Good morning Pat. I would like your advice on Medical Facilities Corp. They have recently made some changes and I would like to know if you think this is a good company to invest in for the long term. Thanks.
Medical Facilities Corp., $10, symbol DR on Toronto (Shares outstanding: 28.4 million; Market cap: $284.0 million, www.medicalfacilitiescorp.ca), owns majority interests in four specialty surgical hospitals located in South Dakota and Oklahoma, as well as an ambulatory surgery centre in California.
The specialty hospitals perform scheduled surgical, imaging and diagnostic procedures. Their revenue comes from fees they charge for the use of their facilities. The ambulatory surgery center specializes in outpatient surgical procedures. Patients typically stay in this facility for less than 24 hours.
In the three months ended June 30, 2011, Medical Facilities’ revenue rose 6.2%, to $54.3 million from $51.2 million (all figures except share price and market cap in U.S. dollars). Cash flow per share rose 6.3%, to $0.34 from $0.32.
Medical Facilities will benefit from rising demand for its services as the U.S. population ages. Moreover, physicians who practice at its facilities retain a minority stake in the company; that adds some continuity to Medical Facilities’ operations. However,…
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