American Renal Associates Holdings, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported operating income was $30,049,000 against $32,901,000 a year ago. Income before income taxes was $18,328,000 against $29,231,000 a year ago. Net income attributable to common shareholders was $2,009,000 against $7,988,000 a year ago. Diluted earnings per share was $0.06 against $0.24 a year ago. Cash provided by operating activities was $25,392,000 against $45,012,000 a year ago. Purchases of property, equipment and intangible assets was $10,656,000 against $10,727,000 a year ago. Adjusted EBITDA-NCI was $26,631,000 against $28,149,000 a year ago. Adjusted EBITDA (including noncontrolling interests) was $42,435,000 against $46,838,000 a year ago. Adjusted net income attributable to the company was $6,731,000 against $6,414,000 a year ago. Adjusted net income attributable to the company per share was $0.19 against $0.19 a year ago. Total capital expenditures was $10,656,000 against $10,727,000 a year ago. Adjusted cash provided by operating activities was $25,392,000 against $45,012,000 a year ago. Patient service operating revenues were $211.0 million, an increase of 12.4% as compared to $187.7 million for the prior-year period, primarily due to treatment growth and reimbursement of certain pharmaceuticals under the Medicare ESRD PPS Transitional Drug Add-on Payment Adjustment, which became effective on January 1, 2018.

For the nine months, the company reported patient service operating revenues of $622,869,000 against $550,728,000 a year ago. Operating income was $58,901,000 against $72,527,000 a year ago. Income before income taxes was $32,307,000 against $55,410,000 a year ago. Net loss attributable to common shareholders was $17,211,000 against $8,979,000 a year ago. Diluted loss per share was $0.54 against $0.29 a year ago. Cash provided by operating activities was $83,871,000 against $97,372,000 a year ago. Purchases of property, equipment and intangible assets was $29,074,000 against $24,780,000 a year ago. Adjusted EBITDA (including noncontrolling interests) was $131,589,000 against $128,306,000 a year ago. Adjusted EBITDA-NCI was $80,877,000 against $76,967,000 a year ago. Adjusted net income attributable to the company was $17,424,000 against $14,568,000 a year ago. Adjusted net income attributable to the company per share was $0.51 against $0.43 a year ago. Total capital expenditures was $29,074,000 against $24,780,000 a year ago. Adjusted cash provided by operating activities was $84,727,000 against $98,089,000 a year ago.

The company expects 2018 adjusted EBITDA-NCI to be at the lower end of the previously stated range of $105 million to $111 million.