<PAGE>
                                                                    EXHIBIT 99.1

                          Odessa Regional Hospital, LP

                              Financial Statements

                                    CONTENTS

<TABLE>
<S>                                                                                              <C>
Condensed Balance Sheets at March 31, 2002 (unaudited) and September 30, 2001....................2
Condensed Statements of Operations for the Three Months and Six Months Ended March
31, 2002 and 2001(unaudited).....................................................................3
Condensed Statements of Cash Flows for the Six Months Ended March 31, 2002 and
2001 (unaudited).................................................................................4
Notes to Unaudited Condensed Financial Statements................................................5
</TABLE>


<PAGE>

                          Odessa Regional Hospital, LP

                            Condensed Balance Sheets
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                     (UNAUDITED)
                                                                      MARCH 31,       SEPTEMBER 30,
                                                                        2002              2001
                                                                     -----------      -------------
<S>                                                                  <C>              <C>
ASSETS
Current assets:
   Accounts receivable, net of allowance for doubtful
      accounts of $1,978 and $1,717 respectively                      $  8,816          $  8,614
   Due from affiliate                                                       --             2,993
   Inventories                                                           1,198             1,109
   Prepaid expenses and other current assets                             1,059               466
                                                                      --------          --------
Total current assets                                                    11,073            13,182

Property and equipment, net                                             20,447            15,430
Goodwill, net                                                           28,827            28,827
                                                                      --------          --------
Total assets                                                          $ 60,347          $ 57,439
                                                                      ========          ========

LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
   Accounts payable                                                   $  1,867          $  2,410
   Salaries and benefits payable                                           511               708
   Other accrued liabilities                                                75               219
                                                                      --------          --------
Total current liabilities                                                2,453             3,337

Debt allocated from IASIS                                               33,273            33,473
Due to affiliate                                                           169                --
                                                                      --------          --------
Total liabilities                                                       35,895            36,810

Partners' capital                                                       24,452            20,629

                                                                      --------          --------
Total liabilities and partners' capital                               $ 60,347          $ 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         SIX MONTHS        SIX MONTHS
                                                   ENDED             ENDED               ENDED             ENDED
                                                  MARCH 31,         MARCH 31,           MARCH 31,         MARCH 31,
                                                    2002              2001                2002              2001
                                                ------------      ------------         ----------        ----------
<S>                                             <C>               <C>                  <C>               <C>
Net revenue                                       $ 12,078          $  10,160           $ 23,013          $ 19,362

Costs and expenses:
   Salaries and benefits                             3,957              3,883              7,731             7,573
   Supplies                                          1,205              1,324              2,302             2,657
   Other operating expenses                          1,965              1,421              3,866             2,842
   Provision for bad debts                           1,030                816              1,976             1,564
   Interest, net                                     1,083              1,710              2,170             2,730
   Depreciation and amortization                       349                702                695             1,106
   Management fees                                     236                336                450               508
                                                  --------          ---------           --------          --------
Total costs and expenses                             9,825             10,192             19,190            18,980

Net earnings (loss)                               $  2,253          $     (32)          $  3,823          $    382
                                                  ========          =========           ========          ========
</TABLE>

See accompanying notes.


                                       3
<PAGE>

                          Odessa Regional Hospital, LP

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

<TABLE>
<CAPTION>
                                                                                    SIX MONTHS        SIX MONTHS
                                                                                      ENDED             ENDED
                                                                                     MARCH 31,         MARCH 31,
                                                                                       2002              2001
                                                                                    ----------        ----------
<S>                                                                                 <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings                                                                         $  3,823           $    382
Adjustments to reconcile net earnings to net cash provided by
  (used in) operating activities:
      Depreciation and amortization                                                       695              1,106
      Changes in operating assets and liabilities:
           Accounts receivable                                                           (203)            (3,236)
           Inventories, prepaid expenses and other current assets                        (682)               166
           Accounts payable, salaries and benefits payable and other
               accrued liabilities                                                       (884)               777
                                                                                     --------           --------
Net cash provided by (used in) operating activities                                     2,749               (805)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment                                                     (5,712)            (1,159)
Change in other assets                                                                     --                 14
                                                                                     --------           --------
Net cash used in investing activities                                                  (5,712)            (1,145)

CASH FLOWS FROM FINANCING ACTIVITIES
Change in due to/from affiliate, net                                                    3,108               (125)
Physician partner contributions                                                            --              2,075
Distribution to physician partners                                                       (145)                --
                                                                                     --------           --------
Net cash provided by financing activities                                               2,963              1,950
                                                                                     --------           --------

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 March 31, 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
$590.8 million at March 31, 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 compensation insurance coverage with a
self-insured retention. IASIS accrues costs of


                                       7
<PAGE>

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

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