GENESIS HEALTHCARE REPORTS SOLID SECOND QUARTER 2019 RESULTS8/8/2019
KENNETT SQUARE, PA – 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 second quarter ended June 30, 2019.
Second Quarter 2019 Results
- US GAAP revenue in the second quarter of 2019 was $1.15 billion compared to $1.27 billion in the second quarter of 2018;
- US GAAP net loss attributable to Genesis Healthcare, Inc. in the second quarter of 2019 was $4.8 million compared to a net loss of $39.6 million in the second quarter of 2018; and
- Adjusted EBITDAR in the second quarter of 2019 was $156.0 million compared to $163.3 million in the second quarter of 2018.
“We are pleased to announce another consecutive strong quarter for Genesis,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “Current quarter “same-store” Adjusted EBITDAR grew 4.1% and the related margin expanded by 80 basis points, as compared to the prior year quarter. “Our inpatient segment continues the steady and improving performance experienced over the past few quarters led by “same-store” occupancy growth of 80 basis points and effective expense management.”
“Our team of dedicated professionals remains focused on providing quality outcomes to our patients, optimizing our portfolio of assets, improving operating performance and making final preparations for the October 1, 2019 transition to the new Medicare Patient Driven Payment Model, which we expect will be good for our patients and accretive for Genesis,” continued Hager.