GENESIS HEALTHCARE REPORTS SOLID FOURTH QUARTER 2018 RESULTS3/18/2019
KENNETT SQUARE, PA – (March 18, 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 fourth quarter ended December 31, 2018.
Fourth Quarter and Fiscal Year End 2018 Results
· * US GAAP revenue in the fourth quarter of 2018 was $1.2 billion compared to $1.3 billion in the fourth quarter of 2017; US GAAP revenue in the year ended 2018 was $5.0 billion compared to $5.4 billion in the year ended 2017;
*US GAAP net loss attributable to Genesis Healthcare, Inc. in the fourth quarter of 2018 was $69.0 million compared to $89.2 million in the fourth quarter of 2017; US GAAP net loss attributable to Genesis Healthcare, Inc in the year ended 2018 was $235.2 million compared to $579.0 million in the year ended 2017;
· * Adjusted EBITDAR in the fourth quarter of 2018 was $144.1 million compared to $143.6 million in the fourth quarter of 2017; Adjusted EBITDAR in the year ended 2018 was $603.9 million compared to $632.4 million in the year ended 2017; and
· * Adjusted EBITDA in the fourth quarter of 2018 was $111.8 million compared to $109.0 million in the fourth quarter of 2017. Adjusted EBITDA in the year ended 2018 was $474.1 million compared to $484.9 million in the year ended 2017.
“This was another solid quarter for Genesis as we reached two new and important milestones,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “First, despite having 46 fewer facilities under our operation in the fourth quarter of 2018 as compared to 2017, Adjusted EBITDAR grew about 40 basis points on an absolute basis and 6.5% on a “same-store” basis. Second, “same-store” occupancy grew this quarter over the same quarter last year by 30 basis points, marking the first period of year over year occupancy growth since 2014.”
“Reflecting on 2018, I am pleased with the many milestones reached and accomplishments made by our dedicated team,” continued Hager. “Last year we strengthened Genesis by successfully restructuring leases and loans, divesting underperforming or non-strategic assets, reducing overhead costs and driving solid and consistent operating results while enhancing our clinical outcomes. We are excited to build on these accomplishments and our momentum in 2019.”
Click here to view the full release