Shares of Nobilis Health Corp (NYSEMKT:HLTH) are trading up big today, after the company released a filing stating that they intend to restate consolidated financial statements for fiscal year 2014 and for 2015 interim periods. While these changes won’t show much, the company does expect that we could see an addition $700K in revenue and a slight impact to the positive side for non-GAAP EBITDA for the quarter ended March, 2015.
Nobilis Health Corp (NYSEMKT:HLTH) went on to explain:
“The financial statements for the Restatement Reports contain errors related to (1) accounting for warrants and options issued in the Company’s private placements in 2013, 2014 and 2015 and options granted to non-employees; (2) business combination accounting with respect to the Athas and First Nobilis transactions that occurred in December and September 2014, respectively; (3) reclassification of contingently redeemable noncontrolling interests to temporary equity; (4) share-based compensation matters; and (5) calculations of fully diluted shares outstanding for application of the treasury stock method, as more fully described below.”
The stock is up 14.91% or $0.41 following the news, hitting $3.16 per share. About 686,992 shares traded hands or up 140.58% from the average. HLTH has declined 61.38% since June 2, 2015 and is currently downtrending. It has underperformed the S&P500 by 56.68%.
Nobilis Health Corp., formerly Northstar Healthcare Inc., is a Canada firm which partners with physicians in the development and management of ambulatory surgical centers . The company has a market cap of $184.35 million. The Firm indirectly acquire and/or manage ambulatory surgery centers (ASCs) and healthcare facilities in the United States. It has 31.6 P/E ratio. It owns and manages ambulatory and acute care facilities to deliver healthcare services.