Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Corporation") (TSX: DR), reported its financial results today for the fourth quarter and year ended December 31, 2024. All amounts are expressed in U.S. dollars unless indicated otherwise.

Highlights (For continuing operations1, which exclude Black Hills Surgical Hospital, LLP ("BHSH"), and also excluding the divested MFC Nueterra ambulatory surgery centers, government stimulus income, and non-controllable, non-cash corporate level charges related to share-based compensation plans, compared to the fourth quarter and year ended December 31, 2023)

"We had a very strong year in 2024, culminating with the sale of BHSH, which strengthened our balance sheet and significantly enhanced our ability to return capital to shareholders," said Jason Redman, President and CEO of Medical Facilities. "For the year, we returned $16.6 million to shareholders through our NCIB and repaid the full $16.0 million on our corporate credit facility. While our surgical case volumes in the quarter were marginally impacted by the temporary and industry-wide intravenous saline fluids shortage, our full-year financial results included solid growth in income from operations, adjusted EBITDA, and net income. Looking ahead, we remain focused on operational excellence, delivering the utmost quality of care to our patients, and driving further shareholder value."

Financial Results

Net income fluctuates significantly between the periods, primarily due to variations in non-cash finance costs (change in the value of exchangeable interest liability) and income taxes; these charges are incurred at the corporate level rather than at the facility level.

 

During the quarter, MFC paid a quarterly cash dividend of C$0.09 per common share (or C$0.36 per share on an annualized basis), which represented an annualized yield of 2.31% on the December 31, 2024, closing price of C$15.61 per common share.

On December 31, 2024, MFC had consolidated net working capital of $76.4 million, compared to $19.8 million on December 31, 2023. The change in consolidated net working capital compared to prior year was mainly due to the impact of the sale of BHSH in 2024.

MFC's financial statements and management's discussion and analysis, for the three-month and twelve-month periods ended December 31, 2024, will be filed on SEDAR+ at www.sedarplus.ca on Thursday, March 13, 2025, and will also be available on Medical Facilities' website at www.medicalfacilitiescorp.ca.

Notice of Conference Call

Management of MFC will host a conference call today, March 13, 2025, at 8:30 am ET to discuss its fourth quarter and full-year 2024 financial results. Interested parties may join the conference call by dialing 1-888-699-1199 approximately 15 minutes prior to the call to secure a line. To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/40YqaYi to receive an instant automated call back.

A live audio webcast of the call will be available at https://app.webinar.net/qYWDyGdV4wa. Please connect 15 minutes prior to the call to allow time for any software download that may be required to join the webcast. The webcast will be archived on MFC's website following the call date.

About Medical Facilities

Medical Facilities, in partnership with physicians, owns a portfolio of highly rated, high-quality surgical facilities in the United States. Medical Facilities' ownership includes controlling interests in three specialty surgical hospitals located in Arkansas, Oklahoma, and South Dakota, and an ambulatory surgery center ("ASC") located in California. The specialty surgical hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ASC specializes in outpatient surgical procedures, with patient stays of less than 24 hours. For more information, please visit www.medicalfacilitiescorp.ca.

Caution concerning forward-looking statements

Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations and include statements about the Company's normal course issuer bid and any future transactions. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in Medical Facilities' filings with Canadian securities regulatory authorities such as legislative or regulatory developments, intensifying competition, technological change and general economic conditions. All forward-looking statements presented herein should be considered in conjunction with such filings. Medical Facilities does not undertake to update any forward-looking statements; such statements speak only as of the date made.

 

SOURCE Medical Facilities Corporation

SOURCE: Medical Facilities Corporation

For further information, please contact: David Watson, Chief Financial Officer,
Medical Facilities Corporation, 1.877.402.7162, investors@medicalfc.com; Trevor
Heisler, Investor Relations, MBC Capital Markets Advisors, (416) 848-7380,
theisler@maisonbrison.com

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