Genesis Healthcare, Inc. (NYSE:GEN) headquartered in Kennett Square, Pennsylvania, announced net loss for the fourth quarter of $ 89.24 million or $ 0.92 per share, compared to income $ 22.46 million or $ 0.24 per share for the year-ago quarter.
Analysts from Thomson Reuters expected loss of $ 0.27 per share.
Top line figures for the fourth quarter decreased 5% to $ 1.33 billion from $ 1.40 billion in the same quarter last year, where as analysts anticipated $ 1.33 billion.
George V. Hager, Jr., CEO of Genesis, said, In 2017, we sold or divested 30 under performing facilities, completely exiting four non-strategic states and allowing for over $100 million of debt repayment. In response to the difficult business climate, we reduced overhead and operating expenses by $50 million.
Genesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide.