GENESIS HEALTHCARE REPORTS SOLID FOURTH QUARTER AND YEAR END 2019 RESULTS3/16/2020
KENNETT SQUARE, PA – (March 16, 2020) – 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 and year ended December 31, 2019.
Fourth Quarter and Fiscal Year End 2019 Results
· US GAAP revenue in the fourth quarter and year ended 2019 was $1.14 billion and $4.57 billion, respectively;
· US GAAP net (loss) income attributable to Genesis Healthcare, Inc. in the fourth quarter and year ended 2019 was $(11.4) million and $14.6 million, respectively;
· Adjusted EBITDA in the fourth quarter and year ended 2019 was $48.5 million and $199.0 million, respectively; and
· Adjusted EBITDAR in the fourth quarter and year ended 2019 was $146.9 million and $586.1 million, respectively.
“We are pleased to report another solid quarter marked by a fifth consecutive quarter of same-store occupancy growth and an improving reimbursement environment,” stated George V. Hager, Jr., Chief Executive Officer of Genesis. “These improved metrics, along with a smooth transition to the Patient-Driven Payment Model (PDPM) and continued effective control of operating expenses, served to grow EBITDAR margins 80 basis points this quarter versus the same quarter in 2018.”
“In 2019, our dedicated team made significant progress in executing on our strategic objectives,” Hager further commented. “During the year, we sold or divested 44 non-strategic assets resulting in over $140 million of debt repayment, we invested in two innovative partnerships that position the Company for future real estate ownership of 34 facilities and we earned over $9 million of net income through our LTC ACO’s participation in the Medicare Shared Savings Program.”
“We look forward to building on these accomplishments in 2020,” continued Hager. “We remain optimistic that occupancy trends, our unique investment strategies in portfolio optimization, expansion of our ACO inside and outside of Genesis and the strength of our rehabilitation and staffing businesses position us well for sustained growth.”