Exhibit 99.2

MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

	Three Months Ended March 31,						Six Months Ended March 31,
	2005			2004			2005			2004
Net revenue	$	192,014		$	168,680		$	376,774		$	323,803
Operating expenses:
Personnel expense		59,402			52,415			116,615			99,427
Medical supplies expense		55,564			45,980			108,050			87,957
Bad debt expense		11,947			9,475			23,431			23,263
Other operating expenses		37,505			36,595			75,905			68,115
Pre-opening expenses		—			2,087			—			5,103
Depreciation		9,431			10,430			19,167			20,153
Amortization		290			290			580			580
Loss (gain) on disposal of property, equipment and other assets		71			33			74			(51	)
Total operating expenses		174,210			157,305			343,822			304,547
Income from operations		17,804			11,375			32,952			19,256
Other income (expenses):
Interest expense		(7,775	)		(6,742	)		(15,773	)		(13,062	)
Interest and other income, net		621			161			1,016			396
Equity in net earnings of unconsolidated affiliates		886			1,147			1,655			1,724
Total other expenses, net		(6,268	)		(5,434	)		(13,102	)		(10,942	)
Income from continuing operations before minority interest, income taxes and discontinued operations		11,536			5,941			19,850			8,314
Minority interest share of (earnings) losses of consolidated subsidiaries		(4,402	)		65			(8,401	)		(1,026	)
Income from continuing operations before income taxes and discontinued operations		7,134			6,006			11,449			7,288
Income tax expense		2,856			2,292			4,579			2,809
Income from continuing operations		4,278			3,714			6,870			4,479
Income (loss) from discontinued operations, net of taxes		(475	)		(1,073	)		1,473			(2,771	)
Net income	$	3,803		$	2,641		$	8,343		$	1,708
Earnings (loss) per share, basic
Continuing operations	$	0.24		$	0.21		$	0.38		$	0.25
Discontinued operations		(0.03	)		(0.06	)		0.08			(0.15	)
Earnings per share, basic	$	0.21		$	0.15		$	0.46		$	0.10
Earnings (loss) per share, diluted
Continuing operations	$	0.22		$	0.20		$	0.36		$	0.24
Discontinued operations		(0.02	)		(0.06	)		0.07			(0.15	)
Earnings per share, diluted	$	0.20		$	0.14		$	0.43		$	0.09
Weighted average number of shares, basic		18,177			17,985			18,110			17,967
Dilutive effect of stock options		1,285			514			1,139			300
Weighted average number of shares, diluted		19,462			18,499			19,249			18,267

MEDCATH CORPORATION
SELECTED OPERATING DATA
(In thousands, except per share data and selected operating data)
(Unaudited)

	Three Months Ended March 31,							Six Months Ended March 31,
	2005		2004		% Change			2005		2004		% Change
Statement of Operations Data:
Net revenue	$	192,014	$	168,680		13.8	%	$	376,774	$	323,803		16.4	%
Adjusted EBITDA (1)	$	27,596	$	22,128		24.7	%	$	52,773	$	39,938		32.1	%
Income from operations	$	17,804	$	11,375		56.5	%	$	32,952	$	19,256		71.1	%
Income from continuing operations	$	4,278	$	3,714		15.2	%	$	6,870	$	4,479		53.4	%
Earnings per share from continuing operations, basic	$	0.24	$	0.21		14.0	%	$	0.38	$	0.25		52.2	%
Earnings per share from continuing operations, diluted	$	0.22	$	0.20		9.5	%	$	0.36	$	0.24		51.7	%

(1) See Supplemental Financial Disclosure—Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures.

