Genesis HealthCare, which provides post-acute care services via more than 500 centers across 34 states, shares its operating results for the first quarter of 2016.
A media release from the Kennett Square, Pa-based provider notes that its first quarter 2016 adjusted EBITDAR was $178.4 million, reflecting $6 million of higher levels of self-insured risk and bad debt expense, compared with pro forma adjusted EBITDAR of $185.4 million in the first quarter of 2015.
In addition, the company’s first quarter 2016 adjusted EBITDA was $53.5 million, compared with pro forma adjusted EBITDA of $66.2 million in the first quarter of 2015; and its first quarter 2016 adjusted diluted loss per share was $0.01, compared with pro forma adjusted diluted earnings per share of $0.07 in the first quarter of 2015.
During the reporting period, the company completed non-strategic asset sales through May 9, 2016, which resulted in $135.6 million of debt reduction; closed 10 HUD guaranteed mortgages during the first quarter, with $67.9 million of proceeds used to pay down real estate bridge loans; and issues revised guidance for 2016 to reflect current skilled patient mix trends and expectations, per the release.
“As we confront this challenging environment in the evolving world of pay-for-value, we expect continued year-over-year pressure and reduction in skilled patient admissions and length of stay for the balance of 2016. In response, we are intensifying efforts to mitigate the impact of expected weaker demand in order to navigate these near-term changes in the business,” George V. Hager, Jr, chief executive officer of Genesis, says in the release.
For more information, visit Genesis HealthCare.
[Source(s): Genesis HealthCare, PR Newswire]