Symbion Announces Three Separate Agreements to Develop Surgery Centers with Healthcare Systems in Florida, Texas and Minnesota
January 31 2007 - 7:15AM
Business Wire
Symbion, Inc. (NASDAQ:SMBI), an owner and operator of short stay
surgical facilities, today announced that it had signed three
separate agreements with healthcare systems for the development of
surgery centers in Florida, Texas and Minnesota. Symbion will have
a minority ownership and a management agreement in all three
centers. Terms of the transactions were not disclosed. Symbion
signed an agreement with an affiliate of the Adventist Health
System for the development of a freestanding surgery center in
Orange City, Florida. The center, scheduled to open at the end of
2007, will include three operating rooms and one procedure room.
The Company also signed an agreement with King�s Daughters Hospital
and a group of surgeons affiliated with King�s Daughters Clinic to
develop a freestanding surgery center in Temple, Texas. Expected to
open in the first quarter of 2008, the center will include two
operating rooms and one procedure room. The third agreement is with
Fairview Health Services and University of Minnesota Physicians,
both of Minneapolis, Minnesota, to develop a freestanding surgery
center located in Maple Grove, Minnesota. When the center opens in
the later half of 2007, it will include six operating rooms and two
procedure rooms. Commenting on the announcement, Richard E.
Francis, Jr., chairman and chief executive officer of Symbion,
said, �We are very pleased to enter into these agreements with
three well-respected healthcare systems and affiliated physicians.
These transactions provide great momentum to our development
activities for 2007.� Symbion, Inc., headquartered in Nashville,
Tennessee, owns and operates a network of 59 short stay surgical
facilities in 23 states. The Company�s centers provide
non-emergency surgical procedures across many specialties. This
press release contains forward-looking statements based on
management�s current expectations and projections about future
events and trends that management believes may affect the Company�s
financial condition, results of operations, business strategy and
financial needs. The words �anticipate,� �believe,� �continue,�
�estimate,� �expect,� �intend,� �may,� �plan,� �will� and similar
expressions are generally intended to identify forward-looking
statements. These statements, including those regarding the
Company�s growth and continued success, have been included in
reliance on the �safe harbor� provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve risks,
uncertainties and other factors that may cause actual results to
differ from the expectations expressed in the statements. Many of
these factors are beyond the ability of the Company to control or
predict. These factors include, without limitation: (i) the
Company�s dependence on payments from third-party payors, including
government health care programs and managed care organizations;
(ii) the Company�s ability to acquire and develop additional
surgery centers on favorable terms; (iii) numerous business risks
in acquiring and developing additional surgery centers, including
potential difficulties in operating and integrating such surgery
centers; (iv) efforts to regulate the construction, acquisition or
expansion of health care facilities; (v) the risk that the
Company�s revenues and profitability could be adversely affected if
it fails to attract and maintain good relationships with the
physicians who use its facilities; (vi) the Company�s ability to
comply with applicable laws and regulations, including health care
regulations, corporate governance laws and financial reporting
standards; (vii) risks related to pending or future heightened
regulation of specialty hospitals which could restrict the
Company�s ability to operate its facilities licensed as hospitals
and could adversely impact its reimbursement revenues; (viii) the
risk of changes to physician self-referral laws that may require
the Company to restructure some of its relationships, which could
result in a significant loss of revenues and divert other
resources; (ix) the Company�s significant indebtedness; (x) the
intense competition for physicians, strategic relationships,
acquisitions and managed care contracts, which may result in a
decline in the Company�s revenues, profitability and market share;
(xi) the geographic concentration of the Company�s operations,
which makes the Company particularly sensitive to regulatory,
economic and other conditions in certain states; (xii) the
Company�s dependence on its senior management; (xiii) the Company�s
ability to enhance operating efficiencies at its surgery centers
and to control costs as the volume of cases performed at the
Company�s facilities changes; (xiv) efforts by certain states to
reduce payments from workers� compensation payors for services
provided to injured workers; (xv) risks associated with the
practice of some of the Company�s centers in billing for services
�out-of-network�, including the risk that out-of-network payments
by some third-party payors may be reduced or eliminated; and (xvi)
other risks and uncertainties detailed from time to time in the
Company's filings with the Securities and Exchange Commission. In
light of the significant uncertainties inherent in the
forward-looking statements contained in this press release, you
should not place undue reliance on them. The Company undertakes no
obligation to update any forward-looking statements or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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