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Gentiva Health Services (GTIV) Reports Second Quarter 2014 Results


8/5/2014 7:51:29 AM

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ATLANTA, Aug. 5, 2014 /PRNewswire/ -- Gentiva Health Services, Inc. (NASDAQ: GTIV), one of the largest providers of home health, hospice and community care services in the United States, today reported second quarter 2014 results that surpassed Gentiva's previous guidance for the quarter.  The Company also adjusted fiscal year 2014 guidance to reflect the Company's strong year-to-date performance and now expects full-year 2014 adjusted EBITDA of $183 million to $195 million and adjusted income attributable to Gentiva shareholders of $0.95 to $1.15 on a diluted per share basis.  

Quarterly highlights include:

  • Adjusted income attributable to Gentiva shareholders per diluted share of $0.38.
  • Adjusted EBITDA of $54.3 million.
  • Free cash flow of $47.5 million.
  • Net revenues of $498.0 million.

Second quarter 2014 financial highlights include: 

  • Net income attributable to Gentiva shareholders of $10.0 million, or $0.27 per diluted share, compared to net income of $6.3 million, or $0.20 per diluted share, for the second quarter of 2013.
  • Adjusted income attributable to Gentiva shareholders of $13.9 million, compared with income of $6.8 million in the comparable 2013 period. On a diluted per share basis, adjusted income attributable to Gentiva shareholders was $0.38 for the second quarter of 2014 as compared to adjusted income attributable to Gentiva shareholders of $0.22 for the second quarter of 2013.
  • Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) was $54.3 million in the second quarter of 2014 as compared to $39.0 million in the second quarter of 2013.  Adjusted EBITDA as a percentage of net revenues was 10.9% in the second quarter of 2014 versus 9.4% in the prior year period.  
  • Total net revenues of $498.0 million, an increase of 20% compared to $414.4 million for the quarter ended June 30, 2013.  Net revenues included home health episodic revenues of $236.2 million, an increase of 14% compared to $206.7 million in the 2013 second quarter.  Hospice revenues were $172.3 million, a decrease of 4% compared to $179.2 million in the 2013 second quarter.  Community Care revenues were $56.7 million for the second quarter of 2014.

Adjusted income attributable to Gentiva shareholders and Adjusted EBITDA exclude charges related to cost savings initiatives and acquisition and integration activities, losses on closed locations, merger related expenses and other special items.

"Gentiva's results this quarter were marked by significant revenue and margin growth across our business and speak to the continued success of our One Gentiva initiative and the strategic investments the Company has made over the past year," said Gentiva CEO Tony Strange.  "Reflecting our confidence in our strategy to increase shareholder value, we have raised the lower end of our fiscal year 2014 guidance based on these results and the momentum we are seeing as we continue to execute our business strategies."

Highlights for the six months ended June 30, 2014 include:  

  • Net income attributable to Gentiva shareholders of $10.3 million, or $0.28 per diluted share, compared to a net loss of $200.8 million, or $6.51 per diluted share, in the prior year period.
  • Adjusted income attributable to Gentiva shareholders of $18.7 million, compared with $13.9 million in the 2013 period. On a diluted per share basis, adjusted income attributable to Gentiva shareholders was $0.51 for 2014 as compared with $0.45 in the corresponding period of 2013. 
  • Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) was $93.3 million as compared to $78.1 million in the 2013 period.  Adjusted EBITDA as a percentage of net revenues was 9.5% versus 9.4% in the prior year period.
  • Total net revenues of $985.5 million, an increase of 19% compared to $830.0 million for the prior year period. Net revenues included home health episodic revenues of $460.6 million, an increase of 11% as compared to $414.1 million in the comparable 2013 period.  Hospice revenues were $346.7 million, a decrease of 3% compared to $358.7 million in the comparable 2013 period.  Community Care revenues were $113.8 million for the first six months of 2014.

Cash Flow and Balance Sheet Highlights

At June 30, 2014, the Company reported cash and cash equivalents of $106.2 million, up from $62.9 million   at March 31, 2014.  Total outstanding debt was $1.17 billion as of June 30, 2014 and March 31, 2014. Total Company days sales outstanding, or DSOs, was 48 days at June 30, 2014, down from 50 days at March 31, 2014.

For the second quarter of 2014, net cash provided by operating activities was $50.4 million, compared to  $30.7 million in the prior year period.  Free cash flow increased 83% to $47.5 million for the second quarter of 2014, compared to $25.9 million in the prior year period.

To read full press release, please click here.

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