GENESIS HEALTHCARE REPORTS THIRD QUARTER 2019 RESULTS11/7/2019
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 third quarterended September 30, 2019.
Third Quarter 2019 Results
- US GAAP revenue in the third quarter of 2019 was $1.12 billion;
- US GAAP net income attributable to Genesis Healthcare, Inc. in the third quarter of 2019 was $46.1 million;
- Adjusted EBITDA in the third quarter of 2019 was $34.7 million; and
- Adjusted EBITDAR in the third quarter of 2019 was $134.7 million.
“We had a very successful quarter as we generated same store occupancy growth for the fourth consecutive quarter, madefinal preparations for the transition to the PDPM and continued to execute on our portfolio optimization strategy,” notedGeorge V. Hager, Jr., Chief Executive Officer of Genesis. “In addition, I am pleased to report that we received a positivereconciliation and settlement under the MSSP for the 2018 performance year and as a result, we reported income from ourGenesis Healthcare ACO for the first time ever.”
“The positive results this quarter reflect the successful execution of our strategic long-term investments in the areas ofportfolio optimization and “value-based” programming,” continued Hager. “We are making significant progress inreturning Genesis to its historic operating model based on local market density, strong hospital and payor relationshipsand consistent clinical outcomes and results. Currently, 76% of our facilities are located in Genesis’ historical easternmarkets.”