<PAGE>
                                                                    EXHIBIT 99.1


                         ODESSA REGIONAL HOSPITAL, L.P.
                NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

                          Odessa Regional Hospital, LP

                              Financial Statements

                                    CONTENTS


Condensed Balance Sheets at June 30, 2002 (unaudited) and
September 30, 2001...........................................................  2
Condensed Statements of Operations for the Three Months and
Nine Months Ended June 30, 2002 and 2001(unaudited)..........................  3
Condensed Statements of Cash Flows for the Nine Months Ended
June 30, 2002 and 2001 (unaudited)...........................................  4
Notes to Unaudited Condensed Financial Statements............................  5
<PAGE>
                          Odessa Regional Hospital, LP

                            Condensed Balance Sheets
                                 (in thousands)

<TABLE>
<CAPTION>
                                                            (UNAUDITED)
                                                              JUNE 30,      SEPTEMBER 30,
                                                                2002             2001
                                                            -----------------------------
<S>                                                         <C>             <C>
ASSETS
Current assets:
   Accounts receivable, net of allowance for doubtful
      accounts of $2,329 and $1,717 respectively            $     9,446      $      8,614
   Due from affiliate                                                --             2,993
   Inventories                                                    1,472             1,109
   Prepaid expenses and other current assets                        914               466
                                                            -----------------------------
Total current assets                                             11,832            13,182

Property and equipment, net                                      22,283            15,430
Goodwill, net                                                    28,827            28,827
Other assets                                                         29                --
                                                            -----------------------------
Total assets                                                $    62,971      $     57,439
                                                            =============================

LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
   Accounts payable                                         $     1,836      $      2,410
   Salaries and benefits payable                                    740               708
   Other accrued liabilities                                        165               219
                                                            -----------------------------
Total current liabilities                                         2,741             3,337

Debt allocated from IASIS                                        33,168            33,473
Due to affiliate                                                    500                --
                                                            -----------------------------
Total liabilities                                                36,409            36,810

Partners' capital                                                26,562            20,629
                                                            -----------------------------
Total liabilities and partners' capital                     $    62,971      $     57,439
                                                            =============================
</TABLE>

See accompanying notes.


                                       2
<PAGE>
                          Odessa Regional Hospital, LP

                 Condensed Statements of Operations (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                      THREE MONTHS   THREE MONTHS     NINE MONTHS     NINE MONTHS
                                         ENDED          ENDED            ENDED           ENDED
                                        JUNE 30,      JUNE 30,          JUNE 30,       JUNE 30,
                                          2002          2001              2002           2001
                                      ----------------------------------------------------------
<S>                                   <C>            <C>              <C>             <C>
Net revenue                           $   12,448      $   10,019      $   35,461      $   29,381

Costs and expenses:
   Salaries and benefits                   4,523           3,780          12,254          11,353
   Supplies                                1,328           1,246           3,630           3,903
   Other operating expenses                2,114           1,553           5,980           4,395
   Provision for bad debts                 1,180             797           3,156           2,361
   Interest, net                             598             413           2,768           3,143
   Depreciation and amortization             352             617           1,047           1,723
   Management fees                           243             151             693             659
                                      ----------------------------------------------------------
Total costs and expenses                  10,338           8,557          29,528          27,537

Net earnings                          $    2,110      $    1,462      $    5,933      $    1,844
                                      ==========================================================
</TABLE>

See accompanying notes.


                                       3
<PAGE>
                          Odessa Regional Hospital, LP

                 Condensed Statements of Cash Flows (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                                 NINE MONTHS     NINE MONTHS
                                                                                    ENDED           ENDED
                                                                                   JUNE 30,        JUNE 30,
                                                                                     2002            2001
                                                                                 ---------------------------
<S>                                                                              <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings                                                                     $    5,933       $    1,844
Adjustments to reconcile net earnings to net cash provided by operating
    activities:
      Depreciation and amortization                                                   1,047            1,723
      Changes in operating assets and liabilities:
           Accounts receivable                                                         (832)          (3,712)
           Inventories, prepaid expenses and other current assets                      (811)             154
           Accounts payable, salaries and benefits payable and other
               accrued liabilities                                                     (595)             957
                                                                                 ---------------------------
Net cash provided by operating activities                                             4,742              966

