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NAPLES — Health Management Associates Inc. (symbol: HMA) earned $150.1 million in net income on $5.1 billion in revenues in 2010, up 9% and 12% respectively over 2009.
The over-the-year growth in profits may have been larger if not for a fourth-quarter slowdown. Profits were down 17% in the last three months of the year relative to 2009, but not because of low demand; the firm lost $13.1 million from discontinued operations, almost entirely the result of its sale of Riley Hospital, a 140-bed facility in Mississippi.
Yet quarterly income from continuing operations grew 26% over the year.
Comments from CEO Gary Newsome showed confidence in the firm's business model going forward. “We strongly believe that our continued and relentless focus on cost discipline, emergency room operations, physician recruitment and market service development were the key factors that enabled us to achieve another year of outstanding results,” Newsome said. “Heading into 2011, we plan to continue our disciplined approach.”
Headquartered in Naples, Health Management Associates Inc. owns and operates 59 hospitals throughout the United States.
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