Highlights(Note: The following comparisons to the fourth quarter and year ended December 31, 2024 are for continuing operations1 and selected discontinued operations2, which include the results from Oklahoma Spine Hospital, LLC ("OSH") and The Surgery Center of Newport Coast, LLC ("SCNC"), excluding government stimulus income, goodwill impairment, and non-controllable, non-cash corporate level charges related to share-based compensation plans.)
Facility service revenue increased 3.2% to $342.2 million for the year, including a 6.9% increase to $97.3 million for the quarter.
Income from operations increased 6.1% to $58.0 million for the year, including a 20.1% increase to $20.9 million for the quarter.
Adjusted EBITDA3 increased 3.1% to $73.7 million for the year, including a 12.0% increase to $24.4 million for the quarter.
Purchased 5,155,113 of the Corporation's common shares for a total consideration of $61.8 million under its normal course issuer bid and a substantial issuer bid in 2025.
Sold SCNC, receiving cash proceeds of $1.5 million for the Corporation's 51.0% ownership share.
Corporate cash balance of $34.2 million at year end.
Subsequent to year end: Sold OSH, receiving cash proceeds of $46.0 million for the Corporation's 64.0% ownership share.
"We had a strong finish to the year, with the fourth quarter delivering solid growth in facility service revenue, income from operations, and Adjusted EBITDA," said Jason Redman, President and CEO of Medical Facilities. "We also ended the year with the sale of SCNC and with negotiations well underway for the sale of OSH, which was completed subsequent to year end in January 2026. In 2025, we returned $61.8 million to shareholders by repurchasing more than 5.1 million common shares. With the sales of SCNC and OSH concluded, we are evaluating the best uses of the net proceeds, including additional share repurchases and/or making distributions to shareholders."
Financial Results
Financial Results from
Continuing Operations1
For the three months ended
December 31
For the year ended
December 31
(thousands of U.S. dollars, except per share amounts and where otherwise noted)
2025
2024
% change
2025
2024
% change
Facility service revenue
75,105
69,149
8.6 %
254,166
246,088
3.3 %
Government stimulus income
-
-
-
-
7,285
(100.0 %)
Revenue and other income
75,105
69,149
8.6 %
254,166
253,373
0.3 %
Operating expenses, before non-cash share-based compensation charges
57,356
53,445
7.3 %
207,292
198,504
4.4 %
Non-cash share-based compensation charges
205
516
(60.3 %)
216
2,499
(91.4 %)
Income from operations
17,544
15,188
15.5 %
46,658
52,370
(10.9 %)
Finance costs (net interest expense)
552
359
53.8 %
1,322
3,191
(58.6 %)
Finance costs (changes in values of derivative instruments and gain/loss on foreign currency)
6,097
(17,501)
134.8 %
5,748
6,928
(17.0 %)
Income tax expense (recovery)
1,181
(4,394)
126.9 %
4,973
(6,014)
182.7 %
Net income4 from continuing operations
9,714
36,724
(73.5 %)
34,615
48,265
(28.3 %)
Earnings per share attributable to owners of the Corporation
Basic
$0.15
$1.32