	Three Months Ended March 31,									Six Months Ended March 31,
	2005			2004			% Change			2005			2004			% Change
Selected Operating Data (consolidated) ( a ):
Number of hospitals		11			11						11			11
Licensed beds ( b )		672			672						672			672
Staffed and available beds ( c )		631			585						631			585
Admissions ( d )		11,719			10,627			10.3	%		22,602			20,213			11.8	%
Adjusted admissions ( e )		15,617			13,386			16.7	%		29,893			25,470			17.4	%
Patient days ( f )		42,503			37,571			13.1	%		79,661			71,659			11.2	%
Adjusted patient days ( g )		56,521			47,252			19.6	%		104,878			90,154			16.3	%
Average length of stay (days) ( h )		3.63			3.54			2.5	%		3.52			3.55			(0.8	)%
Occupancy ( i )		74.8	%		70.6	%					69.4	%		66.9	%
Inpatient catheterization procedures		5,891			5,453			8.0	%		11,699			10,107			15.8	%
Inpatient surgical procedures		3,151			2,688			17.2	%		5,926			5,010			18.3	%
Hospital division revenue	$	178,244		$	155,019			15.0	%	$	349,473		$	294,949			18.5	%

	Three Months Ended March 31,									Six Months Ended March 31,
	2005			2004			% Change			2005			2004			% Change
Selected Operating Data (same facility):
Number of hospitals		9			9						9			9
Licensed beds ( b )		580			580						580			580
Staffed and available beds ( c )		547			531						547			531
Admissions ( d )		10,499			10,338			1.6	%		20,365			19,924			2.2	%
Adjusted admissions ( e )		14,206			13,037			9.0	%		27,320			25,121			8.8	%
Patient days ( f )		38,076			36,621			4.0	%		71,420			70,709			1.0	%
Adjusted patient days ( g )		51,401			46,110			11.5	%		95,414			89,012			7.2	%
Average length of stay (days) ( h )		3.63			3.54			2.5	%		3.51			3.55			(1.1	)%
Occupancy ( i )		77.3	%		75.8	%					71.7	%		72.8	%
Inpatient catheterization procedures		5,041			5,248			(3.9	)%		10,141			9,902			2.4	%
Inpatient surgical procedures		2,870			2,603			10.3	%		5,401			4,925			9.7	%
Hospital division revenue	$	157,803		$	149,927			5.3	%	$	310,872		$	289,856			7.3	%

(a)	Selected operating data includes consolidated hospitals as of the end of the period reported in continuing operations but does not include hospitals which are accounted for using the equity method or as discontinued operations in our consolidated financial statements.
(b)	Licensed beds represent the number of beds for which the appropriate state agency licenses a facility regardless of whether the beds are actually available for patient use.
(c)	Staffed and available beds represent the number of beds that are readily available for patient use at the end of the period.
(d)	Admissions represent the number of patients admitted for inpatient treatment.
(e)	Adjusted admissions is a general measure of combined inpatient and outpatient volume. We computed adjusted admissions by dividing gross patient revenue by gross inpatient revenue and then multiplying the quotient by admissions.
(f)	Patient days represent the total number of days of care provided to inpatients.
(g)	Adjusted patient days is a general measure of combined inpatient and outpatient days. We computed adjusted patient days by dividing gross patient revenue by gross inpatient revenue and then multiplying the quotient by patient days.
(h)	Average length of stay (days) represents the average number of days inpatients stay in our hospitals.
(i)	We computed occupancy by dividing patient days by the number of days in the period and then dividing the quotient by the number of staffed and available beds.

MEDCATH CORPORATION
SUPPLEMENTAL FINANCIAL DISCLOSURE — RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(Unaudited)

     The following table reconciles Adjusted EBITDA with MedCath’s income from continuing operations as derived directly from MedCath’s consolidated financial statements for the three and six months ended March 31, 2005 and 2004.

	Three Months Ended March 31,						Six Months Ended March 31,
	2005			2004			2005			2004
				(in thousands)
Income from continuing operations	$	4,278		$	3,714		$	6,870		$	4,479
Add:
Income tax expense		2,856			2,292			4,579			2,809
Minority interest share of earnings (losses) of consolidated subsidiaries		4,402			(65	)		8,401			1,026
Equity in net earnings of unconsolidated affiliates		(886	)		(1,147	)		(1,655	)		(1,724	)
Interest and other income, net		(621	)		(161	)		(1,016	)		(396	)
Interest expense		7,775			6,742			15,773			13,062
Loss (gain) on disposal of property, equipment and other assets		71			33			74			(51	)
Amortization		290			290			580			580
Depreciation		9,431			10,430			19,167			20,153
Adjusted EBITDA	$	27,596		$	22,128		$	52,773		$	39,938