Image source: Adeptus Health.

What: After reporting second-quarter results that fell shy of industry watchers' outlook earlier this year, shares of Adeptus Health (ADPT) fell by more than 10% this morning.

So what: In June, shares took a knocking when management pre-announced results that were lower than analysts' projections, and today, management reported finalized numbers that did little to restore excitement to buy.

Because of plans to accelerate the timeline for opening a new hospital in Houston to this year from early next year, management previously said it expects full-year systemwide revenue, including revenue from unconsolidated joint ventures, of between $640 million to $670 million and adjusted EPS of at least $2.55 in 2016.

The company had also previously said it expects its second-quarter 2016 systemwide revenue to be between $140 million and $145 million and adjusted EPS to be between $0.48 to $0.52. That was south of industry watchers' consensus EPS estimate of $0.59.

Today, management reported that second-quarter, systemwide net patient services revenue was $142.4 million, up 36% from last year, and that adjusted earnings per share were $0.48. The company also reaffirmed its full-year outlook.

Now what: Adeptus Health is the biggest operator of freestanding emergency rooms in the country, and a larger, older, and increasingly insured population should provide tailwinds to future sales and profit. However, shares are trading at 19 times the company's earnings guidance this year, and that's not necessarily a bargain. Given this company's recent track record, I'm going to concentrate my attention on other investment ideas.