First Impression: Healthscope (HSO) FY16 Result

Bell Potter

Divisional EBITDA: Hospitals up 8.3% to $354.9m, EBITDA margin up 50bp to 18.2% reflecting on-going progress in relation to labour, procurement and revenue initiatives; NZl Pathology up 21.8% to $50.7m, EBITDA margin down 10bp to 22.8% | Hospital expansion program on track delivering 163 additional beds and nine additional operating theatres. A further ten projects across Victoria, New South Wales, Queensland and the Northern Territory are currently under construction and are expected to deliver 762 beds and 43 operating theatres by the end of FY19 | Net operating cash flow up 7.5% to $324.4m.


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