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Medical Facilities Corporation Reports 2020 Fourth Quarter and Year End Financial Results Fourth quarter case volumes continued to rebound closer to pre - COVID - 19 levels TORONTO , March 11 , 2021 / CNW / - Medical Facilities Corporation ( " Medical Facilities , " " MFC , " or the " Corporation " ) ( TSX : DR ) , reported its financial results today for the fourth quarter and year ended December 31 , 2020. All amounts are expressed in U.S. dollars unless indicated otherwise . Q4 2020 Summary ( For continuing operations 1 compared to Q4 2019 ) Facility service revenue decreased 6.0 % to $ 107.1 million ; • Case volumes improved but remained below prior year levels with surgical volume down 7.1 % ; • Total revenue and other income , including government stimulus income of $ 2.4 million , decreased 3.9 % to $ 109.5 million ; • Income from operations decreased 16.6 % to $ 21.6 million compared to Q4 2019 ; and , • EBITDA² decreased 13.1 % to $ 28.4 million compared to Q4 2019 . Year 2020 Summary ( For continuing operations compared to 2019 year - end results ) • Facility service revenue decreased 8.6 % to $ 363.9 million , primarily due to lower case volumes because of the COVID - 19 pandemic ; • Total revenue and other income , including government stimulus income of $ 26.0 million , decreased 2.1 % to $ 389.9 million ; • Income from operations increased 52.2 % to $ 67.8 million ; and , Adjusted EBITDA² decreased 0.2 % to $ 96.1 million . " Following the dramatic rebound in the third quarter , our case volumes continued to normalize in the fourth quarter despite the surge of COVID - 19 across the United States , " said Robert O. Horrar , President and CEO of Medical Facilities . " We are thankful to our physician partners and all the healthcare associates who ensure that our facilities continue to provide a safe environment and deliver excellent care to patients . We are optimistic on our outlook for 2021 as vaccinations are rolling out across the country . Finally , our balance sheet remains strong , and we are well positioned to capitalize on market opportunities as the recovery continues . " Financial Results Financial Results from Continuing Operations For the three months ended December 31 For the year ended December 31 ( thousands of U.S. dollars , except per share amounts and where 2020 % change 2019 2020 % change otherwise noted ) Facility service revenue 107,111 ( 6.0 % ) 113,954 363,854 2019 ( 8.6 % ) 398,103 Government stimulus income 2,372 100.0 % 26,008 100.0 % Total revenue and other income 109,483 ( 3.9 % ) 113,954 389,862 ( 2.1 % ) 398,103 Consolidated operating expenses 87,882 ( 0.2 % ) 88,068 322,068 ( 8.9 % ) 353,548 Income from operations 21,601 ( 16.6 % ) 25,886 67,794 52.2 % 44,555 Finance costs ( net interest expense ) 1,491 ( 21.3 % ) 1,894 6,058 ( 23.3 % ) 7,903 Finance costs ( changes in values of derivative instruments and gain / loss on foreign currency ) 15,594 227.0 % ( 12,282 ) 18,119 151.5 % ( 35,154 ) Share of equity loss ( income ) in associates 231 Income tax expense ( recovery ) ( 1,331 ) Net income 5,616 11,650.0 % ( 124.2 % ) 5,496 ( 81.8 % ) 30,780 ( 2 ) 1,837 4,358 1,755.6 % 99 ( 63.8 % ) 12,030 37,422 ( 37.3 % ) 59,677 Attributable to : Owners of the Corporation ( 3,071 ) ( 113.7 % ) 22,437 9,591 ( 74.5 % ) 37,647 Non - controlling interest 8,687 4.1 % 8,343 27,831 26.3 % 22,030