Core Insights - Extendicare Inc. reported strong results for Q1 2025, driven by growth across all business segments and positive operating performance [4][9] - The company is actively pursuing growth initiatives, including the acquisition of Closing the Gap and the purchase of nine LTC homes from Revera [4][7] Financial Performance - Adjusted EBITDA increased by $8.7 million or 42.7% to $29.0 million, reflecting improvements across all business segments [9] - Revenue for Q1 2025 was $374.7 million, an increase of $7.6 million compared to Q1 2024, with a 5.8% increase when excluding out-of-period funding [16] - Net earnings rose by $1.9 million to $15.0 million, largely due to the increase in Adjusted EBITDA [16] Business Segment Performance - Long-term care revenue decreased by $8.7 million to $197.8 million, but improved when excluding out-of-period funding [14] - Home health care revenue increased by $14.7 million to $158.3 million, driven by an 8.9% increase in average daily volume [19][17] - Managed services revenue rose by $1.6 million or 9.2% to $18.6 million, attributed to growth in SGP clients [22] Strategic Developments - The company completed the sale of three LTC homes under construction for net cash proceeds of $56.3 million, resulting in an estimated gain of $11.1 million [6] - Extendicare is on track to finalize the acquisition of nine LTC homes from Revera, expected to close in Q2 2025 [7] Operational Metrics - LTC average occupancy remained stable at 97.5% [13] - Home health care average daily volume reached 31,603, an increase of 8.9% from Q1 2024 [17] Financial Position - As of March 31, 2025, Extendicare had cash and cash equivalents of $109.5 million, with access to an additional $108.5 million under its credit facility [23] - AFFO increased to $19.8 million ($0.235 per basic share) from $17.6 million ($0.210 per basic share) [16]
Extendicare Announces 2025 First Quarter Results