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Genesis Healthcare, Inc. (GEN - Free Report) delivered adjusted operating earnings of 28 cents per share in third-quarter 2019. The Zacks Consensus Estimate was of a loss of 10 cents per share. This was primarily on the back of same store occupancy growth. Moreover, the bottom line came in against the year-ago quarter’s loss of 32 cents.
Operational Update
The company’s revenues of $1.1 billion missed the Zacks Consensus Estimate by 0.5%. Also, the top line declined 7.6% year over year due to lower licensed beds.
Adjusted EBITDA for the quarter was $34.7 million, down 69.4% year over year.
Operating expenses for the third quarter were $1143 million, down 3.4% year over year.
For the first nine months of 2019, the company recognized estimated Medicare Shared Savings Program (MSSP) income, net of expenses and provider distributions, of around $4.7 million.
Interest expense of $37 million plunged 68% year over year in the quarter under review.
Genesis Healthcare, Inc. Price, Consensus and EPS Surprise
As of Sep 30, 2019, the number of available licensed beds service were 43769, down 15.2% year over year. Also, available patient days based on licensed beds were 4026748, down 15.2% year over year.
Total facilities in the third quarter were 360, down from the 419 in the prior-year quarter.
Total registered patient days decreased nearly 12.7% year over year.
Rehabilitation Therapy Segment
Revenue per site for the third quarter dipped 1.9% year over year.
Financial Update
As of Sep 30, 2019, cash and cash equivalents totaled $34.8 million, up 67% from the level at 2018 end.
The company exited the third quarter with $4.7 billion of total assets, up 9.6% from 2018 end.
The company exited the third quarter with $1.4 billion debt, up 31.2% from the 2018-end level.
For the first nine months of 2019, net cash provided by operating activities was $15.7 million, up 12% year over year.
Business Update
In the third quarter, the company sold, exited or closed the operations of 22 facilities.
Among other players from the medical sector having already reported third-quarter earnings, the bottom-line results of UnitedHealth Group Incorporated (UNH - Free Report) , Anthem Inc. and Centene Corporation (CNC - Free Report) topped the respective Zacks Consensus Estimate.
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Genesis Healthcare's (GEN) Q3 Earnings Beat, Improve Y/Y
Genesis Healthcare, Inc. (GEN - Free Report) delivered adjusted operating earnings of 28 cents per share in third-quarter 2019. The Zacks Consensus Estimate was of a loss of 10 cents per share. This was primarily on the back of same store occupancy growth. Moreover, the bottom line came in against the year-ago quarter’s loss of 32 cents.
Operational Update
The company’s revenues of $1.1 billion missed the Zacks Consensus Estimate by 0.5%. Also, the top line declined 7.6% year over year due to lower licensed beds.
Adjusted EBITDA for the quarter was $34.7 million, down 69.4% year over year.
Operating expenses for the third quarter were $1143 million, down 3.4% year over year.
For the first nine months of 2019, the company recognized estimated Medicare Shared Savings Program (MSSP) income, net of expenses and provider distributions, of around $4.7 million.
Interest expense of $37 million plunged 68% year over year in the quarter under review.
Genesis Healthcare, Inc. Price, Consensus and EPS Surprise
Genesis Healthcare, Inc. price-consensus-eps-surprise-chart | Genesis Healthcare, Inc. Quote
Segmental Update
Inpatient Segment
As of Sep 30, 2019, the number of available licensed beds service were 43769, down 15.2% year over year. Also, available patient days based on licensed beds were 4026748, down 15.2% year over year.
Total facilities in the third quarter were 360, down from the 419 in the prior-year quarter.
Total registered patient days decreased nearly 12.7% year over year.
Rehabilitation Therapy Segment
Revenue per site for the third quarter dipped 1.9% year over year.
Financial Update
As of Sep 30, 2019, cash and cash equivalents totaled $34.8 million, up 67% from the level at 2018 end.
The company exited the third quarter with $4.7 billion of total assets, up 9.6% from 2018 end.
The company exited the third quarter with $1.4 billion debt, up 31.2% from the 2018-end level.
For the first nine months of 2019, net cash provided by operating activities was $15.7 million, up 12% year over year.
Business Update
In the third quarter, the company sold, exited or closed the operations of 22 facilities.
Zacks Rank
Genesis Healthcare carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Releases From the Medical Sector
Among other players from the medical sector having already reported third-quarter earnings, the bottom-line results of UnitedHealth Group Incorporated (UNH - Free Report) , Anthem Inc. and Centene Corporation (CNC - Free Report) topped the respective Zacks Consensus Estimate.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>