Nobilis Health Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. Total revenue for the fourth quarter of 2017 was $86.8 million, a 14.8% decrease over $101.9 million reported in the same period in the prior year. Revenues in the fourth quarter of 2017 continued to be impacted by Hurricane Harvey and the shift away from low margin lab business. Net income attributable to Nobilis for the fourth quarter of 2017 was $3.6 million, or $0.05 per basic and fully diluted share, as compared to the prior period of $9.4 million, or $0.12 per basic and fully diluted share. Fourth quarter net income was impacted by $6.2 million deferred tax asset write-down. Absent of this write-down, net income for the fourth quarter would have been $9.8 million. Income from operations was $16.8 million against $20.8 million reported last year. Income before income taxes and non-controlling interests was $21.6 million against $19.9 million reported last year. Adjusted EBITDA for the fourth quarter of 2017, which adds back certain non-cash and non-recurring expenses, was $22.6 million, an increase of 8.9% over Adjusted EBITDA of $20.8 million for the same period in the prior year. EBITDA was $21.5 million against $19.7 million reported last year.

Total revenue for 2017 increased to $299.7 million, a 4.9% increase over $285.7 million reported in the prior year. Net income attributable to Nobilis for 2017 was $3.8 million, or $0.05 per fully basic and diluted share, as compared to $6.4 million, or $0.08 per fully basic and diluted share, in the same period the prior year. Absent the effects of recent tax reform legislation, net income for 2017 would have been $10.0 million. Income from operations was $22.3 million against $10.0 million reported last year. Income before income taxes and non-controlling interests was $23.3 million against $11.6 million reported last year. Adjusted EBITDA for the year ended 2017, which adds back certain non-cash and non-recurring expenses, was $41.4 million, a 21.9% increase over adjusted EBITDA of $34.0 million for the prior year. Net cash provided by operating activities was $26.4 million against $1.6 million reported last year. Purchase of property and equipment was $5.15 million against $5.5 million reported last year. EBITDA was $34.4 million against $23.8 million reported last year.

For the year 2018, the company expects revenue in the range of $345.0 million to $355.0 million and adjusted EBITDA of $57.0 million to $62.0 million. 2018 includes an estimate of approximately $28 million to $30 million in incremental revenue and $12 million to $14 million in incremental adjusted EBITDA for the Elite companies, which were added mid-November 2017. The company estimated tax rate to be approximately 20% for the year.