Revenues up 4% YoY in Q3 2019 for Country Healthcare
Country Healthcare, Inc. has released its financial results for its third quarter ended 30th September 2019.
“We were pleased to have exceeded our expectations on both revenue and adjusted EBITDA for the quarter,” said Kevin Clark, president and chief executive officer. He added, “We have made steady progress in a short period of time since January, and our targeted investments are beginning to have the desired impact. The market remains strong and we are well positioned to improve profitability and drive continued growth, especially with the successful refinancing of our senior credit facility in late October.”
Third quarter consolidated revenue was $209.2 million, an increase of 4% year-over-year and 3% sequentially. Consolidated gross profit margin was 24.4%, down 130 basis points year-over-year and 100 basis points sequentially. Net loss attributable to common shareholders was $3.1 million compared to $0.4 million in the prior year and $51.7 million in the prior quarter. Diluted EPS was a loss of $0.09 per share compared to $0.01 per share in the prior year and $1.44 per share in the prior quarter. Adjusted EBITDA was $7.3 million or 3.5% of revenue, as compared with $8.1 million or 4.0% of revenue in the prior year, and $6.3 million or 3.1% of revenue in the prior quarter. Adjusted EPS was $0.05 compared with $0.02 in the prior year and $0.01 in the prior quarter.
For the nine months ended 30th September 2019, consolidated revenue was $607.1 million, a decrease of 1% year-over-year. Consolidated gross profit margin was 24.8%, down 100 basis points year-over-year. Net loss attributable to common shareholders was $56.6 million, or $1.58 per diluted share, compared to net income of $2.7 million, or $0.08 per diluted share, in the prior year. Adjusted EBITDA was $17.2 million or 2.8% of revenue, as compared with $25.2 million or 4.1% of revenue in the prior year. Adjusted EPS was $0.08 compared to $0.13 in the prior year.