Positive growth continues at Naples-based Health Management Associates Inc., driven by factors cited in the Business Review's latest story about the Fortune 500 company.
Net revenue for the first quarter of 2010 was $1.29 billion, up 10.3% from the $1.16 billion generated in the first quarter of 2009. That gain translated to a 26.7% year-over-year increase in earnings per share, which was $0.19 for the first three months of the year.
The growth is partly driven by the company's ability to improve upon its existing operations. For continuing operations at hospitals owned and operated by Health Management for one year or more, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) showed a 7.4% year-over-year increase.
Revenues from those operations showed 7.9% year-over-year growth last quarter.
"Our hospital operations have certainly improved since we initiated our operating strategy, and we believe that the outstanding results we are generating are a direct result," said Gary Newsome, the company's chief executive officer, in a release.
His comments suggested the company has more room to grow. "We believe we are still in the early stages of realizing the benefits of our focus on emergency room operations, physician recruitment and market service development,” he said.
The full version of the Review story on Health Management Associates is available online (link).