GENESIS HEALTHCARE REPORTS FOURTH QUARTER AND FISCAL YEAR END 2017 RESULTS3/16/2018
KENNETT SQUARE, PA – 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 fourth quarter and fiscal year ended December 31, 2017.
Fourth Quarter and Fiscal Year End 2017 Results
- US GAAP revenue in the fourth quarter of 2017 was $1.3 billion compared to $1.4 billion in the prior year quarter; US GAAP revenue in the year ended 2017 was $5.4 billion compared to $5.7 billion in the year ended 2016;
- US GAAP net loss attributable to Genesis HealthCare, Inc. in the fourth quarter of 2017 was $89.2 million compared to US GAAP net income attributable to Genesis HealthCare, Inc. of $22.5 million in the fourth quarter of 2016; US GAAP net loss attributable to Genesis HealthCare, Inc. in the year ended 2017 was $579.0 million compared to $64.0 million in the year ended 2016;
- Adjusted EBITDAR in the fourth quarter of 2017 was $143.6 million compared to $156.6 million in the fourth quarter of 2016; Adjusted EBITDAR in the year ended 2017 was $632.4 million compared to $696.5 million in the year ended 2016; and
- Adjusted EBITDA in the fourth quarter of 2017 was $109.0 million compared to $120.2 million in the fourth quarter of 2016; Adjusted EBITDA in the year ended 2017 was $484.9 million compared to $550.2 million in the year ended 2016.
“Although 2017 was a very challenging year, I could not be more appreciative of the dedication and accomplishments of our employees,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “In 2017, we sold or divested 30 underperforming facilities, completely exiting four non-strategic states and allowing for over $100 million of debt repayment. In response to the difficult business climate, we reduced overhead and operating expenses by $50 million. And in the face of unprecedented natural disasters, our caregivers showed incredible dedication and compassion protecting thousands of patients in Florida and Texas.”
“As we enter 2018, our recently announced financial restructuring lays the foundation for a stronger, better capitalized Genesis, providing flexibility and allowing us to apply greater focus on our core clinical and business objectives.”
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