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment                                                   (7,900)          (2,371)
Change in other assets                                                                  (29)              14
                                                                                 ---------------------------
Net cash used in investing activities                                                (7,929)          (2,357)

CASH FLOWS FROM FINANCING ACTIVITIES
Change in due to/from affiliate, net                                                  3,439             (684)
Physician partner contributions                                                          --            2,075
Distribution to physician partners                                                     (252)              --
                                                                                 ---------------------------
Net cash provided by financing activities                                             3,187            1,391
                                                                                 ---------------------------

Change in cash                                                                           --               --
Cash at beginning of period                                                              --               --
                                                                                 ---------------------------
Cash at end of period                                                            $       --       $       --
                                                                                 ===========================
</TABLE>

See accompanying notes


                                       4
<PAGE>
                         Odessa Regional Hospital, L.P.
                Notes to Unaudited Condensed Financial Statements

1. ORGANIZATION

      Odessa Regional Hospital, LP, a Delaware limited partnership (the
"Partnership"), was formed on September 24, 1999 to own and operate Odessa
Regional Hospital (the "Hospital") in Odessa, Texas. The Partnership's general
partner is IASIS Healthcare Holdings, Inc. ("General Partner") and the limited
partners consist of IASIS Healthcare Corporation ("IASIS") and other third party
investors. The General Partner is an indirect wholly-owned subsidiary of IASIS.
IASIS is a for-profit hospital management company that owns and operates 14
general, acute care hospitals in four states. IASIS also owns a Medicaid managed
health plan in Arizona. The Hospital is a 121-bed acute care hospital that
provides inpatient, outpatient and emergency care services to residents in the
Odessa-Midland region of Texas.

      The unaudited condensed financial statements include the accounts of the
Partnership and have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial reporting and in
accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by accounting principles generally
accepted in the United States for complete financial statements. The balance
sheet at September 30, 2001 has been derived from the audited financial
statements at that date but does not include all of the information and
footnotes required by accounting principles generally accepted in the United
States for complete financial statements. For further information, refer to the
financial statements and footnotes thereto included as Exhibit 99.1 to IASIS'
Annual Report on Form 10-K for the fiscal year ended September 30, 2001.

      In the opinion of management, the accompanying unaudited condensed
financial statements contain all material adjustments (consisting of normal
recurring items) necessary for a fair presentation of results for the interim
periods presented. The results of operations for any interim period are not
necessarily indicative of results for the full year.

      The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the amounts reported in the accompanying
unaudited condensed financial statements and notes. Actual results could differ
from those estimates.


                                       5
<PAGE>
                         Odessa Regional Hospital, L.P.
                Notes to Unaudited Condensed Financial Statements
                                   (Continued)

2. DEBT ALLOCATED FROM IASIS

      In conjunction with the acquisition of the Hospital, the Partnership
executed a promissory note (the "Original Note") payable to IASIS in the
principal amount of $31,387,041. The Original Note bore interest at 13% per
annum with interest due and payable on October 1, 2000 and each subsequent year
thereafter until October 1, 2004, at which time the entire outstanding principal
balance, together with all accrued and unpaid interest, was immediately due and
payable in full. Effective February 1, 2001, the Partnership executed a new
promissory note (the "New Note") payable to IASIS in the principal amount of
$33,761,000. The New Note replaces the Original Note and bears interest at 13%
per annum, with monthly principal and interest payments of $395,060 required
through January 31, 2006, at which time the entire outstanding principal
balance, together with all accrued and unpaid interest, is immediately due and
payable in full.

