Post-acute care provider Genesis HealthCare announces its operating results for the second quarter that ended June 30, 2016.
A media release from the company indicates that the net loss attributable to Genesis HealthCare Inc in the second quarter of 2016 was $23.0 million compared to $19.2 million in the second quarter of 2015; its adjusted EBITDAR in the second quarter of 2016 was $189.4 million, reflecting $5 million of higher levels of same store professional liability risk and bad debt expense, compared to $198.0 million in the prior year quarter; and its adjusted EBITDA in the second quarter of 2016 was $63.0 million, exceeding First Call consensus estimates of $57.6 million.
In addition, the Kennett Square, Pa-based company reaffirms its outlook for 2016 in conformity with SEC’s updated guidance on non-GAAP financial measures.
“I am pleased to announce that Genesis produced a strong, stable quarter due to the hard work and dedication of our caregivers and employees across the country,” says George V. Hager, Jr, chief executive officer of Genesis, in the release. “Second quarter census was in line with our expectations and the rate of year-over-year census decline moderated as compared to the first quarter of 2016. Our focus on managing the controllable aspects of our business was a key factor in our success this quarter and we expect it will position us well for the second half of 2016.”
“At the same time, we are positioning the Company to thrive in a world that will increasingly reward value-based providers. Our participation in value-based demonstrations and our organizational focus on reducing avoidable hospital readmissions and managing down lengths of stay creates self-imposed near term pressure on skilled census but are vital to our long-term success. We are doing what is required for the long-term strength and success of the Company,” he adds.
For more information, visit Genesis HealthCare.
[Source(s): Genesis HealthCare, PR Newswire]
