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.
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.
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.
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.
In the third quarter, the company sold, exited or closed the operations of 22 facilities.
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. (ANTM - Free Report) and Centene Corporation (CNC - Free Report) topped the respective Zacks Consensus Estimate.
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