Oncology firm revenues jump

FORT MYERS — Quarterly revenues at 21st Century Oncology Holdings rose 49% on the heels of significant acquisitions.

The operator of radiation treatment centers says it posted revenues of $266 million in the quarter ending June 30 compared with $178 million in the same quarter in 2013. “The first half of 2014 marked a significant transformation of the company as we continued to integrate the two largest acquisitions in our history,” says Daniel Dosoretz, founder and CEO, in a statement.

“Our dedication and new markets combined with executing our business model has led to continued growth across all of our key operating metrics, including total radiation oncology cases being up 9.3% and same market treatments per day up 2.2%,” Dosoretz says in the statement. “We believe our fundamental business remains strong and we continue to execute on our strategy of growth through organic initiatives and selective acquisitions.”

Meanwhile, the company's net loss in the second quarter spiked to $208 million compared with a net loss of $23 million in the same quarter in 2013. The sharper quarterly loss was due in part to an impairment loss of $182 million.

Meanwhile, the company restructured its debt recently. “We believe that this agreement will lead to a deleveraging of the company sometime in the fourth quarter, thereby enabling us to focus on profitable growth through the build out of our network and further accretive acquisitions,” Dosoretz says in the statement.