Although results were below expectations, radiation therapy center operator US Oncology of Houston reported a slight increase in revenue in the second quarter (end-June 30).
Revenue advanced 4% to $918.4 million, compared with $881.6 million in the second quarter of 2009. Medical oncology services revenue increased by 1.3% to $613.7 million in the second quarter, compared to the same period last year, primarily due to higher patient volumes. Pharmaceutical services revenue increased by 5% to $655.4 million, compared to the same quarter a year ago, with the addition of 69 medical oncologists over the past 12 months.
The company also reported a net loss of $1.9 million, compared with a net loss of $7.6 million in the same quarter of 2009. Both net losses were due, in part, to severance charges of approximately $700,000 and $400,000, respectively.
For the six-month period, revenues increased to $1.79 billion, compared with $1.72 billion in the same period of 2009. The company's net loss totaled $88,000, compared with a net loss of $4.9 million in the first half of 2009.
Chairman and CEO Bruce Broussard said second-quarter results were below internal expectations, but recent physician affiliation signings and other growth demonstrate the strength of the company's offerings.
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