MedCath swung to a profit of $37 million in its fiscal first quarter ending Dec. 31, according to financial results released by the hospital operator after the close of markets Wednesday.
A year ago, the Charlotte, North Carolina-based company reported a loss of $2.7 million. MedCath (NASDAQ:MDTH) reported fiscal first-quarter revenue of $88.9 million compared to $87.8 million in the same period a year ago, an increase of 1.2 percent. The company did not hold a conference call to discuss results.
MedCath owns and operates specialty hospitals that diagnose and treat cardiovascular conditions. The company’s results account for TexSan Heart Hospital as a discontinued operation. The $78.5 million sale of the 120-bed San Antonio hospital closed on Dec. 31.
The TexSan sale was the company’s fifth completed transaction since announcing last March the formation of a strategic options committee charged with considering the sale of the company or its assets. MedCath has sold the Arizona Heart Hospital, Avera Heart Hospital in South Dakota and Heart Hospital of Austin, Texas. Also, the MedCath Partners division sold a minority stake in Southwest Arizona Heart and Vascular Center in November.
