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Brookdale Senior Living (BKD) Q4 Weighted Average Occupancy Up
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Brookdale Senior Living Inc. (BKD - Free Report) recently announced that its fourth-quarter weighted average occupancy climbed 70 basis points from the third-quarter level to 77.1%, marking the highest for 2022. The figure compares favorably with the year-ago period’s 73.6%.
Brookdale Senior Living has witnessed 14 straight months of year-over-year increases in weighted average occupancy. This marks the company’s accelerated recovery in occupancy levels. The rise is expected to translate to increased resident fee revenues. The company’s third-quarter resident fee revenues witnessed 9.9% year-over-year growth to $629.5 million.
The momentum is expected to continue in the coming days and buoy its results. The Zacks Consensus Estimate for 2022 revenues is pegged at $2.8 billion, indicating 2.2% growth from the 2021 level. Its December 2022 monthly weighted average occupancy of 77% shows a clear improvement from the year-ago level of 73.6%. Brookdale Senior Living expects its 2022 adjusted EBITDA to remain within the range of $250-$260 million, a significant jump from the year-ago actual of $138.5 million.
However, the increased occupancy levels are expected to bring higher maintenance, food costs and labor expenses for the company amid the inflationary pressures encountered in the market. This can weigh on the margins. The Zacks Consensus Estimate for 2022 bottom line is pegged at a loss of $1.48 per share. Nevertheless, the estimate indicates an improvement from the year-ago loss of $1.77 per share.
The effects of Hurricane Ian are also expected to have bumped up impairment charges for property, plant, and equipment casualty losses. Related property remediation expenses are expected to have increased capital expenditures.
Price Performance
Brookdale Senior Living shares have declined 45.1% in the past year against the industry’s rise of 5.4%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Brookdale Senior Living currently carries a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for Biodesix’s 2022 earnings indicates an 11.4% improvement from the prior-year reported number. BDSX has witnessed one upward estimate revision in the past 60 days against none in the opposite direction.
The Zacks Consensus Estimate for MedAvail Holdings’ 2022 bottom line indicates a 37.3% improvement from the prior-year reported number. MDVL has witnessed one upward estimate revision in the past 60 days against none in the opposite direction.
The Zacks Consensus Estimate for AMN Healthcare’s 2022 bottom line indicates a 44% improvement from the prior-year reported number. The consensus estimate for AMN’s top line suggests 30.1% year-over-year growth.
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Brookdale Senior Living (BKD) Q4 Weighted Average Occupancy Up
Brookdale Senior Living Inc. (BKD - Free Report) recently announced that its fourth-quarter weighted average occupancy climbed 70 basis points from the third-quarter level to 77.1%, marking the highest for 2022. The figure compares favorably with the year-ago period’s 73.6%.
Brookdale Senior Living has witnessed 14 straight months of year-over-year increases in weighted average occupancy. This marks the company’s accelerated recovery in occupancy levels. The rise is expected to translate to increased resident fee revenues. The company’s third-quarter resident fee revenues witnessed 9.9% year-over-year growth to $629.5 million.
The momentum is expected to continue in the coming days and buoy its results. The Zacks Consensus Estimate for 2022 revenues is pegged at $2.8 billion, indicating 2.2% growth from the 2021 level. Its December 2022 monthly weighted average occupancy of 77% shows a clear improvement from the year-ago level of 73.6%. Brookdale Senior Living expects its 2022 adjusted EBITDA to remain within the range of $250-$260 million, a significant jump from the year-ago actual of $138.5 million.
However, the increased occupancy levels are expected to bring higher maintenance, food costs and labor expenses for the company amid the inflationary pressures encountered in the market. This can weigh on the margins. The Zacks Consensus Estimate for 2022 bottom line is pegged at a loss of $1.48 per share. Nevertheless, the estimate indicates an improvement from the year-ago loss of $1.77 per share.
The effects of Hurricane Ian are also expected to have bumped up impairment charges for property, plant, and equipment casualty losses. Related property remediation expenses are expected to have increased capital expenditures.
Price Performance
Brookdale Senior Living shares have declined 45.1% in the past year against the industry’s rise of 5.4%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Brookdale Senior Living currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are Biodesix, Inc. (BDSX - Free Report) , MedAvail Holdings, Inc. and AMN Healthcare Services, Inc. (AMN - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Biodesix’s 2022 earnings indicates an 11.4% improvement from the prior-year reported number. BDSX has witnessed one upward estimate revision in the past 60 days against none in the opposite direction.
The Zacks Consensus Estimate for MedAvail Holdings’ 2022 bottom line indicates a 37.3% improvement from the prior-year reported number. MDVL has witnessed one upward estimate revision in the past 60 days against none in the opposite direction.
The Zacks Consensus Estimate for AMN Healthcare’s 2022 bottom line indicates a 44% improvement from the prior-year reported number. The consensus estimate for AMN’s top line suggests 30.1% year-over-year growth.