Nobilis Health Corp.

Nobilis is a full-service healthcare development and management company which currently owns or manages four surgical hospitals and five ASCs, partners with an additional thirty-three facilities throughout the country, and markets six independent brands. Deploying a unique patient acquisition strategy driven by direct-to-consumer marketing, Nobilis is focused on a specified set of procedures that are performed at our centers by local physicians.

Expert Comments:

Under the guidance of newly appointed president Kenneth Efird, Nobilis Health Corp. plans to continue to roll out new products and optimize its marketing strategy.
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Neil Maruoka, Canaccord Genuity (7/13/16)
"We are initiating coverage of Nobilis Health with a BUY rating and a US$4.50 target price. . .the company operates a marketing arm called Athas Health. As Nobilis grows through acquisition, we expect that synergies with Athas will set these new facilities on a higher growth trajectory. . .because the stock has not yet recovered from a minor and inconsequential delay in filing its Q1 10-Q, we believe that investors should view current levels as a buying opportunity; we see upside to our valuation with further Athas-generated organic growth, and future accretive acquisitions of surgical facilities."

Russell Stanley, Mackie Research Capital (7/11/16)
"We continue to believe that NHC is pursuing acquisition opportunities. . .we remind investors that our current estimates do not include the benefit of future acquisitions, following our estimate revisions in May. Any acquisition would represent potential upside to our forecast, depending on the terms. . .we view Mr. Ken Efird's appointment positively, as it represents a promotion-from-within for a very capable executive."

Charles Haff, Craig-Hallum Capital (6/20/16)
"We believe Nobilis Health Corp.'s organic business is performing better than our previous expectations. . .we continue to believe that HLTH is an undervalued stock relative to peers and has faster revenue and EBITDA growth. . .we remain bullish on the long-term opportunities (both organic and inorganic) for Nobilis as the company continues to validate its growth prospects and business model."

Management Q&A: View From the Top
Kolin Ozonian
Managing both acquisitions and internal growth at the same time is difficult for most small companies, but not for Nobilis Health Corp., which is orchestrating the flow of new patients to its ambulatory surgical centers while it adds an ensemble of new clinics, resulting in harmonious revenue.
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Russell Stanley, Mackie Research Capital (5/25/16)
"We continue to view Nobilis Health Corp. as an undervalued play on growing demand for high acuity surgery in the U.S. . .our revised revenue estimate is in line with management's guidance for organic revenue growth of $275 million. . .our forecast assumes organic top-line growth of 18%, as well as modest margin improvement. . .we believe the current share price is already discounting this year's guidance. At current levels, the stock is trading at just 5x our adjusted EBITDA estimate for this year."

William Sutherland, Emerging Growth Equities Ltd. (5/23/16)
"Nobilis reported a Q1 with solid revenue growth but with a larger loss than is seasonally typical due to investment and non-recurring items. . .investors need to keep in mind the heightened seasonality of the company's out-of-network model that drives the majority of profit into the back half of the year. . .we view the shares as oversold at current levels. . .Nobilis trades at wide discounts to peers, particularly relative to growth. Achieving our $7 TP implies the company trades at 2016E EV/EBITDA of 8.5x, still a meaningful discount to slower-growing peers."

Sheila Broughton, PI Financial (5/13/16)
"Nobilis Health Corp.'s revenue increased 35% to $51.3M from $37.9M in Q115, beating consensus of $49.1M. . .Revenue per case at NHC facilities increased 15% to $12,036 from $10,475 in Q115. . .Nobilis continues to focus on higher acuity cases to increase both revenue per case and overall operating margin. . .We are maintaining our BUY rating."

Management Q&A: View From the Top
Kolin Ozonian
Businesses can grow in two ways—internally and externally. Nobilis Health Corp. has a voracious appetite for both. The company is a development and management firm that acquires private outpatient surgical centers—in short, it's a business model built on efficiencies. Nobilis scans the market for clinics that can be acquired and scaled up using sophisticated direct marketing approaches.
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More Expert Comments

Experts Following This Company

Sheila Broughton, Analyst – PI Financial
Bruce Campbell, Founder and Portfolio Manager – Stonecastle Investment Management
Charles Haff – Craig-Hallum Capital
Neil Maruoka – Canaccord Genuity
Russell Stanley, VP and Special Situations Analyst – Mackie Research Capital
Colin Sutherland, President – McEwen Mining Inc.
James West, Publisher and Editor Midas Letter

The information provided above is from analysts, newsletters, the company and other contributors.

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Investing Highlights
Under-leveraged versus peers, allowing for M&A activity in 2016
2016 Guidance of $320 million in revenue, $65 million ADJ EBITDA
$42.1 million in Adj. EBITDA for the full year 2015, an increase $31.0 million over the full year of 2014
$229.2 million in total revenues for the full year 2015, an increase of $145.2 million over the full year of 2014