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"We are pleased with our continued growth in revenue and profitability during the third quarter," said Rob Kill, Virtual Radiologic's president and chief executive officer. "These strong results and our continued ability to generate positive cash flow reflect the sound fundamentals of our business model and we believe we are well positioned for continued profitability in the quarters ahead."
Third Quarter Results
In a release on October 26, the Company noted that total revenue increased 9 percent to $31.6 million for the quarter ended September 30, compared to $29.0 million for the quarter ended September 30, 2008. The increase in revenue over the third quarter of 2008 resulted primarily from an 18 percent increase in the number of hospitals and medical facilities served to 1,154 as of September 30, representing approximately 19 percent of all hospitals in the United States.
Adjusted EBITDA increased 33 percent to $8.7 million for the quarter ended September 30, compared to $6.5 million for the quarter ended September 30, 2008 and increased to 27 percent of revenue compared to 22 percent for the same periods, respectively.
Adjusted net income increased 19 percent to $4.3 million for the quarter ended September 30, compared to $3.6 million for the quarter ended September 30, 2008. This resulted in a 24 percent increase in adjusted diluted EPS to $0.26 for the quarter ended September 30, compared to $0.21 for the quarter ended September 30, 2008.
GAAP operating income was $4.8 million for the quarter ended September 30, compared to $5.2 million for the quarter ended September 30, 2008 and GAAP net income was $3.0 million for the quarter ended September 30, compared to $3.6 million for the quarter ended September 30, 2008, resulting in diluted earnings per share of $0.19 and $0.21, respectively.
2009 Guidance Update
The Company is providing the following updated guidance for the full year of 2009:
- Revenue ranging from $118.0 million to $120.0 million, remaining the same as the previous range
- Adjusted EBITDA ranging from $26.0 million to $27.0 million, compared to the previous range of $24.0 million to $25.0 million
- Adjusted net income ranging from $11.5 million to $12.1 million, compared to the previous range of $10.3 million to $11.0 million
- Adjusted diluted earnings per share ranging from $0.71 to $0.75, compared to the previous range of $0.63 to $0.67
((Comments on this story may be sent to health@closeupmedia.com))
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