3. GOODWILL

      The Partnership adopted Statement of Financial Accounting Standards
("SFAS") No. 142, Goodwill and Other Intangible Assets, effective October 1,
2001. Under SFAS No. 142, goodwill and intangible assets deemed to have
indefinite lives will no longer be amortized but will be subject to impairment
tests on an annual basis, or more frequently if certain indicators arise. Other
intangible assets will continue to be amortized over their useful lives. The
Partnership was required to complete its transitional impairment test of
existing goodwill by March 31, 2002. The Partnership has performed the first
step of the required transitional impairment tests of goodwill and indefinite
lived intangible assets as of October 1, 2001, and does not expect any
impairment loss as a result of such test. At June 30, 2002 and September 30,
2001, the Partnership's goodwill balance was $28.8 million, net of accumulated
amortization of $1.7 million. Application of the nonamortization provisions of
SFAS No. 142 is expected to result in an increase to net earnings of
approximately $872,000 per year.


                                       6
<PAGE>
                         Odessa Regional Hospital, L.P.
                Notes to Unaudited Condensed Financial Statements
                                   (Continued)

4. CONTINGENCIES

NET REVENUE

      The calculation of appropriate payments from the Medicare and Medicaid
programs as well as terms governing agreements with other third party payors are
complex and subject to interpretation. Final determination of amounts earned
under the Medicare and Medicaid programs often occurs subsequent to the year in
which services are rendered because of audits by the programs, rights of appeal
and the application of numerous technical provisions. As a result, there is at
least a reasonable possibility that recorded estimates will change by a material
amount in the near term. In the opinion of management, adequate provision has
been made for adjustments that may result from such routine audits and appeals.
The Partnership believes it is in material compliance with all applicable laws
and regulations and is not aware of any pending or threatened investigations
involving allegations of potential wrongdoing that would have a material effect
on its financial statements. Compliance with such laws and regulations can be
subject to future government review and interpretation as well as significant
regulatory action including fines, penalties, and exclusion from the Medicare
and Medicaid programs.

PLEDGE OF ASSETS AND EQUITY INTERESTS

      The Partnership's assets and equity interests are pledged as a full and
unconditional guarantee of certain debt of IASIS, which totaled approximately
$594.6 million at June 30, 2002.

PROFESSIONAL, GENERAL AND WORKERS COMPENSATION LIABILITY RISKS

      The Partnership is subject to claims and legal actions arising in the
ordinary course of business, including claims relating to patient treatment and
personal injuries. To cover these types of claims, IASIS, on behalf of the
Partnership, maintains general and professional liability insurance in excess of
self-insured retentions through a commercial insurance carrier in amounts that
IASIS believes to be sufficient for the Partnership, although, potentially, some
claims may exceed the scope of coverage in effect. Plaintiffs may request
punitive or other damages that may not be covered by insurance. The cost of
general and professional liability coverage, including the self-insured
retention exposure, is allocated by IASIS to the Partnership based upon adjusted
patient days. IASIS maintains reserves for general and professional liabilities.
Accordingly, no reserve for liability risks is recorded on the accompanying
condensed balance sheets.

      The Partnership is subject to claims and legal actions in the ordinary
course of business relative to workers compensation and other labor and
employment matters. To cover these types of claims, IASIS, on behalf of the
Partnership, maintains workers


                                       7
<PAGE>
                         Odessa Regional Hospital, L.P.
                Notes to Unaudited Condensed Financial Statements
                                   (Continued)

compensation insurance coverage with a self-insured retention. IASIS accrues
costs of workers compensation claims based upon estimates derived from its
claims experience. The cost of workers' compensation coverage, including the
self-insured retention exposure, is allocated by IASIS to the Partnership based
upon adjusted patient days. IASIS maintains reserves for workers' compensation.
Accordingly, no reserve for liability risks is recorded on the accompanying
condensed balance sheets.

      The Partnership currently is not a party to any such proceedings with
regard to general and professional liability or workers' compensation matters
that, in the Partnership's opinion, would have a material adverse effect on the
Partnership's business, financial condition or results of operations.

INCOME TAXES

      No provision for income taxes has been reflected in the accompanying
financial statements because the tax effect of the Partnership's activities
accrues to the individual partners. The Partnership's tax returns and the
amounts of distributable Partnership income or loss are subject to examination
by the federal and state taxing authorities. In the event of an examination of
the Partnership's tax return, the tax liability of the partners could be changed
if any adjustment to the Partnership taxable income or loss is ultimately
sustained by the taxing authorities.


                                       8