<PAGE>
                                                                   EXHIBIT 99.1

                          Odessa Regional Hospital, LP

                              Financial Statements

                                    CONTENTS

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


<PAGE>

                          Odessa Regional Hospital, LP

                            Condensed Balance Sheets
                                 (in thousands)

<TABLE>
<CAPTION>
                                                             (UNAUDITED)
                                                             DECEMBER 31,   SEPTEMBER 30,
                                                                 2002            2002
                                                             ------------   -------------
<S>                                                          <C>            <C>
ASSETS
Current assets:
   Accounts receivable, net of allowance for doubtful
      accounts of $2,129 and $1,746, respectively              $10,721         $ 8,749
   Due (to) from affiliate                                       3,733          (3,426)
   Inventories                                                   1,811           1,690
   Prepaid expenses and other current assets                       354             905
                                                               -------         -------
Total current assets                                            16,619           7,918

Property and equipment, net                                     24,167          23,456
Goodwill, net                                                   28,827          28,827
Other assets, net                                                  787             664
                                                               -------         -------
Total assets                                                   $70,400         $60,865
                                                               =======         =======

LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
   Accounts payable                                            $ 2,734         $ 1,934
   Salaries and benefits payable                                   969           1,047
   Other accrued liabilities                                       399             199
   Current portion of long term debt and capital lease
     obligations
                                                                   890             470
                                                               -------         -------
Total current liabilities                                        4,992           3,650

Debt allocated from IASIS                                       40,974          32,590
                                                               -------         -------

Total liabilities                                               45,966          36,240

Partners' capital                                               24,434          24,625

                                                               -------         -------
Total liabilities and Partners' capital                        $70,400         $60,865
                                                               =======         =======
</TABLE>

See accompanying notes.


                                       2
<PAGE>

                          Odessa Regional Hospital, LP

                 Condensed Statement of Operations (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                          THREE MONTHS   THREE MONTHS
                                             ENDED          ENDED
                                          DECEMBER 31,   DECEMBER 31,
                                             2002            2001
                                          ------------   ------------
<S>                                       <C>            <C>

Net revenue                                 $16,220        $10,935

Costs and expenses:
   Salaries and benefits                      5,315          3,774
   Supplies                                   2,429          1,097
   Other operating expenses                   2,547          1,901
   Provision for bad debts                    1,425            946
   Interest, net                              1,255          1,087
   Depreciation and amortization                507            346
   Management fees                              315            214
                                            -------        -------
Total costs and expenses                     13,793          9,365
                                            -------        -------

Net earnings                                $ 2,427        $ 1,570
                                            =======        =======
</TABLE>

See accompanying notes.


                                       3
<PAGE>

                          Odessa Regional Hospital, LP

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

<TABLE>
<CAPTION>
                                                     THREE MONTHS      THREE MONTHS
                                                        ENDED             ENDED
                                                     DECEMBER 31,      DECEMBER 31,
                                                         2002              2001
                                                     ------------      ------------
<S>                                                  <C>               <C>

CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings                                           $ 2,427           $ 1,570
Adjustments to reconcile net earnings to
    net cash provided by operating
    activities:
      Depreciation and amortization                        507               346
      Changes in operating assets and
        liabilities:
           Accounts receivable                          (1,972)              229
           Inventories, prepaid expenses
               and other current assets                    431              (256)
           Accounts payable, salaries and
               benefits payable and other
               accrued Liabilities                         922               (65)
                                                       -------           -------
Net cash provided by operating activities                2,315             1,824

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment                        (377)           (3,105)
Change in other assets                                    (126)               --
                                                       -------           -------
Net cash used in investing activities                     (503)           (3,105)

CASH FLOWS FROM FINANCING ACTIVITIES
Change in due to/from affiliate, net                    (1,522)            1,363
Distribution to physician partners                        (290)              (82)
                                                       -------           -------
Net cash (used in) provided by financing activities     (1,812)            1,281
                                                       -------           -------

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. Odessa Regional 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, 2002 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, 2002.

         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.

2. DEBT ALLOCATED FROM IASIS

In conjunction with the acquisition of the Hospital, the Partnership entered
into a promissory note (the "Note") with IASIS in the amount of $31,387,041.
Under the provisions of the Note, interest of 13% per annum is due and payable
on October 1 of each year until October 1, 2004, at which time the entire
outstanding principal balance,


                                       5
<PAGE>

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

together with all accrued and unpaid interest, would be immediately due and
payable in full. The Note may be prepaid in whole or in part without premium or
penalty and may reborrow up to the stated principal amount.

         During 2001, the Partnership entered into a new promissory note (the
"New Note") with IASIS in the amount of $33,761,000. The New Note replaces the
Note and is a five-year note at 13% interest per annum on a twenty-year
amortization schedule.

         In October 2002, the partnership entered into an additional promissory
note with IASIS in the amount of $8,113,346. The note is a five-year note at 9%
interest per annum on a twenty-year amortization schedule.

3. GOODWILL

         Goodwill represents cost in excess of the fair value of acquired
tangible net assets of the Hospital and is evaluated for impairment according
to Statement of Financial Accounting Standards ("SFAS") No. 142, Goodwill and
Other Intangible Assets. The Partnership adopted SFAS No. 142 effective October
1, 2001 which resulted in no goodwill impairment.

4. COMMITMENTS AND CONTINGENCIES

Final determination of amounts earned under the Medicare and Medicaid programs
often occurs in subsequent years because of audits by the programs, rights of
appeal and the application of numerous technical provisions. In the opinion of
management, adequate provision has been made for adjustments that may result
from such routine audits and appeals.

The Partnership is subject to claims and legal actions arising in the ordinary
course of business. The Partnership is currently not a party to any such
proceedings that, in the Partnership's opinion, would have a material adverse
effect on the Partnership's business, financial condition or results of
operations.

The Partnership's assets and equity interests are pledged as a full and
unconditional guarantee of certain debt of IASIS, which totaled approximately
$583 million at December 31, 2002.

In order to recruit and retain physicians to the communities it serves, the
Partnership has committed to provide certain financial assistance in the form
of recruiting agreements with various physicians. Amounts advanced under the
recruiting agreements are generally forgiven prorata over a period of 24 months
after one year of completed service and contingent upon the physician
continuing to practice in the respective community.


                                       6
<PAGE>

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

The amounts advanced and not repaid, in management's opinion, will not have a
material adverse effect on the Partnership's financial condition or results of
operations.

5. 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.


                                       7