First Look at the Quarter from Canaccord 1Q was strong, with top- and bottom-line beats.
Anesthesia services revenue was ~6% above our forecast, driven by strong volume of patient cases (9% above our forecast) and offset by lower than expected pricing.
· Rev. of $22.5M beat our estimate of $21.3M and cons. of $21.4M
o Anesthesia services rev. of $19.8M beat our estimate of $18.6M
o Product sales rev. of $2.8M was slightly above our estimate of $2.7M
· Adj-EBITDA of $11.0M (49.0% margin) beat our estimate of $10.0M (46.9% margin)
· Adj-EBITDA to common of $7.7M beat our estimate of $7.4M
The company completed 42,363 patient cases in the quarter at an avg. price of $466.50 (-8.7% q/q; -0.3% y/y). This beat our estimate for 38,817 patient cases, but the avg. price was below our forecast of $480 (-6.0% q/q; +2.6% y/y).