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Nobils Health (HLTH) (Business (2017 was a storm: Hurricane Harvey, sale…
Nobils Health (HLTH)
Business
2017 was a storm: Hurricane Harvey, sale of business, tax changes hurt them, and more. Before that and YTD 2018 looks good. Case volume and revenue/case were trending upwards. Except in 2017 when case volume was impacted by Hurricane
Acquired Elite Surgical Affiliates (50.1%) in 2017 for $60M using debt and cash.... at what looks like 4x EBITDA... following acquisition Nobilis will have 13 locations (nine surgical and four clinics) in Houston.
Specialty Surgical Hospitals (typically outpatient, but both in and outpatient + Ambulatory Surgical Centres (outpatient only)
Growth Strategy: Marketing to drive organic growth, Acquisition Opportunities, optimize case mix , cost reductions
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TTM adjusted EBITDA is $45.8M (higher than full year 2017)... supported by Elite acquisition which add ~$14M in full year EBITDA
Two segments: Medical Segment (clinics, hospitals, surgery centres) and Marketing (provides marketing services to hospitals owned, part owned and third parties)
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Management
A lot of insider buying in 2017 at $1.5+/share... also insider buying in June, July, Aug around $0.9/share... Klein bought shares on October 1st.
CEO/Chairman owns 3.7%, President owns 0.74%, former chairman of board owns 23%... 28% insider ownership
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risks
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They are saying that YTD EBITDA = $11.8M but that YTD cash from operations is only $2.7M and D&A is $5.1M
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