American Renal Associates Holdings, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported patient service operating revenues of $194,672,000 against $177,025,000 a year ago. Operating income was $21,399,000 against $12,470,000 a year ago. Income before income taxes was $12,921,000 against $9,378,000 a year ago. Net loss attributable to the company was $910,000 against $1,251,000 a year ago. Net loss attributable to common shareholders was $328,000 against $12,334,000 a year ago. Basic and diluted loss per share was $0.01 against $0.40 a year ago. Cash provided by operating activities was $21,009,000 against $16,522,000 a year ago. Purchases of property, equipment and intangible assets were $9,851,000 against $6,406,000 a year ago. Adjusted EBITDA was $37,361,000 against $35,568,000 a year ago. Adjusted EBITDA-NCI was $22,738,000 against $21,415,000 a year ago. Adjusted net income attributable to the company was $3,781,000 or $0.11 basic per share against $2,537,000 or $0.07 basic per share a year ago. Adjusted cash provided by operating activities was $21,865,000 against $16,522,000 a year ago. Patient service operating revenues increased 10.0%, primarily due to treatment growth and reimbursement of certain pharmaceuticals under the Medicare ESRD PPS Transitional Drug Add-on Payment Adjustment (‘TDAPA'), which became effective January 1, 2018.

The company is reiterating its prior guidance for 2018 adjusted EBITDA-NCI to be in a range of $110 million and $116 million. The company's 2018 adjusted EBITDA-NCI excludes legal costs and any potential adverse financial impact resulting from any broader resolution of their disputes with United to the extent they occur during 2018. The company expects to deploy 1% to 2% of revenue on maintenance CapEx and 4% to 5% of revenue on development CapEx in 2018.