Despite a 20% increase in revenues to $162 million, the firm lost $1 million.
FORT MYERS — Radiation Therapy Services Inc. generated $162.3 million in revenues in the second quarter of 2011, up 20% over the year. But increased expenses and persistent debt costs created an operating loss of $1.5 million.
The largest item on Radiation Therapy's list of expenses was salaries and benefits, which also grew 20% over the year, to $80 million. The company also spent $15 million on interest expense, essentially unchanged from a year ago.
Despite the loss, financial results appear headed in the right direction; in last year's second quarter the company posted a $12.6 million operating loss.
The 20% revenue growth was driven by a pair of acquisitions: the May 2010 purchase of a physician practice based in Myrtle Beach, S.C., and the March 2011 acquisition of Medical Developers LLC, a Latin American company with 26 physician practices. Same-practice revenues grew by 4.7% as well.
Dr. Daniel Dosoretz, president and CEO of Radiation Therapy, says his firm will continue to develop new therapy centers, as well as seek to acquire additional practices, in the short term.
Headquartered in Fort Myers, Radiation Therapy Services Inc. operates radiation therapy centers throughout the United States and Latin America.