GENESIS HEALTHCARE REPORTS FIRST QUARTER 2017 RESULTS5/9/2017
KENNETT SQUARE, PA – (May 9, 2017) – Genesis HealthCare (Genesis, or the Company) (NYSE:GEN), one of the largest post-acute care providers in the United States, today announced operating results for the first quarter ended March 31, 2017.
First Quarter 2017 Results
· US GAAP revenue in the first quarter of 2017 was $1.39 billion compared to $1.47 billion in the prior year quarter;
· US GAAP net loss attributable to Genesis HealthCare, Inc. in the first quarter of 2017 was $50.8 million compared to $43.0 million in the prior year quarter;
· Adjusted EBITDAR in the first quarter of 2017 was $165.7 million compared to $178.4 million in the prior year quarter; and
· Adjusted EBITDA in the first quarter of 2017 was $129.6 million compared to $141.0 million in the prior year quarter.
“First quarter results were in-line with our expectations and we are very pleased with the execution and management of the controllable aspects of our business,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “Disciplined management of our costs, progress on receivable collections and bad debts, and continued positive growth in our value-based initiatives all contributed to a solid quarter. The majority of our Adjusted EBITDAR decline year-over-year can be attributed to the net impact of divestitures, reduced funding in the state of Texas and one fewer day in this year’s first quarter because of the 2016 leap year.”
“We continue to believe industry fundamentals will remain under pressure in 2017, but are encouraged by sequential volume and mix trends more in-line with historical seasonal patterns and some moderation in labor inflation,” continued Hager. “We are also ahead of schedule on our non-strategic asset divestitures, which will allow for increased focus on markets where we have geographic density.”
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