Birner Dental Management Services saw an increase in revenue for 2013 compared with the previous year.
For the year (end-December 31), revenues for the operators of Perfect Teeth dental practices increased by $1.8 million, or 2.8%, to $64.1 million, compared with the previous year. For the fourth quarter, revenue increased by $335,000, or 2.3%, to $15 million, compared with the same period in 2012.
The positive results were accompanied by disappointing news in other areas, however. The company's earnings before interest, taxes, depreciation, amortization, and noncash expense associated with stock-based compensation ("adjusted EBITDA") decreased $805,000, or 16.0%, to $4.2 million for the year, compared with $5 million for 2012. Net income for the year decreased $718,000, or 89%, to $89,000, compared with $807,000 for the previous year.
For the fourth quarter, the company's adjusted EBITDA decreased $286,000, or 31.1%, to $633,000, compared with $919,000 for the same period in 2012.
Since the beginning of the fourth quarter of 2012, Birner has opened four de novo offices in Tucson, AZ, and an office in Erie, CO. In 2013, the company also opened offices in Loveland, CO, in July and Monument, CO, in December.
The company has leased space for an additional de novo office in Fort Collins, CO, which is anticipated to open in the second quarter of 2014.
Fred Birner, CEO, stated that the company needs to continue to invest in digital radiography upgrades and open new de novo offices to achieve its long-term growth objectives. It currently manages 66 dental offices, of which 37 were acquired and 29 were de novo developments. The company currently has 114 dentists.
