GENESIS HEALTHCARE REPORTS SOLID FIRST QUARTER 2019 RESULTS5/9/2019
KENNETT SQUARE, PA – (May 9, 2019) – Genesis Healthcare, Inc. (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, 2019.
First Quarter 2019 Results
• US GAAP revenue in the first quarter of 2019 was $1.16 billion compared to $1.30 billion in the first quarter of 2018;
• US GAAP net loss attributable to Genesis Healthcare, Inc. in the first quarter of 2019 was $15.3 million compared to $68.5 million in the first quarter of 2018;
• Adjusted EBITDAR in the first quarter of 2019 was $148.5 million compared to $150.6 million in the first quarter of 2018; and
• Adjusted EBITDA in the first quarter of 2019, which was reduced by an increase in US GAAP basis lease expense of $64.4 million pursuant to the newly adopted lease accounting standard, was $54.4 million compared to $117.5 million in the first quarter of 2018.
“We continued to deliver solid operating results this quarter, exceeding consensus estimates and building on the positive momentum created last year,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “This quarter experienced a continuation of favorable operating trends, including “same store” occupancy growth of 50 basis points, therapist efficiency reaching an all-time high and effective expense management and leveraging of our cost structure. These trends served to fuel “same store” Adjusted EBITDAR growth of 6.5% and Adjusted EBITDAR margin expansion of 120 basis points.”
“Organizationally we remain squarely focused on providing quality care and service to our patients, preparing for the October 1, 2019 implementation of the Medicare Patient Driven Payment Model, as well as executing on our portfolio optimization strategy,” continued Hager.