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Radiation firm shrinks losses


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  • | 5:48 p.m. November 7, 2013
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FORT MYERS — Radiation Therapy Services Holdings, the largest operator of cancer-treatment centers in the country, posted a smaller net loss in the third quarter as revenues rose.

Radiation Therapy, which operates 166 treatment centers in the U.S. and Latin America, says it lost $25.1 million on revenues of $181 million in the quarter ending Sept. 30. That compares with a loss of $90.5 million on revenues of $167.5 million in the same quarter one year ago.

Revenues increased 8.1% despite government cuts in insurance reimbursements. The company noted strong growth from its 33 Latin America centers, which posted a 19.1% year-over-year revenue increase.

Radiation Therapy recently acquired rival OnCure Holdings, a Colorado-based operator of 33 cancer-treatment centers that filed for bankruptcy reorganization earlier this year. That acquisition boosted the number of Radiation Therapy treatment centers by 25%.

“We are especially pleased to have closed the acquisition of OnCure which is a transformational event for the company and the largest acquisition in our history,” says Daniel Dosoretz, president and CEO, in a statement. “The purchase results in a substantial increase in scale by adding 25% more locations, excellent physician resources, strengthened leadership position in existing markets and a significant presence in new markets, where we intend to quickly take steps to expand via our integrated cancer care model.”

 

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