Agiliti , Inc. (“UHS”), today announced preliminary
results for the quarter ended September 30, 2018 and provided an update
to its full-year financial outlook.
Total revenue for the three months ended September 30, 2018, was $138.1
million, representing an 11.6 percent increase from total revenue of
$123.8 million for the same period of 2017. Total revenue for the nine
months ended September 30, 2018, was $421.2 million, representing a 10.1
percent increase from total revenue of $382.6 million for the same
period of 2017.
Adjusted EBITDA for the three months ended September 30, 2018, was $36.2
million, an 8.6 percent increase from Adjusted EBITDA of $33.4 million
for the same period of 2017. Adjusted EBITDA for the nine months ended
September 30, 2018, was $113.5 million, a 10.7 percent increase from
Adjusted EBITDA of $102.5 million for the same period of 2017.
In line with management’s outlook for the year, the company narrowed its
full-year 2018 Adjusted EBITDA guidance to $150 million from its
previously announced full-year range of $145 to $150 million. In
addition, the company reaffirmed its initial 2019 Adjusted EBITDA
guidance range of $165 to $170 million.
The revenue and Adjusted EBITDA results for the three and nine months
ended September 30, 2018 are preliminary and subject to revision based
on the completion of the accounting and financial reporting process
necessary to finalize UHS’s financial statements as of and for the three
and nine months ended September 30, 2018. Agiliti plans to release its full
third quarter 2018 financial results on November 6, 2018.
Conference Call Information
Agiliti will hold a conference call to discuss its full 2018 third quarter
results on Wednesday, November 7, at 9 a.m. Eastern Time (8 a.m. Central
To participate, call (877) 407-4177 and advise the operator that you
would like to join the Agiliti 2018 Third Quarter
Earnings Conference Call. A replay of this call will be available from
12 p.m. Eastern Time on November 7, through 11:59 p.m. Eastern Time on
December 6, and can be accessed by calling (877) 660-6853 and using the
conference ID 13683324.
Agiliti will also use a slide presentation to facilitate the conference call
discussion. A copy of the presentation may be obtained via the company’s
website at www.agilitihealth.com.
Select “Investors” then “Presentations.”
Adjusted EBITDA Reconciliation
Adjusted EBITDA is defined by Agiliti as Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”), and excludes non-cash
share-based compensation expense, management, board and other
non-recurring gain, expenses, or loss, which may not be calculated
consistently among other companies applying similar reporting measures.
EBITDA and Adjusted EBITDA are not intended to represent an alternative
to operating income or cash flows from operating, financing or investing
activities (as determined in accordance with generally accepted
accounting principles (“GAAP”)) as a measure of performance and is not
representative of funds available for discretionary use due to UHS’
financing obligations. EBITDA is included because it is a widely
accepted financial indicator used by certain investors and financial
analysts to assess and compare companies and is an integral part of UHS’
debt covenant calculations. Adjusted EBITDA is included because UHS’
financial guidance and certain compensation plans are based upon this
measure. Management believes that Adjusted EBITDA provides an important
perspective on the company’s ability to service its long-term
obligations, the company’s ability to fund continuing growth, and the
company’s ability to continue as a going concern.
About Agiliti , Inc.
Agiliti , Inc. is a leading nationwide provider of
health care technology management and service solutions to the health
care industry. Agiliti owns or manages more than 800,000 units of medical
equipment for approximately 7,000 national, regional and local acute
care hospitals and alternate site providers across the U.S. For more
than 75 years, Agiliti has delivered medical equipment management and
service solutions that help clients reduce costs, increase operating
efficiencies, improve caregiver satisfaction and support optimal patient
Agiliti , Inc.
6625 West 78th Street,
Minneapolis, MN 55439
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: Agiliti , Inc., believes statements
in this presentation looking forward in time, including preliminary
results, involve risks and uncertainties. The following factors, among
others, could adversely affect our business, operations and financial
condition causing our actual results to differ materially from those
expressed in any forward-looking statements: our history of net losses
and substantial interest expense; our need for substantial cash to
operate and expand our business as planned; our substantial outstanding
debt and debt service obligations; restrictions imposed by the terms of
our debt; a decrease in the number of patients our customers are
serving; our ability to effect change in the manner in which health care
providers traditionally procure medical equipment; the absence of
long-term commitments with customers; our ability to renew contracts
with group purchasing organizations and integrated delivery networks;
changes in reimbursement rates and policies by third-party payors; the
impact of health care reform initiatives; the impact of significant
regulation of the health care industry and the need to comply with those
regulations; the effect of prolonged negative changes in domestic and
global economic conditions; difficulties or delays in our continued
expansion into certain of our businesses/geographic markets and
developments of new businesses/geographic markets; additional credit
risks in increasing business with home care providers and nursing homes,
impacts of equipment product recalls or obsolescence; increases in
vendor costs that cannot be passed through to our customers; and other
Risk Factors as detailed in our annual report on Form 10-K for the year
ended December 31, 2017, as well as our other filings with the
Securities and Exchange Commission.
Agiliti , Inc.
James Pekarek, 952-607-3054
Executive Vice President and Chief Financial Officer