Agiliti, Inc. (“Agiliti”), a leading nationwide provider of medical equipment management services to the healthcare industry, today announced its financial results for the year ended December 31, 2018.
Total revenue for the twelve months ended December 31, 2018, was $565.2 million, representing a 9.8 percent increase from total revenue of $514.8 million for the same period of 2017.
Adjusted EBITDA for the twelve months ended December 31, 2018, was $152.7 million, a 10.8 percent increase from Adjusted EBITDA of $137.8 million for the same period of 2017.
More detail on the company’s 2018 financial performance can be found in its report on Form 10-K filed with the SEC. Agiliti does not intend to host a conference call to discuss these results. Following the filing of its 2018 Annual Report on Form 10-K, the company does not anticipate filing any further reports with the SEC.
Adjusted EBITDA Reconciliation
Adjusted EBITDA is defined by Agiliti as Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), and excludes non-cash share-based compensation expense, management, board and other non-recurring gain, expenses, or loss, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles (“GAAP”)) as a measure of performance and is not representative of funds available for discretionary use due to Agiliti’s financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of Agiliti’s debt covenant calculations. Adjusted EBITDA is included because Agiliti’s financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the company's ability to service its long-term obligations, the company’s ability to fund continuing growth, and the company’s ability to continue as a going concern.
About Agiliti, Inc.
Agiliti, Inc., (“Agiliti”) is a leading nationwide provider of health care technology management and service solutions to the health care industry. Agiliti owns or manages more than 850,000 units of medical equipment for approximately 7,000 national, regional and local acute care hospitals and alternate site providers across the U.S. For more than 75 years, Agiliti has delivered medical equipment management and service solutions that help clients reduce costs, increase operating efficiencies, improve caregiver satisfaction and support optimal patient outcomes.
Agiliti
6625 West 78th Street, Suite 300
Minneapolis,
MN 55439
952-893-3200
www.agilitihealth.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Agiliti believes statements in this presentation looking forward in time, including preliminary results, involve risks and uncertainties. The following factors, among others, could adversely affect our business, operations and financial condition causing our actual results to differ materially from those expressed in any forward-looking statements: our history of net losses and substantial interest expense; our need for substantial cash to operate and expand our business as planned; our substantial outstanding debt and debt service obligations; restrictions imposed by the terms of our debt; a decrease in the number of patients our customers are serving; our ability to effect change in the manner in which health care providers traditionally procure medical equipment; the absence of long-term commitments with customers; our ability to renew contracts with group purchasing organizations and integrated delivery networks; changes in reimbursement rates and policies by third-party payors; the impact of health care reform initiatives; the impact of significant regulation of the health care industry and the need to comply with those regulations; the effect of prolonged negative changes in domestic and global economic conditions; difficulties or delays in our continued expansion into certain of our businesses/geographic markets and developments of new businesses/geographic markets; additional credit risks in increasing business with home care providers and nursing homes, impacts of equipment product recalls or obsolescence; increases in vendor costs that cannot be passed through to our customers; and other Risk Factors as detailed in our annual report on Form 10-K for the year ended December 31, 2018, as well as our other filings with the Securities and Exchange Commission.
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Contacts:
Executive Vice President and Chief Financial Officer
Agiliti
(952)
607-3054
