Profits, Revenue Up Slightly For Vanguard In 2013
With its purchase by Tenet Healthcare Corp. pending, Vanguard Health Systems, the parent company of Saint Vincent Hospital and MetroWest Medical Center, reported a slight drop in net income for its recently completed fourth quarter, but a jump for the fiscal year.
For the quarter, which ended June 30, Vanguard reported a profit of $14.5 million, or 18 cents per diluted share. That fell from $19.3 million, or 24 cents per share, in the 2012 fourth quarter. But for the year, Vanguard earned $61.9 million, up less than 1 percent from $57.3 million in 2012.
On the revenue side, the company took in 0.8 percent more for the quarter, to $50.4 million. For the year, revenue rose to $5.3 billion from $5.2 billion.
In June, Vanguard agreed to be acquired by Tenet in a deal valued at $4.3 billion, which includes Tenet’s assumption of $2.5 billion in Vanguard debt. Vanguard owns 28 hospitals in Arizona, Illinois, Massachusetts, Michigan and Texas, which will be added to Tenet's 49 existing hospitals and 122 outpatient centers. Tenet does not currently own any New England hospitals.
Read more
WBJ Web Partners
Most Recent
Most Recent
0 Comments