owns between 50% to 60% of five facilities with minority interests owned primarily by physicians practicing at the Centers.

Medical Facilities has a 92% interest in RRI Mishawaka Hospital, LP, which owns the real estate assets underlying Unity Medical and Surgical Hospital (UMASH). Medical Facilities generally records higher revenue in the fourth quarter as many patients tend to seek medical procedures at the end of the year, primarily as a result of their inability to carry over unused insurance benefits into the following calendar year.

Facility service revenue and certain directly related expenses are subject to seasonal fluctuations due to the timing of case scheduling, which can be impacted by the vacation schedules of surgeons, as well as the extent to which patients have remaining deductibles on their insurance coverage, based on the time of year. Occupancy costs remain relatively steady throughout the year. Revenues are dependent on the volume of the procedures performed as well as the acuity and complexity of the procedures (case mix) and composition of payors (payor mix), including federal and state agencies (under the Medicare and Medicaid programs), managed care health plans and patient pay.

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